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January 19, 2008

Walter Buczynski

Walter Buczynski seems to have killed his wife, Marci Buczynski and then killed himself in what police are calling a murder suicide. Just as when Enron went down there were a few suicides amongst the executives, it looks like this might be the first stemming from the sub-prime crash:

An executive of a collapsed subprime mortgage lender jumped to his death from a bridge Friday, shortly after his wife's body was found inside their New Jersey 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 around noon after a male caller asked them to check on Marci Buczynski. Her body was found in a bedroom.

There's a longer report here about the Buczynskis:

A search of the river for Walter Buczynski, 59, is ongoing. He jumped from the Delaware Memorial Bridge at about 12:20 p.m., the prosecutor's office said.

At about noon Friday, the Evesham police responded to the couple's home after a call from a male asking police to check on the well-being of the occupant. Police officers discovered Marci Buczynski, 37, dead in her bedroom.


At 12:20 p.m., officers from the Delaware River and Bay Authority Police responded to a report of a male who stopped a sport-utility vehicle, exited and then jumped off the bridge.

The prosecutor's office said the investigation into the incident was ongoing Friday evening and the office did not anticipate making public any additional information.

However, the Accociated Press is reporting that 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.

And here's a report on the bankruptcy of the lender that Walter Buczynski worked for:

Collapsed subprime lender Fieldstone Mortgage Co. wants to pay a skeleton staff of workers, including its CEO, about $1.1 million in bonuses so the company can wind-down its lending operations and go out of business.

Fieldstone, formerly a high-flying subprime mortgage lender that made $5.5 billion in mortgage loans and employed about 1,000 people as late as 2006, "now has less than 20 employees," according to court papers filed Thursday in the company's bankruptcy case.

Among the employees receiving biggest bankruptcy bonuses: CEO Michael J. Sonnenfeld; Vice President Walter Buczynski and Chief Information Officer John Camp will each receive $99,999. Another 20 or so employees would divvy up the remaining bonus payments.

January 19, 2008 | Permalink


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