Tag Archives: Investors

Federal and state regulators shuttered four banks Friday, including one in Florida, another in Minnesota, and two in Tennessee. State regulators appointed the FDIC receiver in all cases, resulting in more than $600 million in accumulated costs for the Deposit Insurance Fund. The four newest bank failures raise the national tally to seven so far in 2012. Bank failures ended last year by hitting 92, down from 157 seen in 2010. An FDIC spokesperson says that 2010 signaled a high-water mark for closures.

As the new year chugs along, Central Pacific Financial Corp. (CPF) has added to its leadership with the announcement that Duane K. Kurisu will join the company's board of directors. With his appointment to CPF's board, Kurisu will now be serving as a director for both CPF and company subsidiary, Central Pacific Bank (CPB).

According to a recent report from the Center for Community Capital at the University of North Carolina, the new regulations surrounding qualified-residential mortgages will require creditworthy borrowers to take on a heavier financial burden when purchasing a mortgage, and many potential buyers may be pushed out of the mortgage market altogether. The controversial QRM rule, which is contained in the Dodd-Frank Act, has been the subject of lengthy debates since it was first proposed, and the regulatory move is largely unpopular both on Capitol Hill and Wall Street.

The Federal Housing Finance Agency (FHFA) reported a 1.0 percent rise in U.S. house prices between the timeframe of October to November. The previously reported 0.2 percent decrease in October was revised downward to reflect a 0.7 percent decrease, according to FHFA. Dr. Alex Villacorta of Clear Capital delivered insights on the recent findings, stating in part, "As this index is calculated using sale prices from only the conforming loan segment of the market, it has a tendency to understate both gains and losses than the broader market."

During the month of November alone, Fannie Mae and Freddie Mac handled approximately 36,000 mortgages versus October's 34,000 mortgages within the Home Affordable Refinance Program. President Obama's most recent proposition aims to assist more households in refinancing, and in the president's recent State of the Union address, he presented possible modifications to the Home Affordable Refinance Program stating that "responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief."

Ellie Mae, one of the top providers of automation solutions for the residential mortgage industry, announced today that David Robins would be joining their team as chief information officer (CIO). Robbins is the former chief technology officer (CTO) of NetApp, Inc.

The Collingwood Group launched a new risk management and compliance division, established with the January 2012 acquirement of GWN Consulting, LLC (GWN), a firm specializing in Federal Housing Administration (FHA) and Ginnie Mae risk management and quality control.

The Bankrate.com Financial Security Index made a leap in its recent release in January, from measuring a 95.8 in December to a 97.3, which is reported to be the highest score since June 2011, when the score was a reported 97.8. However, despite the seemingly positive outlook, consumers continue to feel uneasy with their financial security. Greg McBride, CFA, Bankrate.com's senior financial analyst, says, "Each of the components - job security, savings, debt, net worth and overall financial security - improved over the past months."

Interest rates for mortgage loans went up for the first time in several months this week but remain near historic lows. Finance Web site Bankrate.com and mortgage giant Freddie Mac reported modest increases for mortgage rates across the board. Freddie Mac found the 30-year fixed-rate mortgage rising from an all-time low of 3.88 percent last week to 3.98 percent this week, far below 4.80 percent seen for the loan at the same time last year. Bankrate.com posted a similar increase from 4.18 percent last week to 4.25 percent this week. Europe's debt crises have helped keep rates low.

TMS Funding has added a new leader to its wholesale lending division. The company recently announced that Domenic Melillo has been hired as TMS Funding's vice president of wholesale lending.