The CEO also noted that the Great Neck, NY-based company has a $7 million warehouse line of credit with Sterling Bank. “That’s an achievement,” he said.
The Fannie-BofA squabble was tied to repurchase claims surrounding the bank’s legacy book of business, largely involving loans produced by Countrywide Financial and Merrill Lynch.
According to research from the Consumer Financial Protection Bureau, all financial service companies spend $17 billion each year trying to reach consumers.
Although only one of the 21 banks (BB&T) posted a net loss on mortgage banking during the second quarter, seven others reported lower profits than they had in the first quarter.
In mid-July senior White House staff, Treasury officials and the staffers from the Council of Economic Advisers met with representatives from a number of industry trade groups to discuss housing finance reform.