The Smart Team of NOVA® Home Loans

PHH to Lose CEO; Fannie/Freddie Changes–Their Future Remains Uncertain

Posted To: Pipeline Press

Let’s end the week with a non-mortgage question, but one that you mathaletes will enjoy. What would happen if you were hit by a penny falling from a skyscraper ? Fannie Mae and Freddie Mac will transfer one trillion pennies ($10 billion) in earnings to the U.S. Treasury today. There continues to be a lot of chattering about the future of the Agencies – more below. In lender & personnel news, from PHH Corporation came news that CEO Glen Messina is stepping down from his roles as both CEO and President of the Board at the June annual meeting. The current CFO Rob Crowl has been named the next CEO and President. Analysts were quick to point out that this could be a sign that a sale is more likely and/or the company is at least listening to their activist investors. Other management changes…(read more)

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Source: Mortgage News Daily

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