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Treasury Plans to Tap Fannie Mae Chief to Run Bailout
Washington Post (04/14/09) P. A14; Goldfarb, Zachary A.
Fannie Mae CEO Herbert Allison Jr. is expected to be named to administer the $700 billion Troubled Assets Relief Program. He would join the Treasury Department at a time when it is conducting "stress tests" on the capital levels of the 19 largest banks, launching a program to spur lending backed by tens of billions in TARP funds and finalizing another effort to remove troubled assets from the balance sheets of banks. Allison would replace current TARP head Neel Kashkari.
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Fannie, Freddie Both Need CEOs
Wall Street Journal (04/14/09) P. A4; Hagerty, James R.
Finding new CEOs could be difficult for Fannie Mae and Freddie Mac, considering the companies remain under the control of the federal government. Fannie Mae could soon need a replacement for Herb Allison, who likely will leave to run the financial stimulus program for the Treasury Department; and Freddie Mac is being run by interim CEO John Koskinen, who took over in March after David Moffett resigned after six months on the job. New candidates for the jobs will be less independent, wield less influence over long-term strategy and be paid modestly by CEO standards.
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Prudential Reports Largest FHA Loan
American Banker (04/14/09) P. 8; Hochstein, Marc
Prudential Mortgage Capital Co. confirms that it has arranged the biggest construction loan ever insured by the FHA. The loan, to be funded by TIAA-CREF through the purchase of a mortgage-backed security guaranteed by Ginnie Mae, will finance a hospital that Capital Health System is erecting in Hopewell Township, N.J. David Durning of the Prudential Financial Inc. unit said it anticipates originating $1 billion-plus in FHA-backed loans in 2009.
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Report: Unemployment a Major Factor in Mortgage Defaults
Smart Brief (04/14/2009)
The Federal Reserve Bank of Boston has determined that unemployment cause more mortgage borrowers to miss payments than do high interest rates. The study concluded that policies to help borrowers deal with job losses and other such circumstances might be more successful than mortgage workouts.
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Fidelity National to Offer 13.3M Shares, May Pay Down Debt
Wall Street Journal (04/14/09) Grace, Kerry E.
Fidelity National Financial Inc. is set to offer 13.3 million shares. Proceeds will be used for general corporate purposes, including repaying debt under the title insurer's $1.1 billion syndicated credit agreement. The deal's underwriters retain the option to purchase additional shares to cover overallotments.
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Buzby Named CFO at Farmer Mac
Trading Markets (04/14/09)
Farmer Mac has made acting Treasurer Timothy Buzby its new vice president and CFO, succeeding acting CFO William Sandalls Jr. Buzby came to the company, which facilitates the finance market for agricultural property and rural housing, in 2003 as vice president and comptroller.
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Despite Numbers, Hope for Mortgage Jobs
National Mortgage News (04/13/09) Vol. 33, No. 28, P. 2; Collins, Brian
Mortgage Bankers Association associate vice president Orawin Velz says the refinancing boom will last a while and prompt industry executives to begin hiring more workers in the coming months. The March jobs report from the Bureau of Labor Statistics shows a loss of 43,000 financial services industry positions, but the mortgage banker/broker sector lost just 31,000 jobs over the past eight months. Since December 2006, the mortgage workforce has contracted by 44 percent, amounting to a loss of 212,500 jobs.
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