Yesterday, a federal judge preliminary approved a $125 million cash settlement for former shareholders of New Century Financial Corp. (“New Century”). New Century was the second largest subprime mortgage originator before it filed for bankruptcy in April 2007. In February 2008, Michael J.
Late last week, the Governing Committee of the Fund for Orderly Bank Restructuring (FROB) met to discuss the restructuring of Caja de Ahorros y Monte de Piedad de Cordoba (CajaSur).
On Friday, the Washington Department of Financial Institutions closed Washington First International Bank, headquartered in Seattle, Washington, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of the failed bank.
On Friday, the Executive Commission of the Bank of Spain appointed the Fund for Orderly Bank Restructuring (FROB) as interim administrator of Roman Catholic Church-controlled savings bank Caja de Ahorros y Monte de Piedad de Córdoba (CajaSur).
Yesterday, Senate Republicans circulated a brief summary of the Financial Regulatory Improvement and Taxpayer Protection Act, a Republican substitute to the Restoring American Financial Stability Act of 2010 (S.3217) previously
Today, Dubai World announced that it has presented a restructuring proposal to the Coordinating Committee representing its creditors on the restructuring of $23.5 billion of total financial liabilities of Dubai World as of December 31, 2009.
On Friday, the Office of the Comptroller of the Currency closed American National Bank, headquartered in Parma, Ohio, and the FDIC was named receiver.
Today, the Federal Deposit Insurance Corporation (FDIC) announced the close of a Rule 144A sale of $1.8 billion principal amount of notes backed by 103 non-agency residential mortgage backed securities (RMBS) from seven failed bank receiverships.
Today, the FDIC announced that Colony Capital Acquisitions, LLC paid a total of approximately $90.5 million (net of working capital) in cash for a 40% equity stake in a limited liability company (LLC) created by the FDIC to hold a portfolio of approximately 1,200 distressed commercial real estate loans with an aggregate unpaid principal balance of $1.02 billion arising out of 22 failed bank receiverships.
This past Monday, in the wake of last month's termination of TCW Group, Inc.