Goldman Sachs mortgage head and managing director Daniel Sparks has stepped down and been replaced by two other executives from within the firm who will co-head the unit, a spokesman has confirmed. Justin Gmelich, head of credit trading, and Tom Cornacchia, head of credit sales, will be filling Mr. Sparks' previous position as managing directors in the mortgage area, the spokesman said.
The lender, which has fought the nonpayment accusations since 2020, will give over $3.8 million to over 200 past and current employees involved in the case.
A dividend cut is what some feel likely to be next for UWM, in order to reduce leverage levels which are well above competitors Rocket and Pennymac
Gen Z, whose oldest members turned just 29, represented nearly a third of all first-time home buyer loans, according to ICE's latest Mortgage Monitor report.
The private student loan market figures to benefit from Republican-led changes to the much larger federal program. But other consumer lenders could face a fallout as more Americans are forced to reconsider which debt payments to prioritize.
Recent signals indicate this could be on the horizon and potentially add new value to a Fannie Mae/Freddie Mac stock offering, a Seeking Alpha analyst wrote.
Three Western states rank most unaffordable compared to income, while those in Midwest and Southern states have more leeway in their budgets for homeownership.
