Items Tagged with 'Cerberus'

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  • New York Community Bank selling mortgage business to Freedom Mortgage, Cerberus

    Selling off assets acquired as part of 2009 rescue of AmTrust Bank
    New York Community Bank is getting out of the mortgage business – sort of. The bank announced Tuesday that it is selling its mortgage banking business, including its origination and servicing platforms, and the bank’s mortgage servicing rights portfolio, to Freedom Mortgage. But NYCB isn’t exiting the mortgage business entirely.
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  • FirstKey prepping second jumbo mortgage securitization

    Features "single layer of protection" against breaches of reps and warrants
    After bringing its first prime jumbo mortgage securitization to market in November, FirstKey Mortgage is back with its second such offering. Its second securitization features a total principal balance of $293 million on 407 loans. The loans carry an average unpaid balance of $719,941.
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  • FirstKey becomes latest to offer jumbo securitizations

    $286 million RMBS receives AAA ratings
    There’s a new player in jumbo mortgage securitizations, FirstKey Mortgage. The company is ready to offer up its first securitization, which is built on 401 first-lien, jumbo residential mortgage loans with an aggregate outstanding principal balance of $285,984,195.
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  • Option One Sees Lehman Credit Line Expire; 'Dangerous' Time for Cerberus Deal?

    Catching up on some important news from last week, Option One reported that a $1.5 billion credit line with Lehman Brothers Holdings Inc. wasn't renewed by the investment bank after the credit line expired at the end of June. Bloomberg reports on the obvious implications of this news, which leaves Option One facing some questions regarding the stability of its deal with Cerberus:
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