Freddie Makes Pledge To Minority Campaign
McLEAN, Va. - Freddie Mac and the Rev. Jesse L. Jackson Sr.'s Rainbow Push Coalition/Wall Street Project announced a campaign to increase homeownership among minorities.Freddie committed to purchase up to $1 billion of loans made to minorities over the next five years. The loans are to be originated by Bank of America and minority-owned lenders.
Freddie also pledged $1 million to support personal-finance education and counseling efforts by Mr. Jackson's organization and church groups around the country.
Separately, Freddie Mac said it named Robert Tsien a vice president in charge of risk management in its multifamily division.
Mr. Tsien reports to Adrian Corbiere, senior vice president of the multifamily division. He joins Freddie from Titanium Investment Co., a commercial real estate finance company, where he also ran risk management. Before that, he worked at New England Life Insurance Co. and John M. Corcoran & Co.
Freddie also named Clarke Camper vice president of congressional relations. Mr. Camper reports to Mitchell Delk, senior vice president of government relations.
He joins the company from law firm of Morrison & Foerster LLP, where he represented and counseled financial institutions. Mr. Camper was manager of congressional relations for Freddie from 1991 to 1992.
Accounting Firm Merges With Mortgage Company
LAS VEGAS - Sunderland Corp., the parent company of Del Mar Mortgage, announced Friday that it completed its merger with L.L. Bradford & Co., an accounting and consulting firm."The merger will allow us to provide a wider range of services to the clients of both companies," said Mike Shustek, chief executive officer of Sunderland.
L.L. Bradford's president and founder, Lance Bradford, will assume the position of chief financial officer of Sunderland. The deal is part of an attempt by Sunderland to build a national financial services network: it recently purchased DM Services Inc., a broker-dealer.
Del Mar Mortgage finances residential and commercial construction as well as land acquisition and development.
AppOnline Posts Loss Of $23 Million for Year
MELVILLE, N.Y. - AppOnline.com Inc. Monday reported a net loss of $22.6 million for 1999, despite a 10% increase its overall production, which saw the closing and funding of $769.4 million in mortgage loans.The company attributed the loss to its investment in its Internet presence as well as the significant decline in the refinancing business. The losses contrast dramatically with 1998, when AppOnline reported a net income of $337,461.
As anticipated, the Internet investments had "a negative impact on our bottom line," said Edward Capuano, chief executive officer of AppOnline.com. But "as a result of our activities, we experienced tremendous growth in both our Internet and traditional mortgage business and are well positioned" for the future.
The negative numbers follow strategic changes by the company. Last month AppOnline announced plans to spin off its Internet operation to form a separate company, which will go public sometime this summer, and completed several acquisitions, including those of Western National Funding of Orange, Calif., and Cyber Media Group.
In addition, the company's revenues fell almost 12% from 1998 levels to $32.2 million.