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Corporate Mortgage News

Mergers, Acquisitions, Failures, Executive Activity
and Other Corporate News



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Last Updated Saturday, March 13, 2010 04:51 PM Texas Time

M&A | investor fraud news

2 NY Banks Fail
Among four bank failures last week were two institutions in New York City. Both were scooped up by a big New Jersey-based bank.

On Thursday, New York's Banking Department closed LibertyPointe Bank and -- as is done when any federally insured bank or thrift fails -- appointed the Federal Deposit Insurance Corporation as receiver. The failure of the New York City bank was the result of its inability to meet the requirements of a July 2009 cease-and-desist order by the state and the FDIC. It also faced an FDIC prompt corrective action in October.

Valley National Bank won its bid to assume the four-year-old bank's $210 million in deposits as of Dec. 31, 2009, at an 0.15 percent premium. Valley National also acquired the 37-employee firm's $210 million in assets -- which included $8 million in home loans, $128 million in commercial mortgages and $26 million in construction-and-land-development loans. With the FDIC sharing in losses on $182 million of the assets, the expected cost to the Deposit Insurance Fund is $25 million.
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ResCap Sale?
GMAC Inc. has reportedly hired an investment banker to help it unload Residential Capital LLC. But the majority of GMAC's residential originations would not be impacted from a sale of the struggling mortgage unit.

Growing Firm Scores Venture Capital Investment
A growing mortgage lender and servicer announced an equity investment by a venture capital firm. During the last few years, the Indiana-based mortgage company has acquired two other companies, expanded its retail branch program and pushed headcount past 100.

Former Quicken Executive Launches New Firm
A former executive of Quicken Loans Inc. -- whose altercation with the company's founder prompted a police investigation -- has launched his own company.

Hall Financial opens in Michigan

HFF Business Sinks
Despite a quarterly uptick in business, commercial real estate financing at HFF Inc. was down by more than half last year. The company sees weak fundamentals in the commercial real estate market continuing for up to another two years. Earnings improved.

Banks Continue to Acquire Mortgage Firms
Two more mortgage firms have been swallowed up by banks. But bank merger activity was still dominated by the acquisition of other banks. Three mortgage service providers, meantime, announced acquisition deals.

No Buyers for 2 of 4 Failed Banks
Buyers couldn't be found for two of last week's four bank failures -- pushing projected losses to more than $300 million.

Citi Fundings Fall
Home loan activity fell at Citigroup Inc., though so did losses.

Top MetLife Executives Quit
The president of MetLife Home Loans and one of his top lieutenants has resigned.

Report: GMAC's Cash Management Could Hurt RMBS
Billions of dollars in residential mortgage-backed securities serviced by a GMAC Inc. subsidiary could be negatively impacted in bankruptcy proceedings because of cash management practices at the company, according to a new ratings agency report.

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