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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Properties with default notices, scheduled auctions and REOs are up by double digits compared to last summer as buyers are mired in a high-cost environment.
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The Consumer Financial Protection Bureau has notified employees of an upcoming reduction in force after its budget was cut in half by the president's recently passed tax and budget bill.
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The opening trades were at $11 higher than what Figure priced the initial public offering, and in early action, the stock has ranged from $32 to $37 per share.
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The 30-year fixed rate mortgage had its largest decline in a year as it is universally anticipated the Federal Open Market Committee will cut short-term rates.
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The White House has appealed a D.C. District Court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board pending the outcome of her challenge to President Trump's moves to fire her.
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The company valued its 31.5 million share common stock sale at $25 per share, higher than the last announced expected range of between $20 and $22.
11h ago