Senior vice presidents from Fannie Mae and Freddie Mac have been named to the board of directors of Chicago-based National Equity Fund Inc., a national syndicator of low-income housing tax credits.Michael C. May, a senior vice president in Freddie Mac's Multifamily Sourcing Division, has been with the government-sponsored enterprise since 1983. He has held SVP positions in operations; mortgage sourcing, operations, and funding; and multifamily operations. Carolyn B. Groobey is a senior vice president of corporate strategy at Fannie Mae. She was previously with McKinsey & Co. for 13 years. National Equity Fund can be found on the Web at http://www.nefinc.org.
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The servicer will pay $4.5 million in remediation to affected homeowners for incorrectly imposing force-placed insurance on thousands of borrowers.
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The trade group supports a narrow rewrite of the agency's manufactured home definition but it wants FHA valuation projections before lenders can scale.
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Pending home sales, a real-time indicator of homebuying demand, dropped 2.5% to their lowest level since December, according to Redfin's latest report.
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Mortgage production declined overall in July from activity earlier this summer amid growing rate volatility, according to two new originations reports.
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Long Island-based Dime Commercial Bancshares, which continues to transform itself from a thrift into a commercial bank, is eyeing additional expansion in the Garden State.
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In the latest round of posturing between the one-time merger partners, Two Harbors said the filing was part of a "familiar refrain" by UWM to blame others.
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