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The Government National Mortgage Association (GNMA) is in no rush to sell the $11.5 billion of mortgage servicing rights that it inherited almost two years ago when nonbank lender/servicer Taylor, Bean & Whitaker failed. “There’s no big pressure to sell it,” GNMA president Ted Tozer said in a recent interview with National Mortgage News. “We’re […]
Matthew S. Feig has hopped over to Stroock & Stroock & Lavan from Cadwalder, Wickersham & Taft. He was started June 7 in the N.Y. office as special counsel in the structured finance and insurance practice groups. “[Feig’s] deep understanding of the complexities involved with catastrophe bonds and related structured products are an excellent complement […]
Competition from jumbo loans and recent delays in key secondary market regulations are key hurdles holding back the long-awaited return of this secondary market, which is making some strides in other areas. “On the secondary market side I see confidence coming back as home values across the country start to bottom out and banks are […]
Walker & Dunlop announced today the acquisition of CW Capital LLC . The combination will create one of the largest commercial real estate lenders in the nation. CWCapital is a leading lender to the multifamily, healthcare and commercial real estate industries with in-house origination capabilities for Fannie Mae, Freddie Mac, HUD, life insurance companies and […]
Garett Stoffels joined BGC Partners‘ real estate capital markets group as senior managing director and head of equity capital markets, the company said in press release today. He is based in New York and reports to Michael Lehrman, global head of real estate at BGC. Stoffels was previously global head of Cantor Fitzgerald’s private […]
The U.S. hurricane season is only just getting underway, but so far this year, insured damage from tornado activity and other global catastrophes is running well below the same time last year, according to Guy Carpenter. A report the reinsurance intermediary published today put insured catastrophe losses for January-May at just $6 billion, or about one-twelth the […]
The commercial real estate finance company hired James Cope and Patrick Dempsey as senior vice presidents with plans to open a new office in Milwaukee, Wisconsin. Prior to joining Walker & Dunlop, Cope and Dempsey were with Grandbridge Real Estate Capital where they specialized in originating and structuring commercial real estate financing for all property types. […]
Former Federal Deposit Insurance Corp. chair Sheila Bair is at helm of a new private sector, volunteer group, The Systemic Risk Council. According to Bair, the new group came together over concerns on “the slow progress of regulators and standard-setters.” The council plans to monitor and encourage regulatory reform of U.S. capital markets focused on […]
Fitch Ratings said in a press release Tuesday that the California Proposition 29, the Tobacco Tax for Cancer Research Act, could reduce payments that all states receive from the Tobacco companies under the 1998 Master Settlement Agreement (MSA). California Proposition 29 would increase tax on cigarettes in the state by $1.00 per pack to $1.87 […]
Ocwen Financial Corp., a provider of residential and commercial loans based in Atlanta, Georgia, bought Aurora Bank’s commercial servicing portfolio. The portfolio comprises of 3,316 loans with a total principal balance of roughly $1.8 billion on May 31. As a result of this transaction, Ocwen will continue to develop its commercial mortgage servicing program. The […]
As head of the Mortgage Bankers Association (MBA), David H. Stevens spent the last year warning that excessive and ill-considered regulation could drag down the mortgage market. As the new head of SunTrust Mortgage, he’ll have to face that regulation head-on. Stevens, the former commissioner of the Federal Housing Administration (FHA), last week said that […]
BlackRock has launched its global real estate securities capability, which is an investment platform born from BlackRock’s experience in the real estate investment business. Mark Howard-Johnson has been hired as the global head of real estate securities management to lead the development of the business. One of his first priorities will be to build a global team, […]
Standard Chartered has hired Carsten Stoehr as global head of capital markets. The new hire is based in Hong Kong, Carsten will report to Lenny Feder, who is group head of financial markets, wholesale banking, the bank stated. Carsten joins Standard Chartered after a 17-year stint in Credit Suisse where he was most recently head of fixed […]
The president and chief executive of the Mortgage Bankers Association (MBA) David Stevens is stepping down after one year to become the president of SunTrust Mortgage. “Dave has been an exceptional leader for MBA,” said MBA chairman Michael Young. “Although we are sorry to see him leave so soon, he leaves us well-positioned for the […]
Proskauer Rose has hired a team of restructuring and insolvency attorneys from bankrupt law firm Dewey & LeBoeuf, the New York and London-based firm said.Partners Mark Fennessy and Hazel Miller have joined Proskauer from the troubled Dewey, which filed for bankruptcy protection in New York on Monday, May 28. Fennessy headed Dewey’s European restructuring practice […]
Natixis Global Asset Management (NGAM) made new hires to its Northern European sales and marketing teams. Vincent Kroft has joined NGAM Netherlands as sales director of wholesale distribution and Emilie Autissier has joined as sales manager at NGAM Switzerland. Kroft has more than 20 years of investment experience in the financial industry and previously served as […]
Commercial lender CIT Group said today it named Neil Wessan a managing director and head of its capital markets group, effective immediately. Wessan, who was formerly held a similar position at Gleacher & Co., will report directly to CIT corporate finance co-heads Pete Connolly and Jim Hudak. “Neil’s nearly three decades of experience in raising […]
SFC Associates, a securities and financial litigation consultancy, hired Chi Lee, Robert Maroney and Professor Chester Spatt to its structured products team. Lee has consulted on more than 20 structured products-related matters. His expertise includes the structuring, pricing and trading of complex structured products such as ABS CDOs; CDO-squared; CLOs; and RMBS and CMBS. Lee was […]
The National Credit Union Administration (NCUA) has barred the former CEOs of U.S. Central Federal Credit Union and Members United Corporate Federal Credit Union from working for, or with, any corporate credit union due to their roles in two of the biggest credit union failures.Both credit unions went bust because of faulty MBS investments. Francis […]
PHH Corp. Monday morning named former General Electric energy executive David Tucker president of its mortgage division. Tucker, who appears to have no direct mortgage experience, succeeds Smriti Laxman Popenoe, who had been serving as interim president of PHH Mortgage since March 2012. Among residential lenders and servicers, PHH Mortgage ranks seventh nationwide, according to […]
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