Freddie Mac is losing two senior executives.Kevin J. Finnerty, senior vice president of investor and dealer services, is leaving the company, as is Ann Schnare, senior vice president of corporate relations. No reasons were given for their departures. Ms. Schnare has agreed to stay on until a replacement is found, but Mr. Finnerty is leaving right away. Mr. Finnerty, a Wall Street veteran who has worked for U.B.S. Securities and Bear Stearns, is in charge of sales and trading for the mortgage giant. (See the June 14 issue of National Mortgage News for more details.)
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This transaction, following Rocket's purchase of Redfin, could be the start of the creation of large players to compete with the likes of Zillow.
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The deal was highly vetted with regulators following the publicly traded company's failure to obtain approval in a past agreement, an executive said.
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Slow repair cycle times, widespread premium increases and the volume of catastrophic events all contribute to dissatisfaction, according to the U.S. Property Claims Satisfaction Study from J.D. Power.
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Former Capital One Multifamily executive Grace Huebscher departed recently and the Federal Housing Finance Agency appointed a successor amid broader reform.
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The Trump administration continues to battle the Consumer Financial Protection Bureau's union by seeking a stay of a preliminary injunction that reinstated the CFPB's workforce and contracts and preserved its data.
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The deal, expected to close by the end of 2025, will place Mr. Cooper CEO Jay Bray as president and CEO of Rocket Mortgage.
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