Government

Ally CFO James G. Mackey will soon be departing to take an executive position at Freddie Mac, the mortgage giant announced.

HUD released on Monday a proposal to define the type of qualified mortgage (QM) that would be insured, guaranteed, or administered by the agency. The proposed definition is aligned with the Ability-to-Repay rule laid out in the Truth in Lending Act (TILA) and includes provisions that prohibit loan terms in excess of 30 years and that limit upfront points and fees to no more than 3 percent--making it consistent with the Consumer Financial Protection Bureau's existing QM rule.

CoreLogic has announced the appointment of Olumide Soroye as managing director of Information Solutions.

DataQuick's monthly Property Intelligence Report (PIR), which examines home price and sales metrics as well as foreclosure data across 42 counties, is the latest in a line of reports pointing to mounting evidence that the housing recovery is losing some of its energy. According to the company's data, home prices in August grew in 40 of the 42 counties on a monthly basis and in all counties on a quarterly and yearly basis. However, though growth was positive, the rate of improvement is on the decline.

Premier Nationwide Lending (PNL), a Texas-based mortgage bank with operations around the United States, announced it has been approved to provide home mortgage loans and services and in Georgia, expanding its range to 20 states.

Carrington Charitable Foundation (CCF), the philanthropic branch of the Carrington Family of Companies, announced its 3rd Annual Golf Classic to be held October 14 in Newport Coast, California.

The summer is over and with it the end of re-runs of (some of) our favorite shows. Still, there├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós one more re-run we have to endure, but with a new twist: Republicans in Congress balking at increasing the debt ceiling and threatening a government shutdown when the federal fiscal year ends October 1--unless (and this is the twist) legislation passed by the Congress and signed into law by the President is tweaked, modified, changed, delayed, or otherwise abandoned.

Personal income grew in August at its fastest pace since February, and consumer spending grew faster than July, the Bureau of Economic Analysis (BEA) reported Friday. The growth matched economist forecasts of a 0.4 percent boost in income and a 0.3 percent increase in spending. BEA also revised up its estimate of both spending and income growth in July.

Robert Fulton has joined LenderLive Network as SVP of secondary and capital markets for the company's Correspondent Lending unit.

Despite efforts to shore up its insurance fund, the Federal Housing Administration (FHA) is likely to seek a Treasury draw of nearly $1 billion to help cover losses from bad loans. "Sources familiar with the matter" told Reuters Wednesday the agency may need to take a bailout for the first time in its history. While no definitive numbers were given, the White House predicted in its budget earlier this year that FHA may need up to $943 million.