NEW YORK - (03/04/05) -- The National Federation of CDCUssaid Thursday it is partnering with PHH Mortgage and CU Partners tocreate a secondary market for CDCU mortgages. Cliff Rosenthal,director of the Federation, told The Credit Union Journal the goalof the project, named the CDCU Mortgage Center, is to give CDCUsand other credit unions another option for selling their mortgages.The Federation plans to begin buying non-conforming mortgages inlow-income communities in the second half of the year for eventualresale to investors. Rosenthal said the project differs from aneight-year-old secondary market project by Self-Help CU, which buysmostly nonconforming bank mortgages. The project was enabled by a$1 million grant from the Treasury's CDFI Fund.
-
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
5h ago -
The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
6h ago -
Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
6h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
7h ago -
Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
7h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
8h ago