In her first official act as chair of the Mortgage Bankers Association, Regina Lowrie says she will create a new council to develop a "tactical plan" that will serve as a guide for the now 3,000-member trade group through the next decade.Described by the Horsham, Pa., lender as a "think tank," the panel of 15-20 members will include "some of the most accomplished leaders" in the housing finance field, Ms. Lowrie said at the MBA's annual convention in Orlando. She said she has "someone in mind" to chair the council but declined to name the person because he, or she, hasn't been asked as yet. Ms. Lowrie told MortgageWire that the group will consist of nonpartisan, independent thinkers who represent all facets of the "food chain," including large and small, commercial and residential, and all the production channels. The MBA's current three-year strategic plan is entering its second year, and Ms. Lowrie expects the council's report, due by the end of summer 2006, to set the framework for the trade group's next blueprint. "I think that, as the trade association that speaks for the housing finance industry, this is a major undertaking," she told MW. "This will be a big part of my legacy."
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The RMBS notes benefit from geographic diversity and credit enhancement.
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A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
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Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
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The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
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It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
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Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
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