Kristina K. Williams has been named to succeed Eric J. Marx as chief financial officer of the Federal Home Loan Bank of Pittsburgh.Ms. Williams was most recently the FHLBank's chief accounting officer. She was previously employed by PNC Bank for 12 years, including as CFO of its Corporate and Institutional Banking business segment. Mr. Marx has indicated his intention to resign, but will stay through the end of the quarter, the FHLBank said. The bank also announced the promotion of Robert J. Snyder from financial controls manager to controller. The FHLBank can be found on the Web at http://www.fhlb-pgh.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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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.
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