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Mortgage Industry News
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Biggest June News

New CitiMortgage CEO
A former Citigroup executive is returning to head CitiMortgage.

Sanjiv Das will assume the role of CitiMortgage's chief executive officer on July 16, according to an internal memo from Terri Dial, CEO of Citi Consumer Banking North America.

Das will report directly to Dial.
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Sanjiv Das to assume role on July 16
WaMu Retail Chief Out
The head of consumer lending at Washington Mutual Inc. has abruptly departed.

On Friday, James B. Corcoran left the company, according to an 8-K filing with the Securities and Exchange Commission today.
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New Ginnie President
The Government National Mortgage Association has a new president.

Accredited Parent Acquires $9.3 Billion in Loans
The parent of Accredited Home Lenders Inc. and the world's richest man are diving deeper into non-conforming mortgage lending.

Countrywide No More
Under a cloud of litigation, Bank of America Corp. has closed on its acquisition of Countrywide Financial Corp. The merger creates a company that is the biggest U.S. bank and largest residential mortgage lender.

Acquisition, Collapse & Regulatory Actions
A California credit union collapsed and an Ohio bank expanded its mortgage operations with the acquisition of another bank. Dozens of other financial institutions are dealing with a host of legal and regulatory actions, while a hard-money wholesale lender is streamlining operations with the help of a third party.

IndyMac Blasts Schumer
IndyMac Bancorp Inc. said a run on its deposits over the weekend has abated and blamed a U.S. senator for sparking the panic.

FHA Lender Growing, Hiring
Fueled by growth in government originations, a New York company has added more than 100 employees this year and forecasts continued growth.

Good News For A Change?
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Wholesaler Boosts Lending Capacity
A Florida-based wholesale lender hopes a new $1.75 billion will help it expand its third-party originations.

Corporate Mortgage News
Mortgage mergers, acquisitions and other corporate activity including executive appointments, bankruptcies and public offerings.

Wachovia Dumps Neg-Am Loans
Wachovia Corp. is steering away from mortgage programs that result in negative amortization and waiving prepayment penalties for borrowers who want out of some risky programs.

Mortgage Insurance Volume Sinks
Mortgage insurance companies issued fewer policies last month than they have at any point since 2000. New applications fell to the lowest point in more than two years.

Another Improvement for COFI
Defying most other adjustable-rate mortgage indices, the cost of funds index continued its descent -- falling to its lowest level in nearly three years.

Sweeping Underwriting Changes at Chase
Chase has advised its correspondent lending customers of sweeping changes to income verifications, credit verifications and appraisal requirements. The company also outlined a number of red flags for potential mortgage fraud.

Income Express Products have been eliminated, a bulletin from Chase Correspondent Lending said Monday.

The unit also said that its Liquid Express Documentation Programs have been retired.
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Growing Wholesaler Hiring
A wholesale lender based in New England has added more than 80 employees over the past year and plans to add another 100 over the next year.

Mortgage Network Inc. today announced expansion plans in five states for its wholesale operations.

The Danvers, Mass.-based company, which was founded in 1988 by Robert McInnes and Albert Paré III, said it opened eight new offices during the past 12 months and plans to expand in North Carolina, South Carolina, Tennessee, Georgia and Alabama. It currently operates in more than 40 states.
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CitiMortgage President Departing
The president of CitiMortgage is leaving the company.

Mortgage, Foreclosure and Investor Fraud
More than 400 defendants have been charged with mortgage fraud, investor fraud or foreclosure fraud since March, the government announced today. But the spotlight was on two former hedge fund managers who allegedly cost investors $1.8 billion in losses on mortgage securities.

Settlement Agent Steals $13 Million in Refi Proceeds
The former president of a national settlement agent has admitted to duping mortgage lenders out of $13 million in proceeds from refinance loans.

First Horizon to Sell Mortgage Unit
First Horizon National Corp. has found a buyer for its mortgage unit.

FHA Takes Big Hit on DPA Loans
The Federal Housing Administration reported that it has taken a massive loss on loans tied to seller-funded downpayment assistance and warned these loans could put the agency out of business.

3 Acquired, 1 Collapses
Three financial firms were acquired during the past week, while regulators shut down a Minnesota bank. Other recent mortgage-related corporate activity included the appointment of a former regulator to a senior executive position at a reverse lender, another investor class action and a dividend declaration by a subprime real estate investment trust.

National City Loses Mortgage Fraud Case
A bankruptcy judge recently ruled against National City Bank even though the borrowers committed mortgage fraud.

Firms Fight Rumors, Leaks and Investor Lawsuits
Two major banks did their best to contain rumors and leaks, while three other financial firms faced investor class action lawsuits.

Read the full text of these articles and many more at:


Sam Garcia
Mortgage Industry News

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