An organization chart of the post-deal company provided to IMFnews has RFC’s Michael Isaacs being put in charge of “consumer direct” at PMAC.

The starting salary for the CEO is said to be about $450,000 plus benefits, which is roughly double what the new director of the Federal Housing Finance Agency, Mel Watt, earns.

A veteran player in the jumbo ARM market said one investment bank in particular has “had lots of layoffs.”

It's nice to know that some lenders are willing to take on risk. Check out the new FHA/VA product from New Penn Financial: a 560 FICO minimum.

At deadline we got wind of a former Wall Street investment banker who is setting up a fund to help independent mortgage firms (nonbanks) raise capital.

The FHFA’s final rule on golden parachutes applies to Fannie Mae, Freddie Mac, the Federal Home Loan Banks and the Office of Finance, as well as any “entity-affiliated parties,” including independent contractors.

Ocwen Financial will slow its acquisition of mortgage servicing rights this year. Does this portend a huge drop in deals? Don’t bet on it.

Industry consultant Joe Garrett is telling clients that, “We’ve heard of at least one company that uses a fake rate sheet when recruiting loan officers. As you can guess, it shows really great rates, all fake, of course.”

Who at the GSEs (or at the Federal Housing Finance Agency) was responsible for telling Fannie and Freddie to set aside so much money for loan losses and were those assumptions way off base?

Comments made Wednesday by the Treasury Department’s point man on GSE reform, Michael Stegman, did not go unnoticed by employees of Fannie Mae and Freddie Mac.