Bobby Mehta and Sandy Derickson have been named vice chairmen of Household International Inc., Prospect Heights, Ill.HSBC North America Holdings, the holding company for Household and other U.S. and Canadian businesses, said Mr. Mehta's responsibilities will include Household's consumer lending and mortgage services businesses, HSBC Bank USA's first-mortgage operations, and the strategic planning and corporate marketing for HSBC North America. Ms. Derickson's responsibilities will include Household's retail and insurance services, refund lending, and HFC Bank UK. The holding company also announced other personnel changes, most of which take effect May 1. Household managing directors Patrick Cozza, J. C. Faulkner, Adrian Hill, and Walter Menezes have all been promoted to group executive at Household, and James Kauffman, Household senior vice president for policy and compliance, has been named executive vice president for policy and compliance at HSBC North America. In addition, Seamus McMahon will join Household as an EVP; Household controller Kay Nelson has been promoted to SVP and chief accounting officer; and Jeanne Ebersole, Household's VP for human resources, will move to HSBC Bank USA in New York as EVP for human resources. The companies can be found online at http://www.household.com and http://www.us.hsbc.com.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
September 17 -
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
September 17 -
Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
September 17 -
The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
September 17 -
Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17