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The Mortgage Mix: RISMedia's biweekly update on noteworthy mortgage-industry developments. Catch it every other Friday.
Freddie Mac's interim CEO, Hugh R. Frater, has been granted an extension in his role to lead the government-sponsored mortgage giant until June 2021. This decision was made by the Federal Housing Finance Agency (FHFA) and was announced on Wednesday, September 23rd.
This extension comes as no surprise, as Frater has been leading Freddie Mac since June 2019, following the sudden resignation of then-CEO Donald Layton. Frater's leadership has been instrumental in maintaining stability for the company during these tumultuous times.
Meanwhile, in California, loanDepot, a major mortgage lender based in Orange County, is facing a barrage of legal challenges. The company has been targeted with multiple lawsuits from borrowers, accusing them of various illegal and unethical practices.
However, loanDepot is not taking these claims lightly. In response to some of the more serious allegations, the company has fired back in court, challenging the validity of these claims and defending their actions.
"We are confident in the legality and ethicality of our practices," stated a spokesperson for loanDepot. "We will continue to vigorously defend ourselves against these baseless accusations."
This latest development adds to the growing list of legal troubles for loanDepot, including a class-action lawsuit filed in May by former employees who allege that the company engaged in discriminatory lending practices and violated labor laws.
With these legal battles ongoing, it remains to be seen how loanDepot will navigate the challenges and maintain their position in the mortgage industry.