Joseph A. Smith Jr., monitor of the national mortgage servicing settlement, has announced the Office of Mortgage Settlement Oversight (OMSO) Board of Directors. Smith established OMSO in April 2012 to support his duties outlined in the agreement. As a non-profit, Smith’s office recruited five Board members to manage business operations of the organization: John S. Allison, former banking commissioner of the State of Mississippi; Bonnie Hancock, executive director of the Enterprise Risk Management Initiative at North Carolina State University Poole College of Management; James E. Holshouser, a Pinehurst lawyer and former Governor of the State of North Carolina; Donald A. Pape, counsel to the law firm of Phillips Murrah P.C.; and D. Keith Pigues, Dean of the School of Business at North Carolina Central University.
“I am proud that the Office of Mortgage Settlement Oversight will itself be overseen by this illustrious group of Board members,” said Smith. “The OMSO Board combines diverse perspectives of experienced professionals who will continue to provide the counsel and oversight needed to conduct the company’s business successfully.”
The role of the Office of Mortgage Settlement Oversight Board of Directors is to oversee business operations of OMSO. The Board of Directors will not have any role in overseeing the national mortgage settlement. All responsibilities charged to Smith as Monitor will remain solely with him.