Spencer Carlsen has been named president of First California Mortgage Co., a wholesale and retail mortgage banking company based in Petaluma, Calif.Mr. Carlsen was most recently head of national retail and wholesale loan production at Irwin Home Equity. He was previously employed as manager of treasury operations at Providian Bancorp and a manager of branch operations for Bank of America, First California said.
An independent auditor raised "substantial doubt" about the company's viability as it may not be able to extend forbearance deadlines on massive debts.
The investment property owner says she was stonewalled and humiliated by BofA's loan officers, and that an error-riddled appraisal was short by over $70,000.
The new law adds rules, including counseling requirements, which would put severe constraints on originations of HEIs, an industry representative said.
Federal Reserve Gov. Christopher Waller said certain corporate functions at the 12 regional banks, including information technology and human resources, could be consolidated under one structure to increase standardization and reduce costs.
More than 21% of reverse mortgage clients entered counseling with a deficit in their monthly budget last year, almost double the 12.2% of clients in 2024.
Kevin Warsh, President Donald Trump's pick to lead the Federal Reserve, denied that he would act as Trump's "sock puppet" if he's confirmed and said the president has directed him to lower interest rates.
