MADISON, Wis. - (12/26/05) -- A group of former workers at CUNAMutual Mortgage, who lost their jobs when the company was sold toPHH earlier this year, have created their own mortgage company. Thenew company, called Greystone Residential Funding, plans to targetformer credit union customers of CUNA Mutual Mortgage. The foundersof the new venture include 18 former CUNA Mutual employees headedby Dan Rotert, who had served as chief operating officer of CUNAMutual Mortgage. Greystone Residential Mortgage will be asubsidiary of New York-based Greystone & Co., which has officesin 18 states.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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