Freddie Mac's senior vice president and corporate controller, John Woods, has resigned, accepting a position with lending giant Washington Mutual Inc., Seattle.The resignation is effective Oct. 28. Mr. Woods also held the title of principal accounting officer. He will become WaMu's corporate controller. Martin Baumann, Freddie Mac's executive vice president of finance, credited Mr. Woods with helping the government-sponsored enterprise bolster its accounting talent. Damaged by a $5 billion earnings restatement scandal that erupted nearly three years ago, Freddie is almost current again on its financial reporting. Freddie Mac can be found online at http://www.freddiemac.com.
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The Consumer Financial Protection Bureau has finalized changes to Regulation B, which implements the Equal Credit Opportunity Act, to eliminate any liability for indirect discrimination by lenders. The change represents a major shift in how the agency polices lending discrimination.
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The company will be using a simplified name and a new logo it says shows its unified business model, but its longstanding tagline will stay in place.
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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.
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An independent auditor raised "substantial doubt" about the company's viability as it may not be able to extend forbearance deadlines on massive debts.
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The new law adds rules, including counseling requirements, which would put severe constraints on originations of HEIs, an industry representative said.
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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.
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