David Stern has been named to head the Securitization Syndicate Americas of SG Corporate & Investment Banking, a unit of the Societe Generale Group, a European financial services group.Mr. Stern will be responsible for pricing and underwriting securitizations, including residential and commercial mortgage-backed securities, asset-backed securities, and collateralized debt obligations. He was most recently a senior member of the ABS syndicate desk at J.P. Morgan. Mr. Stern will be based in New York.
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Credit risk transfers, a means by which banks can move risk off their balance sheets, earned considerable bipartisan support in a House Financial Services subcommittee hearing Wednesday.
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The addition of HELOCs at SoFi comes alongside the launch of a new advisory group, as the company heightens its focus on real estate lending.
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The enterprises also still plan to add FICO 10T but the release of the historical data stakeholders in their market can use to assess it has taken longer.
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Builder mortgage units saw Q1 profit slides (NVR down 17%) despite an 11% rise in new home loan applications. Overall homebuilder net income dropped, and sales incentives remain high.
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Toll Brothers' purchase of Buffington Homes of Arkansas will extend its national outreach with a strong presence in northwest Arkansas, the company said.
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Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president's 2027 budget, telling the Senate Appropriations Committee that the program had pursued a "partisan wish list."
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