Stephen Blumenthal, who ran the special examinations of Fannie Mae and Freddie Mac for the Office of Federal Housing Enterprise Oversight, says he intends to resign and return to the private sector this fall."The confirmation of Jim Lockhart as OFHEO's director makes it possible for me to leave knowing that the agency is well led and will continue to accomplish its important mission," said Mr. Blumenthal, OFHEO's deputy director. As deputy director and acting director, he headed the special examination of Fannie that discovered fraudulent accounting, earnings manipulation, and corruption at the government-sponsored enterprise. He also conducted a special examination of Freddie Mac after an internal investigation by the GSE's board of directors uncovered an accounting scandal. Former OFHEO Director Armando Falcon hired Mr. Blumenthal from Schwab Capital Markets in 2002 to be his counsel. After Mr. Falcon stepped down in May 2005, he served as acting director until Mr. Lockhart was appointed in April.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
7h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
8h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
11h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16