July 23, 2008 – Changes are underway at the helm of the Mortgage Bankers Association. The industry organization's president and chief executive of seven years, Jonathan Kempner, will step down on Dec. 31. John Courson, former MBA chairman, will become president on Jan. 1, 2009.
In IDD's latest roundtable, a group of seasoned buyout market dealmakers convened in the magazine's New York offices to explore various aspects of the M&A market and the topic of buyer differentiation. Transaction structures, seller expectations, deal sourcing, private equity firm marketing and the value of operations talent were issues that took center stage in the discussion.
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In the days after the July 4 weekend, Wall Street offered its own fireworks display. US housing agencies saw the value of their shares drop to historic lows and concerns cropped up about their ability to continue to readily turn to the capital markets, prompting the Treasury Department and the Federal Reserve to make explicit what was once implicit: Fannie Mae and Freddie Mac have the backing of the US government. The concerns about the financial health of Fannie Mae and Freddie Mac and anxieties about California lender IndyMac drove US Treasury yields lower. Borrowing costs for home loans were little changed and, in some cases, increased, yet another sign that business on Mainstreet USA was being affected by the credit market mess in a way that the US economy could not afford.
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