NJ 'SUBPRIME' LENDER KILLS WIFE & SELF: COPS

NY Post ^

[angcat]

January 19, 2008 -- MARLTON, NJ - A high-ranking executive of a collapsed subprime-mortgage lender jumped to his death from the Delaware Memorial Bridge yesterday, shortly after his wife's body was found inside their Burlington County home, authorities said. The deaths of Walter Buczynski, 59, and his wife, Marci, 37 - the parents of two boys - were being investigated as a murder-suicide, according to the Burlington County Prosecutor's Office. Prosecutor Robert Bernardi said Evesham Township police went to the couple's home in the Marlton section of the township at around noon after a male caller asked them to check on Marci. About 20 minutes after her body was found, officers from the Delaware River and Bay Authority Police Department received reports that a man - later identified as Walter Buczynski - had parked his car on the bridge and jumped from the span. Walter Buczynski was vice president of Columbia, Md.-based Fieldstone Mortgage, a high-flying subprime-mortgage lender that made $5.5 billion in mortgage loans and employed about 1,000 people as late as 2006. It has since filed for bankruptcy and now employs less than 20.

[GovernmentShrinker]

There may have been big life insurance policies on both of them, and the suicide wouldn’t garner a payout, but a murder would. He may have taken out his wife so the children would get the insurance money. Possibly she even agreed to the plan in advance. People whose entire lives revolve around having lots of money sometimes just collapse psychologically when literally poverty is just around the corner.

[Seruzawa]

He was probably feeling depressed and was stupid enough to see a shrink who naturally put him on anti-depressants. We’ve seen this so many times now. I’d bet that was the case.

[theFIRMbss]

>the man is dead, and you are so completely devoid of manners that you go doing a database search on him

I missed this memo.
FR's a news forum and
now it's rude [?!] for us

to look for info
on people making the news?!
Wait till Hillary

is in the White House.
We won't be able to search
the 'net for background

on the dead bodies
that will begin turning up
in all the state parks . . .

[angcat]

I’m a girl and you are sweet!

[theFIRMbss]

>He was probably feeling depressed and was stupid enough to see a shrink who naturally put him on anti-depressants

I know a woman
who was suicidal and
was put on such drugs.

I feared the worse, but
for the past two months she has
been a new woman.

She's level-headed,
no mood swings, and interacts
without fear, panic.

If the effects last,
I will never say a word
bad about such drugs.

[angcat]

I suppose they do help but I don’t like the idea of drugging our children these days.

[csvset]

I’ve been across those bridges numerous times. Never thought to jump off though.

[RSmithOpt]

If one tracks / Googles all the overnight sub-prime mortgage companies(2002-2006)...they will find quite a few with ties to off-shore holding companies that have used the large US banks to put their businesses in place. A few (holding companies)put the up-front money to start their companies, however, the underwriters on paper to some degree were the US banks or companies like Countrywide. Countrywide had several subsidiaries being managed by off-shore groups hiring US citizens. I am not sure or have any factual documents that show the exact financial arrangements, but, from articles and what FTC info I've seen this has been the norm for the sub-primes. Because banks and companies like Countrywide had their own wholly owned sub-prime branches, they too made some quick cash up front, however, now the US consumer is left footing the bill for the most part.

In the last 2 years there's been a big push on The Hill and the FTC, SEC for more transparency in corporations to prevent these scenario's and their corresponding results.

Our government, economic think tanks, financial CEO's and university professors, all saw this coming. That's why there was a push for transparency in accounting and company subsidiary relations started 2 years ago.

I had a private talk with my company's CFO 8 months ago about this very same topic. He gave me a heads up then on what was about to hit the fan. Our company (a small international subsidiary) averages $200-$250 mil annually in total business. My CFO's concern about it all was going to be the upcoming credit crunch and major slowdown in the economy.

[RegulatorCountry]

This was a man who clearly did not care about the consequences of his actions, both in life and in death. There were and are consequences, however. It’s very sad, how deluded mankind can sometimes be.

[whitedog57]

Well, THIS story is going to appear in every subprime/ALT-A litigation case for the next 5 years.

