WL Ross & Co. has nominated a new director to replace Wilbur Ross at Sun Bancorp in Mount Laurel, N.J.
The $2.3 billion-asset Sun said in a press release Tuesday that James Lockhart will become a director. The appointment requires regulatory approval because Lockhart, vice chairman at WL Ross, is a director at Cascade Bancorp in Bend, Ore. He is also a former director of the Federal Housing Finance Agency.
Ross had to give up his board seat after becoming Commerce secretary.
The investment firm is expected to maintain its stake in Sun. WL Ross, which invested in the company in 2010, owns about 23% of its outstanding stock. The firm has to own at least 7.5% of the shares to keep a board seat.
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.