The White House has withdrawn the nomination of investment banker and lobbyist Mark Brickell to be the chief regulator of Fannie Mae and Freddie Mac.At his confirmation hearing this past summer, Mr. Brickell, chief executive of New York-based Blackbird Holdings, received rough treatment from Democrats on the Senate Banking Committee, including Sen. Paul Sarbanes, the ranking minority member. The Maryland Democrat voiced concern about Mr. Brickell's lobbying against tighter regulation of derivatives. Sen. Sarbanes also was not pleased that Mr. Brickell backed the notion of allowing Fannie and Freddie to create their own risk-based capital tests. In a brief conversation with MortgageWire, Mr. Brickell declined to comment. Meanwhile, Sen. Richard Shelby, R-Ala., chairman of the banking committee, said the panel in March will begin marking up legislation to strengthen regulation of the GSEs.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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