He’s smart. He’s experienced. And he enjoys a good challenge.
As the new President of the Residential Finance Group, Paul Bossidy came on board at
an unusual time – during the worst industry upset on record. A challenge perhaps, but
he’s confident that the RFG will turn a profit, and once again be among the top mortgage
companies in the nation.
Prior to joining the RFG, Paul was a senior executive with Cerberus, playing a pivotal
role in the RFG’s restructuring. He spent the last eight months getting to know the
leadership team and now looks forward to overseeing the day-to-day operations. Paul
also worked with General Electric (GE) for 13 years, most recently serving as President
and CEO of GE Capital Solutions.
Paul describes his leadership style as clear, direct and candid. He strives to build a
consensus environment within the organization, but realizes that not every decision can
be made that way. He also believes in paying attention to details and asking plenty of
questions, equating both to making better business decisions.
On the personal side, Paul is a self-proclaimed history buff and enjoys reading about the
American Revolution, the Civil War and World War II. He’s been married for 21 years,
and has two sons, Paul, 17 and Brendan, 13. His idea of unwinding away from the office
often revolves around family oriented activities such as travel, sports (his sons play ice
hockey and baseball), exercise and spending time together.
Five Important Questions We Asked Paul
What are your initial impressions of the RFG?
It’s been a positive experience, so far. This is a time of great turmoil in the industry, but
RFG associates are committed to returning this company to success. There is a lot of
talent here, along with mortgage experience. Rest assured we have a plan in place to
return the company to profitability.
What do you hope to accomplish in the first 100 days?
Right now, I’m working with senior management to get our plan to return to profitability
in motion. We have already taken action by making a large reduction in our cost
structure, which will help us meet our financial commitment, and we’re working to get
better controls and practices in place.
Additionally, we’re looking to create a performance-oriented culture at the RFG, which
means that we will do what we say, deliver on our commitments, and be held
accountable. Associates who succeed in reaching this goal will share in the rewards. We have a lot more to do, but we have made a lot of progress already.
In your opinion, what are the RFG’s strengths and how will you build on them?
Associates within the RFG have a lot of industry expertise and experience with the ups
and downs of the market. They are obviously committed to turnaround and they are
focused on recovery.
Two of our biggest strengths include the servicing operations led by Tony Renzi and the
originations team led by John Gray. We have to keep these groups strong and focused,
and take advantage of opportunities when they arise.
Also, I believe it’s important to make sure everyone understands exactly what his or her role is
in the organization and how we will succeed together.
What are your thoughts about the industry’s future?
It will definitely come back. Clearly, we are in a downturn now, and for the past year or
so the industry has been operating in crisis mode. Delinquencies and foreclosures are on
the rise and capital is scarce. We’ve experienced great losses, but so have all of our
This industry has always been cyclical and it will be profitable gain. It will correct itself
because people will always need homes. We will be one of those companies who weather
the storm and come back even stronger.
Where do you expect the RFG to be in six months?
The current market continues to be volatile, but we have taken many key steps to stem
losses and position the company for improved performance. As a result, we expect to be
on the road to recovery.