News

National housing prices fell 9.2 percent in May compared to a year ago, representing the smallest year-over-year decline recorded in 2009 and the lowest since December 2007, according to newly released data from First American CoreLogic and its LoanPerformance Home Price Index (HPI).

After a four-month-long search process, Freddie Mac announced Tuesday that its board of directors named finance industry veteran Charles E. Haldeman, Jr. as the company’s new CEO and has elected him as a member of the board – a move that was widely expected, as DSNews.

The Treasury Department said last week that loan originations made by the nation’s largest banks grew modestly during the month of May, and according to a report issued this week by the Troubled Asset Relief Program’s (TARP) inspector general, a large majority of institutions who have received government bailout money say they’ve used the funds to write new loans.

The New York-based alternative asset management firm Fortress Investment Group LLC announced over the weekend that Daniel H. Mudd, Fannie Mae’s former chief, will take the helm at Fortress as the company’s new CEO.

Bensalem, Pennsylvania-based ISGN, a provider of core servicing, default management, and origination services and products, has unveiled a new loss mitigation technology that will be available on a pay-per-closed-loan basis.

Herb Allison, the Treasury’s new assistant secretary for financial stability and former CEO of Fannie Mae, told lawmakers at a Senate Banking Committee hearing last week that the administration is considering another housing proposal that would require lenders to allow previous homeowners to stay in their foreclosed homes as renters.

Purchasers of single-family foreclosed homes offered through Freddie Mac’s HomeSteps division will receive a comprehensive two-year home warranty paid for by Freddie Mac, the company announced Monday.

Wells Fargo says in the first half of 2009, through lower rates, refinances, and modifications, it alone has helped nearly one million American homeowners lower their mortgage payments or restructure their mortgage.

Subprime mortgage servicer Ocwen Financial Corporation announced Thursday that Steven B. Nesmith has joined the company as SVP and assistant general counsel for strategic and government initiatives. Nesmith was most recently a partner at Holland & Knight where he served in the affordable housing, financial services, and international trade practice areas.

Regulatory compliance professionals at community banks expect to spend a significant amount of their time meeting Truth-in-Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) requirements during the next 12 months, according to a recent survey by Minneapolis-based Wolters Kluwer Financial Services.