Homeownership rate drops to 48-year low

Homeownership rate drops to 48-year low

Despite record sales, fewer Americans own homes

Case-Shiller: Home prices continue rising in May but stall on monthly basis

First-time buyers still weak; Growth to slow over next 2 years

Weiss Residential: Here's where the next housing crash will start

Nearly half of homes in top markets losing value
W S
Lending / The Ticker

Former Flagstar Bancorp CEO leaves for good

Michael Tierney announces resignation

empty chair
/ Print / Reprints /
| Share More
/ Text Size+

A year ago, Michael Tierney announced plans to step down from the top job at Flagstar Bancorp (FBC) to return to his old position of executive vice president of personal financial services.

Now, it looks like Tierney is leaving the bank altogether.

The company announced in a securities filing that Tierney gave his resignation this week. It takes effect Jan. 31, 2014. The move comes less than a year after he stepped down from the company’s top job.

Tierney was CEO at a time when Flagstar was still dealing with legacy mortgage issues. Last year, the bank was forced to pay millions of dollars to settle with mortgage bond insurers over loan securitizations that ended up leading to extensive losses.

However, at least one group of analysts has grown somewhat fond of Flagstar, with Compass Point Research & Trading Group rating the Detroit-based bank's stock as a "buy" with a price target of $23 per share, up from $21.

The reason for this newfound optimism is simple: Flagstar has a large portion of reps and warrants claims over mortgages now resolved.

Crain’s Detroit Business quotes Tierney as saying he has many opportunities in front of him and is proud of the group’s job in turning the bank around this past year.

Recent Articles by Kerri Panchuk

Comments powered by Disqus