Yet another Wall Street firm is entering the subprime market. This time around it's Friedman, Billings, RamseyGroup which is buying the Florida-based First NLC Financial Services, the nation's 31st largest subprimelender, according to the Quarterly Data Report. The purchase price is $88 million. FBR recently starteda mortgage trading desk, hiring a bunch of Freddie Mac employees. FBR, a busy bee in mortgage banking,also is taking subprime lender Fieldstone public...
Meanwhile, the Paris-based BNP Paribas is expanding its MBS business. BNP has hired six MBS professionalsfrom Freddie Mac and plans to open a Tysons Corner, Va., office. Kevin Heal, institutional sales managerat Freddie, will serve as managing director and head of sales at the Tysons Corner HQ...
Freddie Mac, it seems, is hiring a bunch of people who used to work at Fleet Bancorp. One wily PR professionalsuggested to us that the company might want to change its name to Fleetwood Mac. That PR executive shallremain nameless...
Which privately held lenders will be the "movers and shakers" of 2005? National Mortgage Newsis now offering a new research report called "20 (Mostly Private) Mortgage Bankers to Keep an Eye on in2005." The report includes analysis, names, telephone numbers and more. For information contact:
@ThomsonMedia.com
A group of Florida loan officers are suing Global Executive Mortgage for failing to pay minimum wageand overtime compensation. For the full story see reporter Jennifer Harmon's article in Monday's NMN.Also in Monday's edition, a story about a thrift selling a $5 billion package of bulk servicing rights...
Welcome back to the mortgage banking industry Saiyid "Sy" Naqvi, the former CEO of PNC Mortgage.(PNC Mortgage was sold to Washington Mutual a few years back.) This past week DeepGreen Financial,an online home-equity lender, hired Mr. Naqvi as its CEO. Sy also serves on the board of Hanover Capital ofChicago. DeepGreen is owned by Lightyear Capital, a private-equity firm chaired by Donald Marron.Mr. Marron is a director (corporate governance committee) of Fannie Mae...
LIME Financial funded $1 billion in residential loans in 2004...
WASHINGTON NEWS: A National Association of Home Builders task force has recommended that the politicallypowerful group support the creation of an independent regulator to oversee Fannie Mae and Freddie Mac. See LewSichelman's story in Monday's NMN. By now you might be wondering why you don't subscribe to NMN?Call: (800) 221-1809
MORTGAGE PEOPLE: Wayne Abernathy, the Treasury Department's "point person" on GSE reform,is leaving the agency to take a job with the American Bankers Association. His official title at ABA willbe executive director for financial institutions policy and regulatory affairs, commonly known as "Fipra."
MORTGAGE PR PEOPLE: Born 12-21-04 at 7:25 p.m. to FM Policy Focus PR person Beneva Schulteand her husband Paul: Emma Rose. Congrats to all.
NO LONGER WITH US: John Glynn, one of the founders of National Thrift News, the predecessorpaper to National Mortgage News. Our condolences to the Glynn family.
DATA NOTICE: NMN is still offering research reports on "LOS Systems," "D2CInternet Lending" and "Retail Lending Over the Internet." For more information contact:
@ThomsonMedia.com
@ThomsonMedia.com
