David H. Stevens Staying at MBA

Slightly more than a month after it confirmed
he was leaving his post as President and CEO, the Mortgage Bankers Association
(MBA) announced that David H. Stevens would remain at the head of the trade
association.  Steven’s resignation and
appointment as president of Sun Trust Mortgage was announced by both MBA and
the parent company of his new employer, Sun Trust Bank, on May 30.  The announcement came almost simultaneous
with Steven’s first year anniversary with MBA.

In a statement released this morning MBA
said they were pleased to announce that Stevens “has agreed to stay on as
President and CEO.”  MBA Chairman Michael
W. Young said that, “Over the past several
weeks, MBA’s leadership, members and staff impressed upon Dave the important
role he was playing for the industry and his unique qualifications to lead the
association.  The importance and
significance of MBA’s voice during this critical time coupled with Dave’s
experience and talents encouraged us to do all we could to retain him.”

“The past few weeks have been extremely
difficult for me personally and professionally,” Stevens said.  “After serious thought and consideration, I
simply cannot leave the MBA at such a critical time for the industry and the
association.  Frankly, at the end of the
day, stepping away now when so much progress is being made and so much still
left to be done, did not feel right.

 “Going
through this experience left me encouraged by the tremendous opportunity that
lies within our industry and reinforced the essential component mortgage
finance will continue to play in helping our nation’s economy recover.” he
noted.  

Stevens joined MBA in May 2011 after serving as Assistant
Secretary of Housing and Urban Development and Commissioner of the Federal
Housing Administration (FHA). 

Mr. Stevens was to have joined the Company on July 16, reporting to SunTrust Mortgage President and CEO Jerome Lienhard.

“We have a strong leadership team in place, and continue to execute our business plan and serve the needs of the clients of SunTrust Mortgage,” said Mr. Lienhard.

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SENIOR ADMINISTRATION OFFICIALS LEAD WHITE HOUSE FORUM ON SUSTAINABLE COMMUNITIES

WASHINGTON – The Obama Administration today convened a meeting with more than 50 local government and business leaders to discuss the role of sustainability in economic development and job creation. The gathering coincided with the third anniversary of the creation of the Partnership for Sustainable Communities, a landmark collaboration between the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Transportation (DOT) and the U.S. Environmental Protection Agency (EPA).

HUD SECRETARY ANNOUNCES DISASTER ASSISTANCE FOR COLORADO FIRE VICTIMS

WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to the State of Colorado and provide support to homeowners and low-income renters forced from their homes due to the ongoing High Park and Waldo Canyon wildfires this month.

Florida Loan Officer Sentenced in FHA Fraud Case

A Florida loan officer has been
sentenced to four-and-a-half years in prison and ordered to pay $9.2 million in
restitution
to the Department of Housing and Urban Development (HUD) for his
role in a mortgage fraud scheme that targeted the Federal Housing
Administration (FHA). Alejandro (“Alex”) Curbelo of Miami had pleaded guilty to
one count of conspiracy to commit wire fraud in April.  In addition to 54 months of incarceration he must
serve three years of supervised release.

According to documents filed in the U.S.
District Court in Miami, from approximately February 2006 through July 2008
Curbelo, then a loan officer for Great Country Mortgage Bankers in Miami,
assisted in the sale and financing of condominium units at Dadeland Place and
Pelican Cove on the Bay.   He assisted borrowers to obtain loans who were
unqualified due to insufficient income, high levels of debt, and outstanding
collections. 

Curbelo admitted that he conspired with
others to create and submit false applications and other documents to FHA on
behalf of the borrowers and to offering cash back to the borrowers as an
incentive for them to purchase the units. 
The closing costs were paid on behalf of the borrowers by interstate
wire which enabled the wire fraud charges. 

After the loans closed the unqualified
buyers
failed to meet their required payments and defaulted on their
loans.  HUD, which insured these loans,
was required to take title to the units after foreclosure and pay lenders the outstanding
balance of the loans.  The fraud cost HUD
more than $9.2 million.

The case was investigated by the HUD
Office of Inspector General as participants in the Miami Mortgage Fraud Strike
Force and the Finance Fraud Enforcement Task Force.

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New Home Sales at Highest Point in Two Years

Sales of new single-family homes increased to a seasonally
adjusted annual rate of 369,000 in May from a rate of 343,000 in April
according to figures released this morning by the U.S. Census Bureau and the
U.S. Department of Housing and Urban Development.  The month-over-month increase from the
slightly revised April number was 7.6 percent and May’s figure was 19.8 percent
higher than the new home sales estimate of 308,000 in May 2011.

The median price of a newly constructed single family home
was $234,500 and the average was $273,900. 
In May 2011 the median and average prices were $222,000 and $262,700
respectively.

Sales in the Northeast region were at a seasonally adjusted
rate of 41,000, a 36.7 percent increase from April and up 127.8 percent from a
year earlier.  In the Midwest sales were
down 10.6 percent to 42,000 an increase of 2.4 percent compared to May
2011.  Sales in the South increased 12.7
percent to a 204,000 unit rate, a 16.6 percent year-over-year change and in the
West there were 82,000 sales, down 3.5 percent month-over-month but up 10.8
percent on an annual basis.

Sales on a non-seasonally adjusted basis totaled 35,000 nationally
in May compared to 33,000 in April.  More
than half (19,000) of the sales were in the Southern region.

At the end of May there were an estimated 145,000 new homes
for sale which represents a supply of 4.7 months at the current sales
rate.  One year earlier there were
169,000 homes available, representing a 6.6 month supply.  The average house for sale has been on the
market for 7.9 months
since construction was completed.

New Home Sales

Click Here to View the New Homes Sales Chart

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