Former Hanover Capital managing director George Ostendorf has launched a new firm to invest in distressed and illiquid mortgages.Mr. Ostendorf began working on the formation of American Mortgage Capital Group LLC earlier this year, right after he resigned from the Chicago-based Hanover. For now, AMCG will focus on buying first liens secured by residential properties. The distressed loan market could swell to more than $100 billion as the subprime crisis results in record foreclosures over the next year. AMCG is headquartered in Bannockburn, Ill.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
March 27