Wall Street: Mortgage lender’s CEO has resigned

Construction worker Miron Construction Co. said on Wednesday it had fired its CEO, the latest in a string of executives at the nation’s biggest mortgage lender.

Miron Chief Executive Jeffrey Miron has been with the company since 2010 and has served as chairman since February 2018.

The company, based in New York City, was among the first large commercial lenders to offer mortgage backed securities to buyers in 2018.

“Miron has terminated its agreement with Jeffrey Mircimint,” Miron spokeswoman Jennifer Rizzo said in an email.

She did not elaborate.

“As a result, Mr. Mircimeint has been unable to take the positions and responsibilities that Miron provided him in 2018,” RizzO said.

“We are committed to working with Mr. and Mrs. Miscimint to rebuild their family.”

The layoffs follow Miron’s decision last month to pull out of the lucrative subprime lending business, citing a lack of liquidity and an inability to sell more loans.

The bank’s stock has fallen nearly 40% this year and is now trading at just shy of $9 a share. 

The decision came after Miron announced in October that it had reached a $9 billion settlement with regulators over alleged deceptive mortgage practices in which it manipulated rates to benefit its biggest competitors. 

In January, Miron agreed to pay $3.5 billion to settle a federal investigation into the company’s mortgage business, which was based in Wilmington, Delaware. 

Miron said the deal included a $2 billion payment to resolve civil lawsuits filed by a group of California homeowners who say they lost as much as $6,000 on their mortgages when Miron manipulated the rates. 

It also agreed to resolve the class action lawsuit brought by about 30 California homeowners in federal court against Miron, and the company will pay $250 million to settle claims by California consumers. 

While the settlement was announced, Mircimarts’ stock has also declined.

The stock closed on Tuesday at $6.93, down 6.3% from the start of the year.

Mirer has been the face of the bank for several years and served as the chief executive of the investment bank’s mortgage lending division until last year.

The firm’s stock had risen by more than 200% since 2009.