BoA Mortgage Chief’s Salary Cut

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The Office of the Special Master for TARP Executive Compensation issued a Determination Memorandum to Bank of America Corp., according to a public filing. The memo called for a limitation on the compensation of Barbara J. Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services. According to the filing, the compensation and benefits committee of the board of directors recommended that Desoer’s cash base salary be limited to $500,000 — which the full board approved.

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BoA Mortgage Chief’s Salary Cut

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Bank Orders Ease in Q3

Author:  //  Category: Mortgage

During the third quarter, 257 regulatory actions were taken against federally insured institutions,according to the Third-Quarter 2009 Regulatory Actions report from MortgageDaily.com. The report reflects orders and other actions by the Federal Deposit Insurance Corporation, the Federal Reserve, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Actions declined from 263 during the second qaurter.

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Bank Orders Ease in Q3

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FDIC Orders Jump

Author:  //  Category: Mortgage

The Federal Deposit Insurance Corporation reported that it processed 86 matters in October. Actions against federally insured banks and thrifts soared from 48 reported for September. During October 2008, the FDIC processed just 40 actions.

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New Execs at Reverse Lender, Net Branch & Other Firms

Author:  //  Category: Mortgage

Next Generation Financial Services announced last week that it has a new chief executive officer: Robert Cannon. The company originates reverse mortgages. NetMore America Inc. announced that John Cassell was hired as the newly created senior vice president of retail production. He will manage and grow NetMore’s branch system.

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Banks Shuffle Executives

Author:  //  Category: Mortgage

The new regional chairman for U.S. Bank in San Diego is Robert B. Horsman, the company said this month. John Manning was appointed by Wells Fargo & Co. to head the commercial banking division for the greater Los Angeles area. Park View Federal Savings announced this month the appointment of James Nicholson to chief financial officer.

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3 Services Providers Hire New CEOs

Author:  //  Category: Mortgage

Timothy M. Walsh was appointed president of UnitedTech Lender Services Inc. Aklero Process Solutions Inc. said in a news release that Brian K. Fitzpatrick was hired as president and chief executive officer. Sandeep Sahai will take over as president and CEO of Headstrong.

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3 Services Providers Hire New CEOs

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Execs Appointed at Associations, Orgs and Regulators

Author:  //  Category: Mortgage

The Depository Trust & Clearing Corp. said in a news release that Anne T. Noonan was appointed to the new position of managing director and chief systemic risk officer. Angela M. Sanders was hired as a staff assistant to the chairman of the National Credit Union Administration, an announcement said. Peter J. Birnbaum was elected to the 2009-2010 Board of Governors of the American Land Title Association at the group’s annual convention.

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Execs Appointed at Associations, Orgs and Regulators

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Credit Unions Growing

Author:  //  Category: Mortgage

First mortgage assets at federally insured credit unions increased 4 percent from the end of last year, the National Credit Union Administration reported. Total assets were up 8 percent. Between the second quarter and the third quarter, credit union membership rose by more than 2 million.

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3rd Biggest Commercial Servicer Sold

Author:  //  Category: Mortgage

Capmark Financial Group Inc. anounced that it received bankruptcy court approval to complete the sale of its North American servicing and mortgage banking businesses. Capmark filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code last month. Capmark subsidiary Capmark Finance Inc. was ranked as the third biggest commercial mortgage servicer in the second quarter by the Mortgage Bankers Association.

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3rd Biggest Commercial Servicer Sold

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Banks Reverse Losses

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U.S. financial institutions earned $2.8 billion during the third quarter, the Federal Deposit Insurance Corporation reported. The profit reversed a $3.7 billion second-quarter loss. The sector earned $0.9 billion in the third-quarter 2008.

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Banks Reverse Losses

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