Ex-HomeSide Lending CFO Blake Wilson has been hired as CFO of Alliance Mortgage in Jacksonville. Apparently, Mr. Wilson was brought on board earlier this year. Alliance is privately-held and does not typically issue press releases on such matters. Last month former HomeSide president Kevin Race was hired as president of HomeBanc Mortgage in Atlanta...
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A somewhat recent report issued by investment banker Fox-Pitt, Kelton says that, "Perhaps for the first time in history, Fannie Mae and Freddie Mac are facing threats of competitive insurgence that are credible, real and supported by an increasing number of mortgage industry participants." The 51-page report says the threats are the FHLB's "MPF" program, and GNMA "Choice," a concept that needs Congressional approval. The FPK report was written by analysts Chad Yonker, Hemant Hirani, and Chris Buonafede. In contrast to FPK's beliefs, a April report issued by Morgan Stanley, notes that the MPF program is growing at a weaker than expected rate...
Meanwhile, short sellers increased their bets against Freddie Mac in April by about 54%, according to figures compiled by Dow Jones & Co. At mid-April speculators had sold short 7.76 million shares of Freddie Mac stock compared to 4.96 million shares a month earlier, a change of 56.46%. At the same time speculators decreased their bets against Fannie Mae, as short positions in the stock fell by almost 30%. What does all this mean? That some speculators may be trying to make some fast, short-term gains by shorting Freddie. It appears that speculators may have tried to do the same to Fannie but a month earlier& According to one press report this past week, During AOL/Time Warner's 2001 shareholder meeting, stockholders singled out two directors -- Miles Gilburn, a partner at CGLS Fund and Fannie Mae chairman Franklin D. Raines. The gripe? Neither owned shares of the media giant's common. Those moaning believe that the two may not be very committed to AOL/Time Warner. (If I may editorialize here for a moment: If I were Frank Raines I wouldn't be a buyer of AOL/Time Warner stock at these levels. When it falls to $5 bucks a share he may want to nibble a little. The stock is a hair under $17 and its prospects look bleak)...
Dan Frahm, a former PR chief at Wells Fargo Home Mortgage, Des Moines, has left the mega lender to take a position at another mega lender: Bank of America Mortgage in Charlotte...
Ladenburg Thalmann last week initiated coverage of LendingTree (symbol: TREE) with a "buy rating"& Over the next few months Washington Mutual of Seattle will begin converting Dime Bancorp branches in the New York metropolitan area over to WaMu branches. However, there will still be a Dime in New York -- Dime Savings Bank of Williamsburg, Brooklyn, which is in no way affiliated with the other Dime. When I was a kid Dime sponsored my Little League team -- Dime of Williamsburg that is...
IN CASE YOU MISSED IT: Bank of America Mortgage has retired president Danny Hellams. (See National Mortgage News issue of May 13 for full details) Mr. Hellams had been with BoA and its predecessors for almost 30 years...
