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The Mortgage Graveyard
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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."

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Nonprime and Subprime News | Subprime Statistics
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hard money lending. Home-equity loans and home-equity lines of credit.



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