The Senate Banking Committee has unanimously approved the president's nominees to head the Office of Federal Housing Enterprise Oversight, Ginnie Mae, and the Federal Deposit Insurance Corp.The committee's action clears the way for the full Senate to vote on the confirmation of James B. Lockhart to be the new OFHEO director, Rob Couch to be the new Ginnie Mae president, and Sheila Bair to be the new FDIC chairman. President Bush nominated Mr. Lockhart on April 27 and installed him as acting director of OFHEO to oversee the final drafting of the agency's report on its special examination of Fannie Mae and to negotiate a $400 million settlement with the government-sponsored enterprise. Mr. Couch is the president of New South Federal Savings Bank, Birmingham, Ala., and a former Mortgage Bankers Association chairman (from October 2003 to October 2004). Ms. Bair served as Treasury assistant secretary for financial institutions during the first two years of the Bush administration. She resigned in 2002 to become a professor at the University of Massachusetts-Amherst.
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The RMBS notes benefit from geographic diversity and credit enhancement.
8h ago -
A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
9h ago -
Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
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The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
July 2 -
It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
July 2 -
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
July 2