Fannie Mae's chief legal officer, Thomas E. Donilon, is leaving the troubled mortgage giant to rejoin his former law firm.At month's end Mr. Donilon will become a partner at O'Melveny & Myers. Fannie Mae has not yet named an interim replacement for Mr. Donilon, whose official title at Fannie is executive vice president for law and policy. He joined the company in 1999. A spokeswoman for the government-sponsored enterprise said some of the legal division employees who report to Mr. Donilon will now report to acting chief executive officer Daniel Mudd. During his first run at O'Melveny & Myers, Mr. Donilon specialized in domestic and international litigation and antitrust matters. Fannie is facing a $9 billion to $11 billion downward restatement in earnings dating back to 2001. The company's accounting practices are the subject of investigations being conducted by the Justice Department, the Office of Federal Housing Enterprise Oversight, and the Securities and Exchange Commission. During his career in Washington, Mr. Donilon was also chief of staff to Secretary of State Warren Christopher in the Clinton administration.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28