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DS News Webcast: Friday 3/27/2015

Foreclosure, REO, News, Webcast

Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development has been named by the White House as the leader of the Federal Housing Administration, according to HUD. The Department confirmed on Thursday that Biniam Gebre will be stepping down from his role as acting commissioner of FHA and that Golding will be taking over the duties of that office. HUD confirmed that Golding's new title will be principal deputy assistant secretary and that he will assume that post on April 7.

Golding, who joined HUD in June 2013, held several senior positions during a 23-year tenure with Freddie Mac, including SVP of Economics and Policy, Program Executive of Making Home Affordable, SVP of Economics and Strategic Analysis, and SVP of Capital Oversight and Economics. He joined Freddie Mac as a senior economist in 1989. He has an A.B. in applied mathematics from Harvard College and a Ph.D. in economics from Princeton University.

Shifting customer needs and market dynamics have prompted Wells Fargo to close its servicing site in Milwaukee, Wisconsin, thus reducing the bank's workforce by 1 thousand, according to a statement from Wells Fargo. The San Francisco-based megabank cited the improving economy in the last two years along with steady declines in delinquencies and fewer borrowers in need of mitigation options to avoid foreclosure as contributing factors to the closing of the Milwaukee office. The bank said the closing will be effective in late July.