Washington Mutual, Seattle, has made some personnel changes to enhance its capital markets efforts. In one change, David Beck, chief investment officer, has been named executive vice president of WaMu's capital markets group. The group's activities include the marketing, trading and structuring of loans held for sale. Mr. Beck, who joined WaMu in April 2003, will continue to report to Tom Casey, WaMu's CFO, the company reports. Mr. Beck said, "As we continue to build our capabilities to reflect the growth and size of our organization, we have a great opportunity to leverage our scale in our capital markets organization." As well, Richard Fisher has been promoted to executive vice president of WaMu's commercial capital markets group. Working with Mr. Beck, Mr. Fisher will lead a team that is responsible for commercial loan product pricing and development, secondary marketing, securitization, syndication and portfolio management. Mr. Fisher was previously WaMu's manager of commercial secondary marketing.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
35m ago -
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.
April 24