Countrywide CEO and chairman Angelo Mozilo believes Fannie Mae and Freddie Mac shoulddrop their minimum servicing fee to 12 basis points from the current 25 bps. Why? You'll have to read the Mondayedition of National Mortgage News to find out. In a recent interview with NMN, Mr. Mozilo said ifhe had to do it all over again he'd base Countrywide in Texas, not California. Don't get Mr. Mozilo wrong. TheBronx-born Mr. Mozilo believes California is still great, but he thinks "the political structure of the stateis so anti-business"...
Meanwhile, Freddie Mac chairman and CEO Richard Syron told NMN that he would like to do more businesswith Countrywide. "Absolutely," Mr. Syron said. Last year Countrywide sold an overwhelming amount ofits conventional production to Fannie Mae. The Syron interview also appears in Monday's NMN. The newspaper willbe widely distributed this weekend at the annual convention of the Mortgage Bankers Association in San Francisco.Also in the newspaper: a ranking of the top sellers of loans to Fannie and Freddie...
BASEBALL AND FREDDIE MAC: Mr. Syron, by the way, is a Red Sox fan. His No. 2, Eugene McQuade,is a Yankees fan. Former interim Freddie CEO Greg Parseghian is a rabid Yankees fan. Sorry Greg...
And in case you missed it: Wednesday wasn't a pretty day for Countrywide. The company's stock plunged 11% to$33 after the company reported a 47% decline in earnings and trimmed its outlook for future quarters. It was thethird most actively traded stock on the New York Stock Exchange that day...
Last month, MILA's loan production volume hit a record of $336 million. The nonconforming funder is headedby CEO Layne Sapp...
So you wanna be a rock 'n' roll star? Was that financial services attorney Tom Vartanian playing guitarat an ACB party at the Air and Space Museum this past week? We believe it was...
What's the chief factor in choosing a new home these days? According to a new survey conducted by the NationalAssociation of Realtors, homebuyers want an easier commute which might explain why home values in suburbs closeto city (job) centers have been experiencing phenomenal price gains the past four years...
RBC Mortgage Co., a subsidiary of RBC Centura Banks, said this past week it will operate froma single, Houston-based headquarters by the end of January 2005. RBC Mortgage employs more than 3,000 employeesin 200 branches in 30 states...
UPCOMING CONFERENCE: On Dec. 6 and 7, ThomsonMedia will hold its sixth annual "Mortgage EC"conference. The meeting be held at the Mandalay Resort & Casino in Las Vegas. ThomsonMedia is the parentcompany of National Mortgage News and Origination News, among other publications.
WASHINGTON NEWS: Federal Reserve Board chairman Alan Greenspan says he believes homeownersare financially well positioned to deal with falling housing prices -- should it come to that. "Should homeprices fall, we would have reason to be concerned about mortgage debt; but measures of household financial stressdo not, at least to date, appear overly worrisome," Mr. Greenspan told the America's Community Bankersannual convention in Washington this past week. The refinancing boom has improved the financial condition of theaverage homeowner, the central banker believes. And after all, he's Alan Greenspan. Right?
MORTGAGE PEOPLE: Industry veteran Richard Wilkes has joined the Clayton Group as a consultant.Jeff Hoerster has been named president and chief operating officer of AllRegs.
MORTGAGE DATA/RESEARCH NOTICE: This just in -- NMN has just released a brand new white paper,"20 (Mostly) Private Mortgage Firms to Keep an Eye on in 2005." The new white paper includes analysis,contact information, loan volumes and much more on the 20. For more information contact:
@ThomsonMedia.com
@ThomsonMedia.com
NMN's other new white paper, "Doc Prep on the Net." (Contact Ms. Washington about this product.) Otherwise, if you're going to the MBA convention make sure to wear...ah, forget it. Enjoy San Francisco.
