Citigroup president and chief operating officer Robert Willumstad, an 18-year veteran of the company -- and a one-time candidate for the top job at Fannie Mae -- is leaving the company.Mr. Willumstad, 59, is also leaving the Citigroup board, and he announced that he will "pursue opportunities" to lead a public company. From 2000 to 2003 he headed Citigroup's global consumer operations, which include consumer finance. Once considered a candidate to head Citigroup, Mr. Willumstad was passed over for the top job in 2003 by Sandy Weill, who chose Charles Prince to be chief executive officer. Mr. Willumstad was believed to be a finalist for the Fannie Mae CEO position, which went to interim CEO Daniel Mudd this spring.
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Credit risk transfers, a means by which banks can move risk off their balance sheets, earned considerable bipartisan support in a House Financial Services subcommittee hearing Wednesday.
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The addition of HELOCs at SoFi comes alongside the launch of a new advisory group, as the company heightens its focus on real estate lending.
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The enterprises also still plan to add FICO 10T but the release of the historical data stakeholders in their market can use to assess it has taken longer.
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Builder mortgage units saw Q1 profit slides (NVR down 17%) despite an 11% rise in new home loan applications. Overall homebuilder net income dropped, and sales incentives remain high.
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Toll Brothers' purchase of Buffington Homes of Arkansas will extend its national outreach with a strong presence in northwest Arkansas, the company said.
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Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president's 2027 budget, telling the Senate Appropriations Committee that the program had pursued a "partisan wish list."
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