home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Four Firms Fail

Recently company closings

January 9, 2009

By MortgageDaily.com staff

As a Florida-based bank remains on life support, two credit unions and a mortgage-related law firm have made their way to the Mortgage Graveyard.

The National Credit Union Administration announced last month that West Hartford Credit Union Inc. was shut down by the State of Connecticut Department of Banking. NCUA was appointed receiver to liquidate the institution.

The failure was the result of "problems with its capital level, earnings, delinquency, record keeping, and management," the announcement said. West Hartford, the 14th federally insured credit union to be liquidated in 2008, had just $3 million in assets and served only 1,206 member when it collapsed.

The regulator also said that it was appointed receiver of Valley Credit Union by the California Department of Financial Institutions on Jan. 2. Valley, with more than 25,000 members, had been operating in conservatorship since Sept. 2, 2008.

NCUA said it immediately entered an agreement for Citizens Equity First Credit Union to acquire some of Valley's liabilities as well as some of its $205 million in assets. Citizens has $3.6 billion in assets and 235,000 members.

Mortgage-backed securities firm Thacher Proffitt & Wood LLP announced last month that 100 of its attorneys -- including 40 partners -- were leaving the firm to join Sonnenschein Nath & Rosenthal LLP. The departure left the firm without the leadership and most prominent members of its structured finance, real estate and financial institutions groups.

Thacher had been working toward a merger for six months. But it became apparent to that a merger could not be executed.

"In light of severe reductions in revenue, it became clear that Thacher Proffitt would not have the financial resources to continue business operations in its current form into the new year," the announcement said. "It is anticipated that Thacher Proffitt will discontinue the practice of law and will begin an orderly dissolution after Dec. 31, 2008."

Records from the California Corporations Commissioner indicate Quick Loan Funding was shut down in May 2008. The subprime lender closed $4 billion in mortgages between 2002 and 2007, published reports indicate.

BankUnited Financial Corp. warned in a filing with the Securities and Exchange Commission last month that it was in negotiations with a fund to raise badly need capital and restructure its balance sheet. The Coral Gables, Fla.-based institution is operating under a consent order with the Office of Thrift Supervision.

BankUnited warned that if the financing falls through, "there is substantial doubt about our ability to continue as a going concern."

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders