Freddie Mac Names Head of HR and Diversity. Freddie Mac announced that Jacqueline Welch has been named head of the Human Resources, Diversity & Inclusion (HRDI) division and chief diversity officer. In her expanded role as senior vice president of HRDI and CDO, Welch will be a member of the company’s senior operating committee and will report directly to Freddie Mac CEO Donald Layton. Welch joined Freddie in December 2016, and the GSE says she brings more than 20 years of experience in HR strategy and execution to the company. Chicago’s Bridgeview Bank Now Fannie Mae Approved. This week, Chicago-based Bridgeview Bank announced it has received Fannie Mae approval, which allows the company to expand its consumer home financing business.
In a joint brief filed this week, federal respondents took issue with arguments made by GSE shareholders in their fight against the net worth sweep and said a shareholder petition for a Supreme Court review of their case should not be granted. Shareholders in several cases filed three petitions for a writ of certiorari back in November. The plaintiffs asked the Supreme Court of the United States to intervene to “restore certainty and uniformity.” They claim that the Federal Housing Finance Agency acted unconstitutionally when it imposed the net worth sweep.
Although the stars might be aligned for legislative reform of Fannie Mae and Freddie Mac this year, new developments late this week illuminate the difficulty of the task at hand.
After their case against the Federal Housing Finance Agency was dismissed by the U.S. District Court for Delaware in November, government-sponsored enterprise shareholders David Jacobs and Gary Hindes recently filed an appeal.
Despite a slowdown during its final lap, 2017 was a strong year for sales of agency mortgage servicing rights, according to a new analysis of mortgage-backed securities data by Inside Mortgage Trends.The market saw some $538.49 billion of agency servicing rights change hands last year, a 22.0 percent increase from 2016. Most of the MSR transfers were bulk transactions, which totaled $406.78 billion, a huge 51.1 percent jump from the previous year. Bulk deals ... [Includes three data charts]
Fannie Mae and Freddie Mac saw a 27.2 percent surge in refinance business during the fourth quarter that helped offset an 8.3 percent drop in purchase-mortgage acquisitions, according to an Inside Mortgage Trends analysis of mortgage-backed securities data. The wholesale-broker channel recorded a 7.4 percent increase in production during the fourth quarter, compared to smaller increases in retail (2.6 percent) and correspondent (6.0 percent) ... [Includes one data chart]
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