
Edwards to Fannie
Terry Edwards, who
The government-sponsored enterprise said Monday that it had hired Edwards as the executive vice president for credit portfolio management. In this newly created position, which combines duties previously held by several other executives, he oversees all functions related to preventing foreclosures and mitigating losses on the roughly $2.9 trillion of single-family loans Fannie owns or guarantees. That includes executing the Obama administration's Making Home Affordable program, disposing of foreclosed properties and making sure mortgage insurers pay Fannie's claims.
Mike Williams, Fannie's president and CEO, said in a press release that Edwards has "a critical role at Fannie Mae at a critical time." Indeed, the share of Fannie's portfolio that was 90 days overdue or in foreclosure
Edwards worked nearly three decades at PHH. This year Pennant Capital Management LLC, which owns 9.94% of PHH and criticized the Mount Laurel, N.J., lender's management, successfully campaigned to get two representatives elected to the PHH board.
Sex, Loans and Videotape
The Association of Community Organizations for Reform Now, which has long criticized home lending practices, is now trying to get its own house in order.
The group made
On Wednesday Acorn said it had stopped taking on clients until an independent audit is completed. The group said it will pick an auditor by Friday but will begin retraining "front-line staff" within 48 hours.
"We have all been deeply disturbed by what we've seen in some of these videos," Acorn's CEO, Bertha Lewis, said in a
House Party
One of Acorn's
The San Francisco company dismissed for violating company policies a senior vice president who was accused of improperly using a foreclosed home in Malibu, Calif. After a couple who lost money in Bernard Madoff's fraud surrendered the oceanfront home to Wells Fargo, neighbors saw the executive hosting