Don't expect Washington Mutual's board of directors to push for a sale of the company, at least not yet, according to a new research report released recently by Smith Barney, a subsidiary of Citigroup.In the report Smith Barney analyst Matt Vetto said that investors may question "the degree to which" the thrift's board will tolerate the company's recent "missteps," but notes that the very same board, "signed off on both management's cost cutting and expansion plans and it would seem that they will be allowed to run their course at least through the rest of the year." The Seattle-based WaMu, the nation's third largest residential servicer (formerly first) has been mentioned as a takeover candidate for several months now. Potential buyers mentioned include HSBC, and Citigroup, which owns Smith Barney. WaMu, as a policy, does not comment on sale rumors.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25