Mortgage Bankers Association president Jonathan L. Kempner is resigning from the trade group effective at the end of the year and will be replaced by industry veteran John Courson. During the mortgage crisis, the trade group has seen both its membership and its revenues decline. It has also been hurt by its investment in a new Washington office building that became its headquarters this spring. With the commercial real estate market softening, the MBA has had difficulty leasing other floors in the building. Mr. Courson's company, Central Pacific Mortgage, Folsom, Calif., collapsed early in 2007 after being margin-called by its warehouse lenders. Mr. Courson founded CPM, a nondepository, in 1977. At its peak, CPM was table-funding about $180 million a month.
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A panel of DC Circuit Court judges ruled late Monday that the president had not met the stringent statutory requirements to block a lower court injunction, which allowed Federal Reserve Gov. Lisa Cook to remain at her post as her lawsuit challenging her dismissal is litigated.
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The Senate voted 48 to 47 to confirm Stephen Miran to the Federal Reserve Board, just ahead of the central bank's rate setting committee meeting.
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While equity still sits near historic highs, price growth moderation led to shrinkage of the total amount available and a rise in underwater mortgages.
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Consumers are so concerned about rising costs that they often forego coverage altogether, according to two separate studies from Valuepenguin and Realtor.com.
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Getting a dwindling number of mortgages distressed for over a year off the books could improve the enterprises' financial position.
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California-based Linkhome Holdings' new platform allows buyers to use cryptocurrency for property purchases.
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