Items Tagged with 'chairman and chief executive officer'


  • First Federal of California Nears $1bn in Modified Loans

    First Federal Bank of California is reporting that the bank saved more than 2,000 homes from foreclosure by modifying $957m in loans beginning in December of 2007. By offering borrowers a fixed interest rate through 2014, which keep payments low for the next five years, four out of every five modified loans are current and performing.  First Federal, which is owned by First Federal Financial Corporation, credits their ability to reach borrowers before they fall behind on their monthly payments for the success of the program.
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  • Ryland, Oaktree Form Distressed Property JV

    The Ryland Group, Inc. [stock RYL][/stock], a Calabasas, Calif.-based homebuilder and mortgage finance company, said Monday that it had formed a joint venture with Oaktree Capital to acquire and develop distressed residential real estate projects. Terms of the JV were not disclosed, and it was not immediately clear if the partnership involved the purchase of land and projects already owned by Ryland itself.
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  • Freddie: Much Worse Than Expected

    Bottom line, the second quarter was rough on ailing mortgage finance giant Freddie Mac [stock FRE][/stock]; and that's not considering the drubbing the company's shares have already absorbed in equity markets during the past month.
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  • ResCap Shuffles Executive Team

    It didn't take long for the ex-Bear Stearns mortgage hands to move to the front of the pack at Residential Capital, LLC, with GMAC Financial Services announcing Tuesday that Thomas Marano had been named chairman and chief executive officer, effective immediately, replacing current CEO Jim Jones.
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  • Foreclosure listing sites have now officially jumped the shark

    Foreclosures are mainstream now -- but have they become too mainstream? Evidence into the docket Tuesday comes courtesy of discount retailer, which put out a press released touting it's new foreclosure search engine. We're not making this up. Some useless chest-thumping from the press statement is always good for comedic value:
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  • Freddie Posts $151 Million Loss in First Quarter, Better than Expected

    Freddie Mac [stock FRE][/stock] said Wednesday that it lost $151 million, or $.66/share, during the first quarter of 2008 as it dealt with what it called a "challenging" mortgage and housing market and absorbed $1.4 billion in credit costs. The quarterly loss compares to a $133 million loss, or $.35/share in the year-ago period, and was significantly better than analysts had expected.
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