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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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago