The Mortgage Bankers Association of America provided a former chief executive with a $1 million buyout when he agreed to step down in June 2000. The MBA paid former executive vice president Paul S. Reid $521,962 in ordinary compensation in fiscal year 2000 along with a $1.27 million buyout, according to a National Journal report on trade association executive compensation. It is understood that Mr. Reid had a three-year contract and he agreed to resign after serving two-and-a-half years. Jonathan Kempner is the MBA's current top executive. An MBA spokeswoman declined to comment on the National Journal report, except to say that the "numbers speak for themselves." Mr. Reid also declined to comment on the buyout. However, the former mortgage executive has become the president of Digital Sports, which sells digital products to high school athletes and their parents, including team videos. "I am also doing some mortgage consulting and working with a [mortgage] company," Mr. Reid told MortgageWire.
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Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
November 22 -
In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.
November 22 -
Freddie Mac is offering a municipal bond option for investors in its ML multifamily securitization offerings starting with its December issuance.
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Investors bought 15.9% of U.S. homes sold in Q3, according to Redfin, a level similar to 2018 and 2019, when the share was around 14%.
November 22 -
The development is the latest in an ongoing series of initiatives the Department of Housing and Urban Development has introduced to encourage growth of the factory-built construction segment.
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Serious mortgage delinquencies are at their highest since May 2023, and early payment default activity is also a concern, ICE Mortgage Technology said.
November 22