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MOVERS & SHAKERS
One thing's for certain: The default industry doesn't sit still. Keeping up with who's doing what and who
went where can be a tough task, which is why DS News highlights those people in the industry who are
making things happen. Got something to share with us? Send it to Editor@DSNews.com.
Obama Nominates White House Chief of Staff as Treasury Secretary
President Obama's pick to replace Treasury Secretary Timothy Geithner is White House Chief
of Staff Jack Lew. Under both the Clinton and Obama administrations, Lew served as director of
the Office of Management and Budget. In addition to his public service roles, Lew spent time on
Wall Street with Citi and in academia at New York University.
Galante Confirmed as FHA Commissioner
The U.S. Senate approved the appointment of Carol Galante as assistant secretary for housing
and commissioner of the Federal Housing Administration (FHA) with a 62-27 vote. Galante has
been acting FHA commissioner since July 2011. Prior to that, she served as deputy assistant
secretary for multifamily housing programs since 2009.
NAFCU President to Retire, New Appointment Announced
The National Association of Federal Credit Unions' (NAFCU) board of directors announced
president and CEO Fred Becker plans to retire at midyear. Becker first joined NAFCU
as president in 2000. Set to replace him in July is Dan Berger, NAFCU's current EVP of
government affairs.
Berger joined NAFCU as SVP of government affairs in January 2006 and was promoted to
EVP in July 2009. In his time with the organization, he managed five divisions. He has more
than 20 years' government relations and political affairs experience, having served as VP of
government relations for America's Community Bankers and chief of staff for former U.S. Rep.
Katherine Harris (R-Florida). For 10 years, Berger was listed as one of the most influential
lobbyists in The Hill.
Former Treasury Officer Joins Vericrest as Chief Risk Officer
Vericrest Financial, Inc., selected Ben Purser for the role of chief risk officer. Purser holds more
than 26 years of experience in financial services. As chief risk officer, he is responsible for all risk
management efforts. Prior to joining Vericrest, Purser served as chief compliance officer in the
Office of Financial Stability at the U.S. Department of the Treasury.
Auction.com Hires New CFO
Auction.com named a new EVP and CFO. Bruce Felt was selected for the position and joins
Auction.com with more than 25 years' experience in financial operations and management. Prior
to joining Vericrest, he was CFO of SuccessFactors.com, a provider of cloud-based human capital
management solutions that was acquired by SAP.
RedVision Appoints Regional Sales Director
New Jersey's RedVision hired Andrew Nadal as regional sales director for the Southeast
region. At RedVision, Nadal focuses on account development and management for title agents,
title underwriters, real estate investors, and local lenders throughout Alabama, Arkansas, Florida,
Georgia, Kentucky, Louisiana, Mississippi, the Carolinas, and Tennessee.
Three Rubin Lublin Associates Named Partners at Firm
Rubin Lublin, LLC, announced three promotions at the real estate default law firm. Victor Kang,
Heidi Billington, and Tenise Cook were all named new partners.
Kang is a supervising attorney and oversees all aspects of the firm's foreclosure department.
He has worked at Rubin Lublin since its 2009 inception and earned his law degree from the
University of Alabama.
Billington is also a supervising attorney in the firm's foreclosure department. She received her
law degree from Mississippi College and, like Kang, joined the firm in 2009.
Both Billington and Kang will continue in their roles as supervising attorneys, managing the
foreclosure department's staff, process, and procedure creation and implementation. The two
new partners are also responsible for ensuring compliance with state laws.
Cook is a lead associate in the firm's real estate litigation department and specialized in title
curative and title litigation matters. In her new role, she assists senior partner Peter Lublin in the
supervision of the litigation department in addition to her caseload. Cook first joined the firm in
2010. She earned her Juris Doctorate from the University of Georgia School of Law and is licensed
to practice in Georgia and Tennessee.
Rubin Lublin is a service-oriented boutique law firm serving mortgage banking, loan servicing,
and title insurer clients throughout Georgia, Tennessee, and Mississippi.
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HOME VALUES
RECORD FIRST
POST-CRISIS
ANNUAL
GAIN
After five years of cumulative
losses, U.S. home values are
expected to close out 2012 with their
first annual gain since 2006, Zillow
reported.
By Zillow's calculations, singlefamily homes gained $1.3 trillion in
cumulative value over the course of
last year.
In 2006, homes increased
their value by $483 billion but then
declined from 2007 to 2011 with the
largest drop in 2008, when homes
lost more than $3.2 trillion in value,
according to Zillow.
Zillow expects the year-end
total to reach $23.7 trillion, which is
a 6 percent increase from 2011's total.
In 2011, the cumulative loss in home
values was $792 billion compared
with 2010.
"After a sluggish 2011, the
housing market really turned
a corner in 2012 as historic
affordability and sustained investor
interest helped keep demand at a
boil," said Dr. Stan Humphries,
Zillow's chief economist.
Zillow also analyzed home
values in 177 metro areas and found
135 saw cumulative gains in 2012.
Out of the 30 largest metros Zillow
observed, all but Philadelphia saw
an annual gain in cumulative home
values.
The biggest gainers among large
metros were three California cities:
Los Angeles ($122.1 billion), San
Francisco ($93.3 billion), and San
Jose ($54.7 billion). Other markets
noted for strong value appreciation
were Phoenix ($52 billion) and
Miami-Fort Lauderdale ($47.5
billion).
Zillow anticipates a good
year for 2013 as well. "We expect
value gains to continue into 2013,"
Humphries said. "As home values
rise and more homeowners are
freed from negative equity, we
can expect a continued slow
transition to a more normal housing
environment driven by local market
fundamentals and conditions."
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