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In a last-minute reversal, David H. Stevens, the president and chief executive of the Mortgage Bankers Association (MBA), will remain at the trade group rather than departing to run SunTrust Mortgage, as he announced plans to do a month ago. It will be his last job change for the immediate future; Stevens, 55, has signed […]
Issuance of European CLOs may be stalled, but 3i Debt Management believes that once the macro-economic picture improves, these structured finance vehicles will resume their role as important players in the region’s loan market. That was part of the rationale for the London-based firm’s recent acquisition of seven European CLOs from U.S. money manager Invesco. […]
A loan officer for a Florida mortgage company was sentenced to more than four years in prison for pleading guilty to committing wire fraud in a $9.2 million mortgage fraud scam. According to court documents, Alejandro Curbelo was employed as a loan officer for Great Country Mortgage Bankers from February 2006 through July 2008. In […]
At last week’s American Securitization Forum Sunset Seminar, panelists discussed how the proposed Franken amendment creates unintended consequences in applying credit ratings. The amendment is part of the Senate’s version of the financial reform bill. The amendment aims to remove the “issuer-pays” conflict of interest. Under Senator Al Franken’s (D-Minn.) proposal, the issuer will still […]
Wells Fargo & Co. said it reached an agreement to acquire WestLB’s subscription finance portfolio worth approximately $6 billion in commitments. Subscription finance provides committed revolving and term loans as well as letters of credit mainly to private equity and real estate investment funds to facilitate the funds’ investment activities. The financing is secured by […]
CRE Finance Council (CREFC) has selected of Paul Vanderslice as its president for the 2012-2013 term. The new appointee succeeds Jack Cohen, chief executive officer of Cohen Financial, who was president of the commercial real estate trade group for the past 12 months. Vanderslice is a managing director at Citigroup Global Markets, where he is co-head of the U.S. CMBS […]
Robert A. Harris has joined due diligence provider Clayton Holdings as general counsel, according to a release from the firm. As general counsel, Harris will oversee all legal and regulatory issues of Clayton’s businesses. He will report to Paul Bossidy, the company’s chief executive officer. Harris has more than 25 years of legal experience as […]
NewStar Financial said it added Mark Denomme as a managing director for its leveraged finance group. Denomme will be based in the firm’s Boston office and will work to generate financing business with mid-sized companies, private equity firms and middle market investors. Denomme was most recently a managing director at Hercules Technology Growth Capital, where […]
Given the economic uncertainty in Greece, many investors were interested in the results of the Greek election last weekend that resulted in New Democracy (ND) leader Antonio Samaras winning. However, in Friday’s issue of Barclays Capital’s weekly research, analysts predicted that the final election result will have little impact on the country’s austerity program. Instead, […]
A group of former policymakers are arguing that the government is not making good use of the regulatory reforms enacted in the Dodd-Frank Act nearly two years ago. “Tools are only useful to the extent they are actively used, and used in the right way,” Sheila Bair, former head of the Federal Deposit Insurance Corp., […]
The chief financial officer of the now-defunct Taylor Bean & Whitaker (TBW) will be spending at least five years in prison for concealing the fraudulent activities of the privately held mortgage banking company. Former CFO Delton de Armas late last week pleaded guilty to one count of conspiracy to commit bank and wire fraud, and one […]
Monroe Credit Advisors, an affiliate of middle market lender Monroe Capital, said it added Jeff Knopping as a managing director and partner to open its New York office. Knopping was most recently a managing director with William Blair & Co., where he worked in its private capital and special situation groups. He is also a […]
3i Debt Management has hired former Credit Suisse CLO chief Andrew Bellis to head up the firm’s global growth effort, the company said. Bellis joins 3iDM as managing director and partner reporting to Jeremy Ghose, managing partner and 3iDM CEO. His appointment reinforces “3iDM’s ambition to grow in core and emerging markets and to play […]
The credit scoring system is broken, plain and simple. Credit data is supposed to be ours, the consumer’s. It’s supposed to accurately reflect our fiscal responsibility, allowing lenders to determine eligibility for credit, while enabling us as consumers to make better financial decisions. That’s not how the credit bureaus (and regulators, apparently) see things, though. […]
The Mortgage Bankers Association (MBA) has formed a select committee to find a replacement to departing president David Stevens with 15 candidates being thrown into the pool, according to officials familiar with the process. “There’s 15 names on the list,” said one MBA member “but you have to keep in mind that some of those doing […]
The Securities and Exchange Commission(SEC) has appointed Thomas Butler as director of the agency’s new office of credit ratings, which was created by the Dodd-Frank Act. Butler will be responsible for overseeing the nine registered Nationally Recognized Statistical Rating Organizations (NRSROs). He will oversee a staff of roughly 25 lawyers, accountants,and examiners responsible for examining […]
SunTrust Mortgage has named two new executive presidents, hiring industry veterans from PNC Mortgage and IBM Corp. Peter Mahoney, who previously was managing director, mortgage markets with IBM, will be EVP, mortgage strategy at SunTrust. Mahoney also has served as a managing director at Green Tree Servicing and deputy general counsel for Freddie Mac. Jack […]
Maureen Stewart joined NewOak Capital as managing director of mortgage credit and compliance services, where she will help establish an “integrated, expert-driven mortgage credit advisory services platform.” “Our intention is to deploy the next generation of credit review and monitoring processes, which means having the senior credit expertise, backed by the right technology and the […]
Paramount Residential Mortgage said it has hired former Caliber Funding official Dave Pilotte as its new wholesale manager in charge of the Inland Valley area and Southern California. During his 25-year career in mortgage banking, Pilotte has worked for such firms as Aegis Mortgage and Fleet Mortgage with extensive experience in table funding. PRMG is […]
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