Carrington Mortgage Services, Santa Ana, Calif., this week announced that it has hired Brad Nease as senior vice president in charge of capital markets.
The move comes a few months after the hedge fund-owned lender received Government National Mortgage Association approvals to issue single-family MBS.
Nease comes to Carrington from ICON Residential where he served as chief operating officer of capital markets. During his career he has worked for such lenders as CalFed Bank, Impac Funding, and IndyMac Bank.
ICON recently restructured parts of its mortgage business.
CMS, a nonbank, is controlled by Carrington Capital Management LLC, Bruce Rose’s firm. Rose is a former GNMA bond salesman.
Daily Briefing | Tuesday, November 22, 2011
OCC Says Banks Making Progress on Foreclosure Abuses
All of the 12 national banks under regulatory orders to correct their servicing and foreclosure procedures are making progress in that regard, according to an interim report released Tuesday by the Comptroller of the Currency.
Banks Begin to Post Residential Gains, But Buybacks Jump
Single-family originations by commercial banks and savings institutions jumped almost 17% in the third quarter from the prior period, but compared to a year ago production is down 23%, according to new figures released by the FDIC.
B of A Warned to Get Stronger, Reviewing Warehouse Operations
Bank of America Corp.’s board has been told the company could face a public enforcement action if banking regulators aren’t satisfied with recent steps taken to strengthen the bank, according to a report by Dow Jones.
Nevada Foreclosures Plummet as Banks Grapple with State Law
Nevada didn’t explicitly forbid Bank of America Corp. from initiating new foreclosures within its borders last month. But it might as well have done so.
CRL: Foreclosure Crisis Not Even Half Over
The on-going foreclosure crisis is “not even halfway” over, according to a new Center for Responsible Lending study that looked at mortgages originated between 2004 and 2008.
New York Court Rules Appraisal Case Can Proceed
A New York court has said that an appraisal-related suit involving First American Corp. and its former eAppraiseIT LLC unit, now a part of CoreLogic, can move forward, ruling against a jurisdictional challenge.
Some Private-Label HECM MBS Face Downgrades
Moody’s Investors Service has downgraded 16 private-label HECM reverse mortgage-backed securities from 12 deals in a move that affects $5 billion in bonds.
Lennar Will Sell $300 Million in Debt
Lennar Corp. is proposing to sell $300 million in debt, and possible uses of the proceeds include purchasing distressed portfolios of mortgage loans and foreclosed real estate.
Vendor’s UCDP Connection Passes Tests Ahead of GSE Appraisal Requirement
Technology vendor a la mode said its connection to the GSEs’ new appraisal delivery portal has passed testing and is now operational, submitting appraisals to Fannie Mae and Freddie Mac through the Uniform Collateral Data Portal, or UCDP.
SIGTARP Continues to Stop Online Mortgage Modification Scams
For the second straight week, the special inspector general for the Troubled Asset Relief Program has terminated more alleged fraudulent online mortgage modification scams that prey on vulnerable homeowners.
Wells Investment Settles Charge for $300,000
The Financial Industry Regulatory Authority has reached a settlement with Wells Investment Securities Inc., where the latter will pay a $300,000 fine for using misleading marketing materials in the sale of Wells Timberland REIT Inc., a non-traded real estate investment trust.
Former B of A Divisional Manager Winds up at Cobalt Mortgage
David Bochsler, one of two Bank of America divisional production managers who got the ax when the bank exited a handful of retail states early in the fall, has accepted a position with Cobalt Mortgage in the Seattle area.
Webster Financial of Connecticut Settles Condo Litigation
Webster Financial Corp., Waterbury, Conn., received court approval to settle longstanding litigation over a condominium project in Columbus, Ohio, that had previously resulted in an almost $19 million verdict.