Items Tagged with 'custodian'

ARTICLES

  • Colonial, Taylor Bean Woes Impact ABCP, RMBS Deals

    The misfortunes of Taylor, Bean & Whitaker Mortgage Corp. (TBW) and its warehouse lender Colonial Bank dragged Ocala Funding's asset-backed commercial paper (ABCP) program into the "vortex" of financial woes, according to commentary Monday by Moody's Investors Service.
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  • BofA Sues Colonial for $1bn

    The drama continues to unwind at Montgomery, Ala.-based Colonial BancGroup [stock CNB][/stock] after an investigation of its warehouse lending division last week. Charlotte, N.C.-based Bank of America [stock BAC][/stock] is suing Colonial for more than $1bn in cash and loans, according to industry reports. BofA alleges Colonial is holding the cash and loans as a custodian for commercial-paper vehicle Ocala Funding, which receives funding from Colonial.
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  • Freddie Outsources SFM Custodial Work

    Mortgage giant Freddie Mac [stock FRE][/stock] selected asset manager and securities servicer Bank of New York Mellon [stock BK][/stock] as custodian for documents related to its single-family mortgage business, effectively outsourcing the role after a three-month transfer period. As of October 1, BNY Mellon will begin receiving, reviewing and certifying documents for single-family residential mortgages delivered to Freddie. The company also takes on custodial services for other documents within Freddie's custody.
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  • New York Mellon Named Custodian for TARP

    The Treasury Department announced Tuesday it has hired The Bank of New York Mellon Corp. [stock BK][/stock] to serve as custodian on the Troubled Asset Relief Program. The New York City-based firm will assist with custodial, accounting, auction management other administration duties regarding the complex portfolio of troubled assets that will be purchased with some of the $700 billion in funds provided through the Emergency Economic Stabilization Act.
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  • Details on Working with the Treasury

    Many of HW's readers are looking for details on how their firm might be able to get in on bidding for the Treasury's new TARP platform. Yesterday, the Treasury posted details for solicitations in three key areas: Custodian, Accounting, Auction Management, and Other Infrastructure Services Securities Asset Management Services
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