Four former Freddie Mac executives agreed to pay civil fines totaling $515,000 and to forfeit $258,000 in ill-gotten gains as part of a settlement with the Securities and Exchange Commission.The SEC charged Freddie Mac with securities fraud and the former executives with negligent conduct, which they settled without admitting or denying the allegation. Former Freddie president and chief operating officer David Glenn agreed to pay a $250,000 civil penalty and to disgorge $150,000. Former chief financial officer Vaughn Clarke agreed to pay a $125,000 civil penalty and disgorge $29,227. Former senior vice president Nazir Dossani agreed to pay a $75,000 penalty and disgorge $61,663, and ex-SVP Robert Dean agreed to pay a $65,000 penalty and disgorge $34,658. Former Freddie chairman and chief executive Leland Brendsel, who is facing an enforcement action by the Office of Federal Housing Enterprise Oversight that is before an administrative law judge, is not part of the SEC enforcement action.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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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.
March 28 -
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.
March 28