Doug Duncan is moving to Fannie Mae after serving as the Mortgage Bankers Association's chief economist for the past 15 years. Mr. Duncan will be filling Fannie's chief economist chair, which has been vacant since David Berson retired in October and became the top economist for mortgage insurer PMI. "Over the past 15 years, Doug has built a smart and talented team that has driven MBA's growth and success in the data and research field," MBA president and chief executive Jonathan Kempner said. But his expertise and counsel will be "sorely missed," Mr. Kempner added. Last year, the MBA initially downplayed the significant of rising subprime defaults and tried to calm fears that those problems would spill over to the prime mortgage market or affect the overall economy.
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Some members of the Senate, where the GOP majority is thinner, also are asking the Federal Housing Finance Agency to reveal more about planned mortgage reforms.
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The housing regulator has been mum on details about its reshuffling, but Secretary Scott Turner has emphasized mission-critical functions would persist.
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Regulators should approve the deal because post-merger, the servicing market remains fragmented and the mortgage origination business is even more dispersed.
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Publicly traded lenders, including UWM, Rocket Mortgage and Guild Mortgage, saw personnel expenses increase significantly throughout last year.
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A three-judge panel will hear an appeal by the Trump administration of a preliminary injunction that has blocked the government from dissolving the Consumer Financial Protection Bureau.
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The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.
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