James B. Lockhart III has assumed his duties as the new acting director of the Office of Federal Housing Enterprise Oversight, where he will be responsible for supervising Fannie Mae and Freddie Mac.Mr. Lockhart was the second-ranking executive at the Social Security Administration when President Bush announced his nomination to a five-year term as the new GSE regulator and appointed him acting director. He replaces Stephen Blumenthal, who has served as the acting director since former OFHEO Director Armando Falcon resigned in May 2005. As the acting director, Mr. Lockhart will oversee the final drafting of a long-awaited report on OFHEO's investigation into Fannie Mae's $10.8 billion accounting scandal. Senate Banking Committee Chairman Richard Shelby, R-Ala., called Mr. Lockhart's nomination a "positive step" and pledged to hold a confirmation hearing "as expeditiously as possible." Mr. Lockhart was co-founder and managing director of NetRisk, a risk management software firm, before joining the SSA. During his career, he was a senior vice president at National Re (1996) and a managing director at Smith Barney (1993-1995).
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
3h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
7h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24