William S. Romney has been appointed chief restructuring officer for the bankrupt Metropolitan Mortgage & Securities Co. Inc., Spokane, Wash.Mr. Romney is a senior director at Alvarez & Marsal, a corporate restructuring, crisis management, and creditor advisory firm. A restructuring committee has been formed, and it includes William Smith, the chief financial officer of Metropolitan and president and CFO of its Summit Securities Inc. subsidiary (also in bankruptcy). Mr. Romney is also a member of the committee, as are Dale Whitney, the president of a number of insurance companies affiliated with Metropolitan, and Metropolitan's legal counsel, Michael Agostinelli and Lynn Ciani. Irv Marcus, who had been serving as chairman, president, and chief executive of Metropolitan since the resignation of C. Paul Sandifur Jr., has himself resigned all posts, including his prior position on the board of directors. In a related move, chief administrative officer Steve Corker has resigned.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago