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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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.
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