People

The Mortgage Bankers Association is losing yet another lobbyist, the second such departure in the past week. The trade group confirmed to NMN that Meghan Sullivan, who specializes in state mortgage-related legislation, will be leaving at the end of June. She holds the title of director of state legislative affairs. Her departure leaves MBA with just one manager to oversee state bills: Chris Oswald. The trade group said it has lobbyist/consultants "on the ground" to represent it in state capitals. "These are not staff people but consultants," she said. Earlier this week it was revealed that Francis Creighton, MBA's liaison on Capital Hill, was leaving to take a job with a Congressman. MBA will hire a replacement for Ms. Sullivan.

The nomination of David Stevens to be the new Federal Housing Administration commissioner appears to be in limbo while HUD investigates a RESPA complaint against his previous employer. The Department of Housing and Urban Development is conducting an investigation of Long & Foster — a mid-Atlantic real estate brokerage firm — for possible Real Estate Settlement Procedures Act violations. At a Senate Banking Committee meeting this past week, Sen. Richard Shelby, R-Ala., noted the HUD investigation is ongoing. "We don't know who is involved or what. We are waiting to see what comes out of the investigations," Sen. Shelby said. Committee chairman Christopher Dodd, D-Conn., said the nominee "comes highly recommended" for the FHA post. During his career Mr. Stevens also worked in executive positions at Freddie Mac and Wells Fargo Home Loans. Sen. Dodd urged caution and indicated he would like a bipartisan vote in moving the nomination along for confirmation by the full Senate. HUD general counsel Helen Kanovsky told Senators Dodd and Shelby in a letter that the RESPA complaints filed against Long & Foster neither "names nor alleges the personal involvement of David Stevens."

Former Freddie Mac chief executive Gregory J. Parseghian is one of two dissident candidates to win election to the board of PHH Corp., Mt. Laurel, N.J. Mr. Parseghian was a nominee submitted by Pennant Capital Management LLC, Chatham, N.J., which owns just under 10% of PHH's stock. The other candidate Pennant supported, Allan Z. Loren, also was elected; Pennant materials describe him as an executive coach to CEOs and as the former chairman and CEO of Dun & Bradstreet. The pair defeated A.B. Krongard, who had been PHH's chairman, and Terence W. Edwards, its president and CEO. Reelected to the board is James O. Egan, the audit committee chairman. Pennant Capital Management LLC is an investment advisor that was founded by Alan Fournier in 2001.

Former Freddie Mac chief executive Gregory J. Parseghian is one of two dissident candidates to win election to the board of PHH Corp., Mt. Laurel, N.J. Mr. Parseghian was a nominee submitted by Pennant Capital Management LLC, Chatham, N.J., which owns just under 10% of PHH's stock. The other candidate Pennant supported, Allan Z. Loren, also was elected; Pennant materials describe him as an executive coach to CEOs and as the former chairman and CEO of Dun & Bradstreet. The pair defeated A.B. Krongard, who had been PHH's chairman, and Terence W. Edwards, its president and CEO. Reelected to the board is James O. Egan, the audit committee chairman. Pennant Capital Management LLC is an investment advisor that was founded by Alan Fournier in 2001.

David Palombi, Freddie Mac senior vice president of corporate and marketing communications, has resigned from the GSE. Mr. Palombi, who also worked at Riggs Bank of Washington during his career, has accepted a position with WellPoint Inc. of Indianapolis, a health benefits company. He joined Freddie Mac in 1997. The GSE has been operating under a government conservatorship since the fall.

Francis Creighton, a top lobbyist for the Mortgage Bankers Association, is departing the trade group to take a job on Capital Hill, National Mortgage News has learned. A source familiar with the matter said Mr. Creighton, a vice president who is MBA's top liaison with elected officials, has accepted a chief of staff position with Rep. Chris Murphy, D-Conn. He informed the trade group of his plans last Friday. He will officially depart MBA within a few weeks. Mr. Creighton was promoted to VP in late 2006. He previously served as director of government affairs for MBA. During his career he also worked as a legislative director to Rep. Steve Israel of New York.

The Obama administration's Making Home Affordable loan modification program will not show real results until later this summer, according to a key regulator. Federal Housing Finance Agency director James Lockhart told a Congressional panel the impact of the MHA program will be delayed as the servicers register for the program and contractually agree to the program's terms and conditions. "Second, borrowers are required to submit the required documentation, be approved for a modification, and successfully perform under a three-month trial modification before the loans can be formally modified. Therefore, FHFA expects to see the results of current activities ramp up in late summer," Mr. Lockhart testified. Separately, Herbert Allison, President Obama's nominee to be Treasury assistant secretary and run the Troubled Asset Relief Program, told the Senate Banking Committee that 14 servicers are already active in the MHA program and they have sent modification offers to 100,000 homeowners. TARP is providing funds for incentive payments and to cover some of the modification costs. "There is a great deal of pressure on everyone" to get this program going, Mr. Allison said at his confirmation hearing. But he stressed it going to take time to ramp up. Mr. Allison recently served as president and chief executive of Fannie Mae.

Eric Martinez Jr. has been named chief executive of United Guaranty Corp., Greensboro, N.C., by parent company American International Group Inc., New York. In a statement, AIG said former president and CEO William V. (Billy) Nutt has left the company, but it did not disclose the reason. Mr. Martinez has worked with AIG since January 2009 in a variety of positions, including a leadership role at AIG Global Real Estate. For the past two months, he has led a comprehensive strategic review for UGC. Prior to joining AIG, Mr. Martinez was executive vice president — claims, customer care and business operations for Safeco Corp., Seattle.

Eric Martinez Jr. has been named chief executive of United Guaranty Corp., Greensboro, N.C., by parent company American International Group Inc., New York. In a statement, AIG said former president and CEO William V. (Billy) Nutt has left the company, but it did not disclose the reason. Mr. Martinez has worked with AIG since January 2009 in a variety of positions, including a leadership role at AIG Global Real Estate. For the past two months, he has led a comprehensive strategic review for UGC. Prior to joining AIG, Mr. Martinez was executive vice president — claims, customer care and business operations for Safeco Corp., Seattle.

LendingSpace, the developer of web-based loan origination software for reverse and forward mortgages, has named Jeffrey Osheka president. Mr. Osheka has over 20 years in the industry working for companies such as Lydian, Decade Systems, Ultraprise/GHR and Fidelity Mortgage Funding. As president of LendingSpace, Mr. Osheka is responsible for directing the company's current growth, with an emphasis on the rapidly expanding reverse mortgage market.