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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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24