[tickmeister]

Have never understood the go broke/commit suicide thing. So you’re broke. Liquidate, take bankruptcy, rent an apartment, get a job, live a life. You will still have more than 99% of all humans that have ever lived on earth.

[RSmithOpt]

I too are in the same boat. The amount of loss from all this is estimated in the $3 trillion range which is approximately 30% of our national debt (bonds and US treasuries). Amazing that if one adds in the real inflation in the US for the past 3 years that include food, energy, taxes, medical, etc., and exclude averaging the increases of imports for clothing, electronics, furniture and the like, it totals to approximately 30%. This is the result of globalism on the economic front and the US beholding to the Chicoms, OPEC nations (UAE in particular), Russians, Japanese, etc. that hold the majority of our debt.

Some of those in the know who study this international relationship at our major universities are now saying that some of our debt holders have already concluded the US will not be able to easily pay back it's debts.

This all began around 2004. The 'World Bank' (joke in some aspects)is the one now trying to referee it all because of all the trillions involved and the international relationships (codependent economies). It's about controlling the slope of the slide, not pointing fingers. Economy is about money changing hands with almost certainly predictable cycles of highs and lows.

[org.whodat]

That's exactly the sort of person I really don't want in my universe.

Well you are right, I don't want the clown crook that jumped off the bridge in my universe either. Actually it would not hurt if a whole bunch more like him used the same bridge.

[RSmithOpt]

I always check the Real Estate in the Westchester County NY area to see if it has gone done any in the past month or so. I did notice that now you can get a 30 year old bi-level in Putnam County NY for about 389K. I did go down because usually they were selling for 500K. This Sub Prime mess is suppose to make homes more affordable, so they say!

From my post if you can see the relationship (big picture) there's a direct correlation between that 30% average number in 'the economy'. Previous 3 year total for domestic inflation, US debt versus annual GDP, and the correction we are going to see in the price of housing in general. The US had to have it's dollar devalued so our export prices would come down and the import prices go up. This was needed so money could 'be made' domestically so the US government could obtain money to service its debt.

IMHO, we are still seeing at this time, the effect of the dot.com and tech sector implosion in 2000. Our deficit spending continues to increase as the US has to fund its role on the WOT...that's hundreds of billions plus we have to pay back the holders of our debt that started coming due in big chunks back in 2002. AQ and other radicals knew this and that's why the attack on 9-11...not just terrorism, but an attempt to cause economic collapse of this nation.

We need to get out of debt, create a strong dollar and lure foreign investment back ASAP. The trade deficit coupled with real energy independence is needed too. However, we are where we are now because OPEC economies have and depended on our consumption to keep their economies viable.

China's and India's recent economic explosion into the international manufactured goods supply scene have created serious competition for foreign investment dollars and oil; those very same debt buying dollars our politicians have become addicted to while they play government.

[The Electrician]

Over the past few years, the federal government filed several tax liens against Buczynski, an executive vice president at Fieldstone Mortgage Co. By 2006, he owed more than $656,000 in back taxes.

In other words:

"This murder-suicide was sponsored by the Internal Revenue Service, www.irs.gov".

[SeaHawkFan]

Interesting how the media jumped on his failed business when there’s been no formal explanation for the murder of his wife. I can see a suicide over the bankruptcy but why kill the wife and leave his kids alone? Sounds more likely the couple were having problems. Poor kids.

I they have lots of life insurance and it has been at least two years since it was taken out, the kids will get it. Pretty sad way to go. If their company was structured correctly, their personal; assets should have been protected. If there was lots of mortgage fraud, that changes everything.

[andy58-in-nh]

There are a lot of people who define their self-worth entirely by their careers. Everything else is secondary, including family and friends, but also their own happiness and spiritual satisfaction. I’ve known quite a number of such people (an inordinate number of whom happen to have been women executives); they tend to have lives so out of balance that any temporary setback in business causes them to act out in unhealthy ways.

[RGSpincich]

Ignore TIH he’s got BHS. (Bleeding heart syndrome)
The information is relevant and appropriate..