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FDIC Looks to Sell Amtrust Servicing Portfolio in Q210

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The Federal Deposit Insurance Corp. hopes to sell the rights to a mortgage-servicing portfolio that previously belonged to Amtrust Bank in the second quarter of 2010, a source at the agency confirmed to HousingWire. The portfolio includes the servicing rights to nearly 100,000 loans and will be sold in a competitive bidding process. News of the planned sale was first reported by National Mortgage News Tuesday afternoon. The Office of Thrift Supervision (OTS) closed Cleveland, Ohio-based AmTrust on Dec. 4. The FDIC, as receiver, entered into a purchase and assumption agreement with Westbury, New York-based New York Community Bank (NYCB), which reopened the 66 AmTrust branches as NYCB locations. NYCB did not pay a premium to assume all $8bn of AmTrust’s deposits, and purchased $9bn of the failed bank’s $12bn in assets. The failure is estimated to cost the FDIC deposit insurance fund $2bn. That purchase and assumption agreement included NYCB taking over the loans, the source said. In addition, NYCB is responsible for servicing the loans for up to a year while the FDIC finds a buyer for the servicing rights. Write to Austin Kilgore.

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