Items Tagged with 'Office of Thrift Supervision'

ARTICLES

  • OIG on Downey's Failure: OTS Saw This Coming

    As the financial and banking industry prepares for President Barack Obama's formal proposal of regulatory overhaul, a report issued this week highlights one federal regulator's actions preceding the costly failure of Downey Savings and Loan. The Office of Thrift Supervision (OTS) regularly monitored Downey, noting problems but failing to issue anything more than an informal enforcement action, according to a government watchdog.
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  • Thrift Losses Narrow, Bad Assets Still a Drag

    In a day of mixed news for the thrift industry, the Office of Thrift Supervision (OTS) released a report showing losses at US thrifts narrowed significantly in Q109. But the regulator also reported the number of problem institutions climbed and the value of the industry's bad assets hit a record high. Thrifts reported a $47m loss in Q109, marking their best performance since September 2007, according to the OTS. During the quarter, 74% of savings and loan companies were profitable, up from 65% in Q408.
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  • Offers on the Table at BankUnited; Friday Looms

    Troubled Florida-based thrift BankUnited Financial saw a number of bidders present their offers yesterday, as the bank looks to sell itself after receiving a 'deal or die' directive from the Office of Thrift Supervision last month. The Federal Deposit Insurance Corp. is overseeing the sale process, and closed bids yesterday afternoon.
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  • FDIC to Take BankUnited? The Least of its Problems

    Florida's largest mortgage lender, with more than $13.1bn in assets, is unable to raise the minimum capital requirements set aside by the Office of Thrift Supervision. As a result, the Federal Deposit Insurance Corp. (FDIC) may take BankUnited [stock BKUNA][/stock] operations into receivership, though rumors swirl of a possible takeover. Last week, the bank reported $1.3bn in cash and cash equivalents, but this amount falls short of the OTS standard. BankUnited needed to raise at least $706m in order to meet the minimum requirement.
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  • Deal or Die for 'Under-Capitalized' BankUnited

    The countdown began Tuesday for Florida-based BankUnited FSB, which received a prompt corrective action directive from the Office of Thrift Supervision (OTS). The bottom line: Merge with or be acquired by another financial institution within 20 days. OTS said in the directive it considered the Coral Gables bank "under-capitalized" as of January 30 and gave BankUnited 15 days from the date of directive to submit a binding merger or acquisition agreement unless regulators agree to extend the deadline.
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  • Genworth Shares Tumble After TARP Rejection

    Mortgage and life insurer Genworth Financial Inc. [stock GNW][/stock] saw its shares tumble in early trading Monday, falling as much as 31 percent on investor concern after the company said late last week that it had failed to qualify for a capital injection from the U.S. Treasury.
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  • Geithner Appoints OTS Acting Director

    The Office of Thrift Supervision announced Friday that Treasury Secretary Timothy Geithner appointed John E. Bowman, Deputy Director and Chief Counsel, to succeed Scott Polakoff as Acting Director of the OTS. Bowman joined the OTS in June 1999 as Deputy Chief Counsel for Business Transactions, heading the agency’s division that provides legal services related to corporate applications, acquisitions and financing transactions, securities filings and other related activities. He also oversaw OTS’s regional counsel and enforcement operations.
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  • In the Crosshairs: Security Savings Bank

    (Update 3: adds most recent call report data; updates Talley's most recent position at Security Savings; adds statement from the bank regarding OTS exam) The Office of Thrift Supervision has set up camp in a small Kansas bank with ties to the former Bush administration, as part of an effort to examine the bank's mortgage books and accounting practices, according various sources working inside the bank and at the Office of Thrift Supervision, the bank's regulator.
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  • OTS Chairman Steps Down

    John Reich, Director of the Office of Thrift Supervision, on Thursday announced his resignation from the agency. Reich and Obama administration officials may have been at odds over whether the government should take part in mortgage workouts to help troubled homeowners, according to a Market Watch report.
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