American Home Mortgage, Melville, N.Y., has hired six high-level account executives away from Washington Mutual, Seattle, for its fast-growing correspondent division.A spokesman for American Home said the six were heavily courted by the nation's top mortgage banking firms but went with American Home because of its growth prospects. A few months back, National Mortgage News broke the story that WaMu was closing its traditional correspondent channel. The spokesman said he did not know for certain whether the six were slated to lose their jobs at WaMu but that he assumed as much. The new account executives and their respective regional offices include: Steven Campbell (Columbia, S.C.); Molly Gross (Grosse Pointe, Mich.); Mary Niederhaus (Sacramento, Calif.); Mary O’Connell (Nashville, Tenn.); Ed Robinson (Philadelphia); and J. Gordon Terry (Jacksonville, Fla.). American Home's correspondent division was launched a year ago and racked up $1 billion in production after seven months. The six joined American Home on July 3, bringing their AE total to 16. American Home can be found online at http://www.americanhm.com.
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The Senate passed a bipartisan housing package, which includes certain community bank provisions, in an 85-5 vote. The House is set to vote on the package Wednesday.
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Ralo uses artificial intelligence to automate the entire process, saving consumers money by cutting out commissioned loan officers, processors and underwriters.
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Part of the proposal affects the risk weighting for certain "investment properties and other cashflow-dependent" mortgages, according to a new Pennymac report.
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William Isaac led the Federal Deposit Insurance Corp. through the banking and thrift crises of the 1980s and was a frequent commentator on bank regulation after his time in public service.
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The longtime Federal Reserve chair served under four presidents and presided over the deregulatory and pro-market push of the 1990s and early 2000s that set the stage for the 2008 mortgage crisis.
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Life insurers have offloaded long-term policyholder liabilities into offshore reinsurance and captive subsidiaries, raising concerns over state oversight of opaque investment vehicles and whether insurers have adequately funded claims.
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