The Five Star Institute has announced the launch of the American Mortgage Diversity Council, a member organization comprised of industry leaders and advocates focused on shaping the diversity agenda for the mortgage industry. The AMDC's goal is to drive results that support the application and promotion of the mortgage industry's best diversity practices, and advancing solutions that support initiatives outlined by Section 342 of the Dodd-Frank Act–which focuses on minority and inclusion rules that call for greater supply chain diversity and greater diversity in hiring and promoting in the workforce.
Michael Ruiz, Director of Corporate Procurement with Fannie Mae, has been appointed the chairman of the AMDC for the 2015 through 2017 term. With more than 20 years’ experience promoting diversity initiatives in the mortgage industry, Ruiz is an expert on government contracting and minority and women business programs. In his position as chairman of the AMDC, Ruiz's goal will be to elevate the visibility of the Council's mission and to guide its leadership.
Fannie Mae and Freddie Mac combined to complete nearly 66,000 foreclosure prevention actions in Q1 this year, bringing the total up to almost 3.5 million since September 2008 when the conservatorships began, according to the FHFA's Q1 2015 Foreclosure Prevention report released Tuesday. Those 3.5 million foreclosure prevention actions included 2.9 million home retention actions that allowed borrowers to stay in their homes. About 1.8 million of those borrowers received permanent loan modifications.