James D. Hughes has been named senior vice president and chief information officer of Freddie Mac, effective Sept. 25.Mr. Hughes, 48, will be responsible for managing one of Freddie Mac's largest organizations, with information systems planning and development responsibilities that support the company's finance, investment, sourcing, servicing divisions, and corporate functions, the government-sponsored enterprise said. He comes to the GSE from Cleveland-based National City Corp., where he held positions as CIO and executive vice president and branch banking division head. Before joining National City in 1997, Mr. Hughes served in management roles at Andersen Consulting, USF&G, Seer Technologies, and Credit Suisse First Boston.
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The company will now consider loans up to $819,000 as government-sponsored enterprise-eligible, even though it cannot sell them to the agencies until Jan. 1.
49m ago -
Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
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Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
September 17 -
The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
September 17 -
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
September 17 -
Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
September 17