ยป
FANNIE AND
BofA STRIKE
BUYBACK
DEAL
Fannie Mae and Bank of
America (BofA) reached a $10.3
billion agreement last month to
resolve repurchase claims on loans
originated from 2000 through 2008.
BofA will buy back 30,000
loans for $6.75 billion and submit a
$3.6 billion cash payment to Fannie
Mae. The agreement also requires
BofA to pay the GSE $1.3 billion in
compensatory fees.
The agreement settles $11.2
billion in unresolved claims from
Fannie Mae. The GSE claimed
the arrangement a victory for its
tax-paying benefactors, and Edward
DeMarco, acting director of the
Federal Housing Finance Agency,
Fannie Mae's conservator, called
the deal "a major step forward in
resolving issues from the past and
providing greater certainty in the
marketplace."
BofA will cover its financial
obligations to Fannie Mae through
existing reserves and with the help
of additional representations and
warranties provisions recorded in
the fourth quarter of 2012. The bank
said the agreement reduces its 2012
fourth-quarter pretax income by an
estimated $2.7 billion but addresses
"substantially all" of its remaining
repurchase exposure on loans sold
directly to Fannie Mae.
KNOW THIS
An estimated
3.3 million homes
with loans
originated from
2004 to 2008
were foreclosed
as of February
2012, according
to the Center for
Responsible Lending.
MOVERS & SHAKERS
VISIT US ONLINE @ DSNEWS.COM
CONTINUED FROM PAGE 34
Industry Veteran Joins Carrington as EVP
Carrington Holding Company, LLC, announced the hiring of well-known banking industry
veteran Christopher Whalen to head the company's investment banking operations. Whalen's title
is EVP and managing director for Carrington Investment Services. In this position, he focuses on
fundraising and developing and marketing new products for Carrington's business units.
ALFN Announces Executive Promotion and New Hire
The American Legal & Financial Network (ALFN) expanded its executive leadership team
with one promotion and one new hire. ALFN announced Christina Danovsky, who first joined
the organization in 2008, now serves as SVP of business development. Before her promotion,
Danovsky was VP of education and communications. Her new responsibilities include overseeing
the association's client, member, and servicer/GSE relations.
Cade Holleman was hired for the newly created position of assistant VP of government affairs and
communications. Holleman is charged with coordinating committee activities in specific practice
areas, monitoring the legislative and regulatory processes, and managing the association's advocacy,
communications, and government outreach initiatives. He also assists with event coordination.
Holleman was previously executive director of the National Association of Women REO Brokerages.
Genworth Financial Appoints New President and CEO
Genworth Financial, Inc., announced a change in its executive team. Thomas J. McInerney was
selected to serve as the company's president and CEO. McInerney has a long history in the financial
services industry, serving previously in senior leadership positions at both ING Groep and Aetna
Financial Services. Most recently, he was an advisor to the Boston Consulting Group.
Clear Capital Expands Leadership with Three New Members
Clear Capital strengthened its leadership with the addition of three key team members,
including one SVP and two directors.
Jim Smith serves as SVP of national sales. Since 1990, Smith held numerous executive
roles in mortgage finance. During his career, he had success managing and developing
comprehensive business strategies. Most recently, he was president of Urban Lending
Solutions.
April Moore was appointed director of marketing. Moore joins Clear Capital with more than
20 years' experience working with business-to-consumer and business-to-business. Her
expertise is in developing strong "through the line" marketing initiatives. She is responsible for
the company's brand marketing, public relations efforts, and new product launches.
Peter Pensotti was hired as director of appraisal product management. Pensotti is a certified
general appraiser and performed both residential and commercial appraisals for more than 20
years. In his new role, he directs the development of Clear Capital's appraisal product suite to
support the sustainable demands of independent appraisal management. Before joining Clear
Capital, Pensotti was director of product management at Woodfin.
Principal Consultant at rel-e-vant Elected to MISMO Committee
Elizabeth Green, rel-e-vant Solutions' principal consultant, was elected to the Mortgage
Industry Standards Maintenance Organization (MISMO) Residential Governance Committee.
Green worked with MISMO since 2009. The organization's governance committee is responsible
for administering day-to-day standards development activities of MISMO.
ClosingCorp Adds SVP of Sales to Team
ClosingCorp welcomed a new SVP of sales. Mark Nogaki was selected for the position and
is charged with growing the company's portfolio of data and technology services within the
mortgage, title, settlement, and real estate industries. Before joining ClosingCorp, Nogaki served
as SVP at Ursus Advisors, LLC.
Capsilon Hires VP of Sales
Capsilon announced David Hanafee joined its executive team as VP of worldwide sales.
Hanafee holds more than 25 years' experience in sales and marketing management, creating and
leading sales organizations and increasing sales productivity. Prior to joining Capsilon, he was the
sales and business development principal for a consulting firm.
RE/MAX VP Receives National Homeownership Award
RE/MAX VP of franchise and business solutions Kathy Baker received the RISMedia's National
Homeownership Award. The award, which is sponsored by Bank of America, honors a real estate
professional for contributions toward increasing homeownership and building better communities.
Baker first joined RE/MAX in 1995 as broker/owner of an office in North Carolina.
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