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A lot of bankers want on-balance-sheet mortgages declared ultrasafe under federal rules, and Wells Fargo executive Brad Blackwell explains why he thinks it's in their self-interest more than ever to live up to their arguments in favor of such a policy.
May 11 -
Federal Housing Finance Agency Director Mel Watt has struck a conciliatory tone, seeking lenders' input and making loan-buyback rules more industry-friendly a clear signal the administration thinks it needs bankers' help to reignite the tepid housing recovery.
October 31
Wells Fargo's head of mortgage lending, Mike Heid, will retire in October.
The San Francisco company will promote Franklin Codel, head of mortgage production,
Codel will report to Avid Modjtabai, head of Wells Fargo's Consumer Lending Group. Codel will have oversight of 45,000 employees and be in charge of the strategic direction of Wells Fargo's home lending operation.
Heid has been president of Wells Fargo Home Mortgage since 2011 and was co-president from 2004 to 2011. He joined Norwest Mortgage, a Wells Fargo predecessor bank, in 1988.
"Mike has helped our company and the entire housing industry navigate unprecedented challenges and prepare for the future," John Stumpf, chairman and chief executive, said in a news release.
Codel has been head of Wells Fargo's mortgage production since 2011.
