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Press Release
FDIC Closes on Sale of $1.8 Billion of Notes Backed by Mortgage-Backed Securities
Transaction Adds Liquidity to DIF and Stimulates Investor Demand
FOR IMMEDIATE RELEASE
March 12, 2010
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Media Contact:
David Barr (202) 898-6992
Email:
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The Federal Deposit Insurance Corporation (FDIC) today closed on a sale of notes backed by residential mortgage backed securities (RMBS) from seven failed bank receiverships. The sale was conducted through a private placement priced and allocated on March 5th. The transaction was met with robust investor demand, with over 70 investors participating across fixed and floating rate series. The investors included banks, investment funds, insurance funds and pension funds. All investors were qualified institutional buyers.
The $1.81 billion of notes is backed by 103 non-agency residential Register for free to see the full content... |
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Press Release
Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of LibertyPointe Bank, New York, New York
FOR IMMEDIATE RELEASE
March 11, 2010
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Media Contact:
David Barr
Office: (202) 898-6992
Cell: (703) 622-4790
Email:
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LibertyPointe Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Valley National Bank, Wayne, New Jersey, to assume all of the deposits of LibertyPointe Bank.
The three branches of LibertyPointe Bank will reopen on Friday as branches of Valley National Bank. Depositors of LibertyPointe Bank will automatically become depositors of Valley National Bank. Deposits will continue to be insured by the FDIC, so there is Register for free to see the full content... |
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Press Release
FDIC Board Approves An Extension Regarding the Safe Harbor Protection for Securitizations
FOR IMMEDIATE RELEASE
March 11, 2010
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Media Contact:
David Barr (202) 898-6992
Email:
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The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved by notational vote an extension through September 30, 2010 of the Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation. Under this safe harbor, all securitizations or participations in process through September 30, 2010 are permanently grandfathered under the existing terms of 12 C.F.R. Part 360.6.
When a safe harbor was initially adopted in 2000 for securitizations and participations, the FDIC provided important protections for securitizations and participations Register for free to see the full content... |
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Consumer Advisory Council will meet on March 25, 2010 Source: |
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Vice Chairman Donald L. Kohn submits his intent to resign from Board of Governors of the Federal Reserve System, effective June 23, 2010 Source: |
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Federal Reserve announces results of auction of $25 billion in 28-day credit held on March 8, 2010 Source: |
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