Freddie Mac chief financial officer Martin Baumann has resigned from the congressionally chartered mortgage company but says he will stay on as a special adviser through the end of May.Freddie Mac president and chief operating officer Eugene McQuade has already assumed the CFO responsibilities. The company is now conducting a search for Mr. Baumann's successor. A spokeswoman for the company said that when Mr. Baumann joined the company in March 2003 he planned to stay for just two years, but then extended his contract for another year. In a statement, Freddie chairman and chief executive Richard Syron call Mr. Baumann a "key contributor" to the company's turnaround. After the government-sponsored enterprise suffered a $5 billion earnings restatement scandal, Mr. Baumann, a former partner at PricewaterhouseCoopers, was brought on board to fix the GSE's accounting systems and policies.
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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