Citigroup Inc. announced that it reached an agreement with the government and its regulators to repay $20 billion that the U.S. Department of the Treasury holds in Troubled Asset Relief Program trust preferred securities. The deal calls for the termination of a loss-sharing agreement with the government. The repayment will be finances through a public [...]
Bridger Commercial Funding announced that it has restarted commercial mortgage originations. Originations will be funded through commercial mortgage-backed securities. Loans are available from $2 million to $20 million.Read more…
The Office of the Comptroller of the Currency announced that it closed down Republic Federal Bank, N.A. The OCC also Valley Capital Bank, N.A., in Mesa, Ariz. Central Pacific Bank announced that it would exit the West Coast market and wind down its California loan operations. The chief executive officer of Windsor Capital Mortgage [...]
Capmark Financial Group Inc.’s North American servicing and mortgage banking businesses have been sold, an announcement said. The buyer was Berkadia Commercial Mortgage LLC. The cost of the acquisition was previously pegged at over $0.5 billion.Read more…
The U.S. House of Representatives has passed the conference report for H.R. 328, the Mortgage Bankers Association reported. The legislation includes $80 million for technology upgrades at HUD and the Federal Housing Administration. The bill also includes $20 million for fraud detection programs.Read more…
Freddie Mac released a bulletin outlining several underwriting updates. One update impacts verbal employment verifications. New loan-level origination data requirements go into effect for applications dated on or after July 1, 2010.Read more…
Residential Capital LLC is eliminating more than 40 positions at a North Carolina locations. In addition, more than 80 employees are being laid off next year in Connecticut. Functions handled at the Connecticut location will shifted to offices in Pennsylvania and California.Read more…
The Federal Housing Administration announced the suspension of Equitable Trust Mortgage Corp. The company is based in Baltimore. The suspension will last a minimum of six months.Read more…
A Webinar on changes to the Federal Housing Administration’s appraisal process will be hosted by MortgageDaily.com and Patton Boggs LLP on Jan. 20 at 1 p.m. Eastern. The event is being held to help the mortgage industry prepare for the changes. The panelists include a U.S. Department of Housing and Urban Development appraiser, the director [...]
The Office of Thrift Supervision seized and closed the Cleveland-based bank. The OTS said AmTrust was “in an unsafe and unsound condition because of deteriorating asset quality and insufficient capital.” New York Community Bank agreed to assume all of AmTrust’s deposits and acquire much of its assets.Read more…
