President Bush has nominated Ginnie Mae president Ronald Rosenfeld to be a member of the Federal Housing Finance Board.The president has not nominated anyone to take over at Ginnie Mae, so it appears that Mr. Rosenfeld will remain as Ginnie's president until he is confirmed by the Senate. He would become the fifth member of the Finance Board, which oversees the 12 Federal Home Loan Banks. Meanwhile, MortgageWire has learned that other personnel changes are in the works. Michael Frenz, Ginnie Mae's vice president for capital markets, is being promoted to executive vice president, replacing George Anderson, who announced earlier this year that he would be leaving Ginnie Mae. Mr. Anderson will continue to serve as a senior adviser to the Ginnie Mae president. Ginnie Mae can be found online at http://www.ginniemae.gov.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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