Mortgage rates, loan limits and forbearance

We cover the increase in conforming loan limits for Fannie and Freddie and what forbearance numbers and record-low rates could mean for the housing market.

Untying business growth from the housing market cycle

Lenders need business growth that is not linear and is not tied to the market cycles – leveraging automation technology can help.

The practical use of AI for LOs

The combination of tightly-packed schedules and intensive oversight means augmenting loan officer’s efforts with intelligent systems is more relevant than ever.

HousingWire's 2020 Tech Trendsetters

This year’s list of Tech Trendsetters certainly earned their status as the industry was met with incredible challenges and new opportunities.

InvestmentsMortgage

Steven Mnuchin, Trump’s Treasury secretary pick, resigns from CIT Group board

Served on board after CIT Group bought OneWest Bank

Steven Mnuchin, a former executive at Goldman Sachs, former chairman of OneWest Bank, and President-elect Donald Trump’s choice to lead the Department of the Treasury, is resigning from the board of CIT Group, which bought OneWest in 2015.

After leaving Goldman Sachs in 2002, Mnuchin founded Dune Capital Management, a private equity firm. While with Dune Capital, Mnuchin and his partners formed OneWest after buying the remains of IndyMac Federal Bank from the Federal Deposit Insurance Corp. in 2009.

Since selling OneWest to CIT Group, Mnuchin sat on the company’s board.

Trump specifically noted the OneWest deal as a reason for choosing Mnuchin to run the Treasury.

“His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury,” Trump said of Mnuchin. “He purchased IndyMac Bank for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital. That’s the kind of people I want in my administration representing our country.”

But with Trump choosing him to run the Treasury, Mnuchin is stepping down from the CIT Group board.

“On behalf of the entire Board, I want to thank Steven for his contributions to CIT,” said Ellen Alemany, CIT Group’s chairwoman and CEO. “Steven has been a valued member of our board, and we wish him well in this monumental role.”

Of his time on the CIT Group board and his future, Mnuchin said: “I’m honored to have the opportunity to take on this important role and I’m looking forward to helping advance the President-elect’s economic priorities. It has been a privilege to serve on the CIT board of directors.”

Most Popular Articles

The downside of the hot 2020 housing market: rapid home-price growth

The mismatch in the COVID deflationary impact toward the economy overall and the strength of the housing market due to demographics makes for a troubling formula for home-price growth, which we are seeing. The recent NAR existing home sales report showed 15.5% year-over-year growth in prices. HW+ Premium Content

Nov 30, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please