Fannie Mae, the largest source of funding for U.S. mortgages, said Chief Operating Officer Terence Edwards plans to leave the government-backed company in the first half of next year.
His duties overseeing credit-portfolio management and the work on a common securitization platform have already been turned over to other managers, Washington-based Fannie Mae said today in a regulatory filing.
The Chicago-area lender, which at first was able to get the suit quashed, agreed to end the discrimination case by paying a $105,000 fine.
The wholesale lender filed a motion to dismiss the case, or at least to strike the class action certification in mid-October.
Remax, the real estate brokerage and mortgage broker franchisor of Motto Mortgage, rebounded from a year ago loss in a tough news cycle for both its businesses.
Economists cautioned that October's employment report may not provide a fully accurate representation of the economy due to recent hurricanes.
HomeStreet and FirstSun are working to devise a new formula after the Texas Department of Banking and the Federal Reserve declined to approve their merger application.
Former Treasury Secretary Steven Mnuchin and his investment firm Liberty Strategic Capital are seeking to more than double his indirect ownership stake of Flagstar Financial — formerly New York Community Bank — to 22.9%, according to filings obtained by American Banker.
