Articles Tagged with ''Chairman and CEO''

Viewpoint: IndyMac to Cease Reporting Raw Delinquency Statistics, but Why?

Calling so-called raw delinquency statistics "meaningless and misleading," IndyMac chairman and CEO Mike Perry said late last week that the thrift -- which lost $509 million in the fourth quarter and suspended its dividend amid increasing borrower delinquencies -- would cease reporting them, as it looked to shift its reporting to so-called static-pool data.
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Countrywide's Sambol Tapped to Lead Combined BofA/Countrywide Mortgage Business

Bank of America and Countrywide Financial said Thursday that Countrywide president and COO David Sambol will lead the combined consumer mortgage business once BofA's planned purchase of Countrywide is complete. Sambol will continue in his current role, reporting to Countrywide chairman and CEO Angelo Mozilo until completion of the transaction, which is targeted for the third quarter. Mozilo is largely expected to step down after the merger.
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NovaStar CEO, CFO Head for the Exits

Once high-flying subprime specialist NovaStar Financial, Inc., reeling from a $598 million loss in the third quarter and struggling to stay solvent, will face its future without its current CEO and CFO.
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Countrywide's Move to Thrift Underscores Expected Impact of Industry Regulation

An interesting story over at Financial Week looks at the impact of Countrywide's quiet move from a national bank charter to federal thrift: With Countrywide chairman and CEO Angelo Mozilo describing the ongoing decline in housing prices as the worst he's seen in decades, the bank-turned-thrift's survival may depend on friendlier regulation ...
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Money, Meet Mouth: Freddie to Buy $20 Billion in Subprime Loans

Editor's update: Perhaps the best analysis of this I've seen of this news is over at Calculated Risk. Be sure to read what's been written over there to get some perspective on this, especially if you work in the mortgage industry. Freddie Mac (NYSE: FRE) said Thursday that it will purchase $20 billion in fixed-rate and hybrid ARM products in an effort to provide lenders with more choices to offer subprime borrowers. The products, currently under development by the GSE and slated to be introduced by mid-summer, will limit payment shock by offering reduced adjustable rate margins, longer fixed-rate terms, and longer reset periods, the company said. The $20 billion commitment was made Thursday by Freddie Mac Chairman and CEO Richard F. Syron at the Homeownership Preservation Summit convened by Sen. Christopher J. Dodd (D-CT) and attended by Sen. Richard Shelby (R-AL).
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WaMu's Mortgage Ops Lose $113 Million in First Quarter

Washington Mutual, Inc. (NYSE:WM) said late yesterday that it earned $784 million, or $0.86 per diluted share, for the first quarter of 2007, compared with net income of $985 million, or $0.98 per diluted share, in the year-ago period. Driving the drop in net income at the bank was poor performance in the company's mortgage lending business, which reported its second straight quarterly loss. WaMu's Home Loans business unit reported a $113 million loss in the first quarter, coming on the heels of a $122 million loss during the fourth quarter of 2006. The mortgage unit had recorded a profit of $52 million in the first quarter of last year. “Our Home Loans business was challenged during the first quarter by difficult market conditions,� said Kerry Killinger, the company's chairman and CEO. “Over the past 12 months, we have taken a number of prudent actions to reduce our exposure to the subprime mortgage industry. These actions, along with a diversified business mix, limited our exposure to the mortgage market's downturn and position us well to expand and grow as market conditions improve.�
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