The Mortgage Bankers Association of America has picked Jonathan L. Kempner, chairman of the National Multi Housing Council, to be its new executive vice president in charge of day-to-day operations. Mr. Kempner, who headed the NMHC for 14 years, is expected to take the EVP mantle sometime this spring. The council represents owners of market rate multifamily housing units. (Late last month, National Mortgage News reported that Mr. Kempner was the leading candidate for the MBA job.) He replaces Paul Reid, who left the MBA under pressure last June. One trade association official described Mr. Kempner as a "good manager and aggressive marketer" who built the NMHC into "a formidable organization." Mr. Kempner will take control of the MBA amid rampant industry consolidation and political/business unrest concerning Fannie Mae and Freddie Mac. Although lenders are enjoying what could turn out to be their second-best year ever -- or maybe even best -- in terms of loan volume, there is continued griping from some sectors of the industry concerning "charter creep" at the government-sponsored enterprises and alleged bullying by the two in regard to certain business partners. Fannie and Freddie have denied that they bullied or threatened any business partners.
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CrossCountry Capital will partner with an Ares Alternative Credit fund and Hildene Capital Management after receiving $1 billion of equity capital commitments.
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The 30-year fixed rate mortgage was down another 9 basis points this week, Freddie Mac said, but much of this pricing was before the Federal Reserve meeting.
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Whereas AI can supercharge returns on investment in fulfillment and databases, the tech may also replace your entire staff, experts warned.
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The company will now consider loans up to $819,000 as government-sponsored enterprise-eligible, even though it cannot sell them to the agencies until Jan. 1.
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Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
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Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
September 17