Tag Archives: Government

Sorrento Capital, a private asset management firm based in Irvine, California, announced Monday that it has named Steve Ozonian as its executive chairman of the board.

David H. Stevens has been nominated by President Barack Obama for the position of assistant secretary for housing and Federal Housing Administration (FHA) commissioner, where he will be responsible for overseeing the government-led mortgage insurance agency.

Fannie Mae will need as much as $16 billion from the Treasury Department to avoid posting a loss in the fourth quarter of 2008, according to an Securities and Exchange Commission filing. The announcement comes just days after Freddie Mac filed a similar report indicating it would as for as much as $35 billion to keep it solvent.

Freddie Mac will need $30 to $35 billion from the U.S. Treasury Department to avoid posting a loss for the fourth quarter of 2008, according to a Securities and Exchange Commission report filed Friday.

Fannie Mae has begun laying off hundreds of employees at its Washington, D.C. office to make room for more employees at its Dallas, Texas anti-foreclosure office, according to multiple media reports. Affected employees include those that worked in technology, administration, communications, and the company’s single-family unit, which buys and bundles mortgages for securities.

The city of Brooklyn Center, a suburb of Minnesota’s Twin Cities, is taking a unique approach to helping find new buyers for foreclosed homes, according to a report in the Minneapolis- St. Paul Star Tribune.

The Federal Housing Finance Agency’s (FHFA) new home valuation code of conduct was created to promote transparency and put distance between lenders and appraisers to encourage more accurate property appraisals, but some question whether it will be effective.

The Center for Responsible Lending (CRL) has issued a report defending the organization’s latest research on the subject of predatory lending and foreclosures in the subprime market. The CRL report was designed specifically to address questions raised by the Mortgage Bankers Association (MBA).