Joseph A. Rossi has been named to the newly created post of senior vice president of securities and Treasury operations at Freddie Mac.Mr. Rossi, 52, will manage operations related to Freddie Mac's mortgage securities issuance and settlement, debt issuance, and settlement, derivative settlement, and asset management, the government-sponsored enterprise said. He will report to Michael C. May, senior vice president of operations. Mr. Rossi was most recently senior vice president, executive director, and chief operations officer for global securities services at Mellon Financial Corp. Before joining Mellon in 2001, Mr. Rossi was senior vice president and business executive for the Strategic Initiatives Group at Chase Manhattan Bank/J.P. Morgan. His appointment at Freddie Mac takes effect March 28.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10