Downey Financial Corp. president and chief executive Marangal Domingo resigned from the California-based thrift late Thursday after just seven months on the job.The company said in a statement that Mr. Domingo "has decided to pursue other interests." Company chief financial officer Tom Prince said Mr. Domingo's last official day on the job is Aug. 31, but noted that the CEO is currently on vacation. Mr. Prince declined further comment. Daniel D. Rosenthal, who served as Downey's president and CEO from late 1998 until Mr. Domingo became CEO in February of this year, was immediately reinstated in his old job. Since February Mr. Rosenthal has served as a director of Downey and managed its real estate investment business. According to the Quarterly Data Report, Downey is the nation's 42nd-largest residential funder.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25