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REIT & Exec Shakeups

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Two mortgage real estate investment trusts are teetering in the brink of insolvency, the president of a nonprime lender has been ousted and IndyMac is facing its fifth investor lawsuit since last month. But another REIT is optimistic after restructuring a repurchase agreement, while a servicing operation has successfully traded hands.

Downey Financial Corp. terminated its president, Frederic R. McGill, a filing with the Securities and Exchange Commission last week said. He will receive a $900,000 lump-sum payment as part of a release agreement.

Teresa Bryce has been named president of Radian Guaranty Inc., a press release today said. Bryce is executive vice president, general counsel, corporate secretary and chief risk officer for parent Radian Group Inc. Radian Guaranty Vice Chairman Paul Bognanno has been named chairman of the unit. Both will report to Radian Group President and Chief Executive Officer S. A. Ibrahim.

Impac Mortgage Holdings Inc. said Thursday it negotiated a restructured $200 million repurchase agreement with UBS Real Estate Securities Inc. The deal involves its last remaining warehouse line being converted to a term facility of 12 months with extensions for up to an additional 18 months if certain targets are met. UBS will purchase 7 percent of Impac’s common stock in the transaction and cancel warrants for 3 percent if certain thresholds are met.

“The finalization of this new facility will remove any and all technical defaults for the company that exist today and it will allow the company to manage these loans for eventual refinance, sale or securitization through the normal course of its business operations without the risk of any margin calls,” the REIT stated.

IndyMac Bancorp Inc. is facing its fifth investor class action in the last four weeks.

The latest litigation was filed by Scott+Scott LLP against IndyMac, Chairman and CEO Michael W. Perry and Chief Financial Officer A. Scott Keys on behalf of investors who purchased the company’s common stock between Aug. 17, 2007, through May 11, 2008, an announcement Tuesday said. The defendants are accused of misleading investors by hiding the degree of exposure the company had to option adjustable-rate mortgages.

Last month, the Brualdi Law Firm P.C., Stull, Stull & Brody; Coughlin Stoia Geller Rudman & Robbins LLP; and Schatz Nobel Izard P.C. each announced investor lawsuits against the Pasadena, Calif.-based company.

Monarch Bank parent Monarch Financial Holdings Inc. announced Thursday it completed a $2.1 million private offering last week, bringing the total placement to $7.2 million. The capital will be used to support growth initiatives.

Luminent Mortgage Capital Inc. said Tuesday it will suspend all payments to unsecured creditors. The move follows a warning last month by the Philadelphia-based REIT about projected cash flows.

The American Stock Exchange notified Hanover Capital Mortgage Holdings Inc. on July 2 that its previously submitted plan to comply with continued listing requirements was rejected, an announcement Thursday said. The Edison, N.J.-based company has stockholder equity of less than $2 million and has experienced losses in two out of the last three years.

“The company had sustained losses which are so substantial in relation to its overall operations or its financial condition had become so impaired that it appeared questionable, in the opinion of the exchange, as to whether the company will be able to continue operations and /or meet obligations as they mature,” according to the REIT’s statement.

Hanover said it intends to appeal the stock exchange’s decision.

Green Tree Servicing LLC has acquired the servicing platform of Origen Financial Inc., according to a statement Wednesday. The deal included Green Tree’s assumption of the lease on a Fort Worth, Texas, servicing facility. The acquisition brings Green Tree’s manufactured housing servicing portfolio to more than $22 billion.

Ariel Investments LTD, on Behalf of Itself and All Others Similarly Situated vs. IndyMac Bancorp Inc, Michael W. Perry and A. Scott Keys
(U.S. District Court, Central District of California, Western Division)

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