TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/125049
local edition SECONDARY MARKET Or ig i nat ion s e r v ic i ng spent more than three decades in the mortgage business, has broad experience in virtually all aspects of mortgage finance, and already has well-established relationships with many of our customers," said Freddie Mac CEO Donald H. Layton. "He is a smart, highly effective executive, and I am confident that he will make a major contribution to Freddie Mac as we continue to improve how we serve our customers and support the nation's housing recovery." Lawmakers Work to Bolster FHA Activity A pair of house representatives reinstated legislation aimed at strengthening the agency. A na ly t ic s Gig Harbor, WA the financial stability of the FHA," Waters said. "Over 400 members of the House voted for an identical bill last Congress, which was drafted in the Financial Services Committee in a collaborative manner and on a bipartisan basis. Working with the administration, we plan on drafting additional legislation to give FHA more tools to bolster its insurance fund." She added: "But this is an important first step and should be considered immediately, given that it was supported on such an overwhelming, bipartisan majority in the last Congress. It is time to move beyond discussion of this issue and take action." Capuano agreed. "There is clear agreement on the need to provide the FHA with additional risk management tools, increased transparency, and enhanced reporting requirements. Let's move forward now with what we agree on and work together to make additional improvements," he said. Churchill Opens First Washington Branch The mortgage lender is expanding its reach out West. WASHINGTON // Churchill Mortgage, a mortgage lender providing conventional and government-backed mortgages across 26 states, announced its arrival in the state of Washington with the opening of its first retail branch there. The branch, based in Gig Harbor, will be led by local industry vet Tane Cabe, who has more than 20 years' mortgage expertise. In addition, Cabe will promote and educate senior borrowers on the Federal Housing Administration's (FHA) reverse mortgage program, the Home Equity Conversion Mortgage (HECM) for Purchase Program. Previously, Cabe served as managing director of Security One Lending, where he fostered relationships between banks and credit unions. Before that, he managed his own mortgage company for 11 years. Most recently, Cabe authored and published Double Your Retirement Dollars, a book advising retirees on increasing income, cash, and other assets. "The opening of our first branch in Washington is extremely significant in our efforts to provide our financial services to borrowers from coast to coast," said Mike Hardwick, president of Churchill Mortgage. "Tane's strong banking experience and industry knowledge will be pivotal in growing Churchill's presence as a leader in the Gig Harbor community, and we look forward to his success." The M Report | 79 se c on da r y m a r k e t CALIFORNIA // Two representatives on the House Committee on Financial Services reintroduced a piece of legislation intended to strengthen the Federal Housing Administration (FHA) and ensure the agency's longterm solvency in a time of crisis. The FHA Emergency Fiscal Solvency Act, introduced by Rep. Maxine Waters (D-California) and sponsored by Rep. Michael Capuano (D-Massachusetts), is designed to give FHA more flexibility to take action against originators who engage in faulty underwriting or who have high loan losses. Additional measures include authorizing the agency to require indemnification for improperly written loans. The House committee held several hearings since the year's start to look critically at FHA's oversight and business practices following the news that the agency's financial situation may necessitate a taxpayer bailout. While FHA's critics insist its government backing is driving out private insurance business, supporters point to the benefits the agency provides for the housing market and for key groups, such as first-time homebuyers. "This legislation takes an important step towards improving