Grand Bank, N.A., has announced that it will be selling its ICON Residential Lenders unit to Rushmore Loan Management Services, according to a recent release. The sale is still subject to regulatory approvals and is expected to close in the fourth quarter of 2012 or the first quarter of 2013.
Read More »New COO, Head of Investment Banking Appointed at NewOak
Donald McGuire will be pulling double duty at NewOak as COO and head of investment banking, the company announced. McGuire comes to NewOak with more than 27 years of experience in finance and operations, having worked in the major investment banking, pharmaceutical, and technological industries.
Read More »Improving Markets Index Touches New High in October
The number of markets listed on the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) broke the triple-digit mark in October, NAHB reported. A total of 103 housing markets across the country qualified for the list in October, up from 99 in September and the highest level since the list started a year ago, NAHB said. At its October level, the number of qualifying markets approaches nearly 10 times the number from when the index was first created.
Read More »Trulia: 2012 Looking Good for Overall Price Growth
If current trends persist, this year may be the first year since 2006 the housing market records an annual price increase, according to a report released Thursday by Trulia. At the current rate of change, the year could close with a 4 percent price annual price increase. Asking prices rose 2.5 percent year-over-year in September. When foreclosure sales are excluded, prices were up 3.5 percent. Month-over-month, asking prices were up 0.5 percent in September.
Read More »Unemployment Slips Below 8% for First Time Since 2009
The nation's unemployment rate fell to 7.8 percent in September--the lowest level since January 2009--as the economy added a below-average 114,000 jobs, the Bureau of Labor Statistics (BLS) reported Friday. The 0.3 percentage point improvement in the unemployment rate is the largest since January 2011, when the unemployment rate dropped from 9.4 percent to 9.1 percent.
Read More »Grammy Winner Lists Hollywood Hills Estate for $15.95M
Singer Sheryl Crow has listed her 11-acre California estate for $15.95 million. According to RealEstalker.com, the Grammy-winner's property in Los Angeles' Hollywood Hills boasts three houses, as well as resort-style grounds with expansive views of the city's skyline.
Read More »Obama, Romney Spar over Dodd-Frank at First Debate
Neither Barack Obama nor Mitt Romney has seemed particularly enthusiastic about discussing housing on the national stage, but Wednesday's debates saw a brief skirmish between the two candidates about regulation for the mortgage industry. The fleeting exchange on banking and mortgage regulation comes at an apt time, as New York attorney general Eric Schneiderman filed a lawsuit earlier in the week against JPMorgan Chase over mortgage securities fraud committed by a former Bear Stearns unit.
Read More »Guaranteed Home Mortgage Company Appoints Division Leader
Nichole Guthneck will help to lead Guaranteed Home Mortgage Company as its newly-appointed division leader, the company announced. In her role at Guaranteed, Guthneck is responsible for training, hiring, oversight, marketing, and policy for Guaranteed Direct, the firm's web-based residential mortgage platform.
Read More »Tree.com and LendingTree Announce New SVP of Products
Tree.com, Inc., and LendingTree, LLC, are welcoming a new senior leader to their ranks. The entities recently announced that Nikul Patel has been appointed as senior vice president of products.
Read More »Ocwen to Acquire Homeward Residential in $750M Deal
Ocwen will buy the Dallas-based servicer and originator from private equity firm WL Ross & Co. The breakdown for the transaction includes $588 million in cash and $162 million in Ocwen convertible preferred stock. Atlanta-based Ocwen won't need to raise additional equity capital to complete the transaction.
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