Federal prosecutors will not bring charges against the executives of the American International Group (AIG) for company’s collapse, according to a Saturday story in the New York Times. The story cited two unnamed sources. Joseph Cassano, and other executives at the AIG Financial Products unit, which insured $80bn in mortgage securities, have been investigated for possibly misleading investors. But no charges will be filed. In the past, modifying or pushing these loans through the foreclosure and ultimately, REO process, was slower than average, but the pace is picking up. According to Barclays, liquidations rates of Countrywide loans should increase as more trial modifications through the Home Affordable Modification Program (HAMP) are resolved. The board of directors of the Federal Deposit Insurance Corp. (FDIC) approved settlement of the bankruptcy case of Washington Mutual, the holding company of Washington Mutual Bank, which was closed in September 2008. The agreement also settles claims between Washington Mutual and JPMorgan Chase (JPM: 40.05 0.00%), which acquired the failed bank. The Minnesota Department of Commerce closed Pinehurst Bank in St. Paul, Minnesota. It was the only closing last week. Coulee Bank, based in Wisconsin, will assume all $58.3m in total deposits and will purchase essentially all $61.2m in assets. The FDIC estimated the cost to the Deposit Insurance Fund (DIF) to be $6m. Leaning on revenue from rental properties, Triple Crown Corp., a real estate firm in Harrisburg, Penn., reported it has weathered enough of the housing downturn to begin increasing its property holdings. Effective immediately, institutions wanting to apply as Ginnie Mae or Federal Housing Administration (FHA) issuers must use separate forms. Those wishing to apply to Ginnie must use the new Form HUD-11701, titled “Application for Approval – Ginnie Mae Mortgage-Backed Securities Issuer.” Those wanting to become FHA lenders must use Form HUD-92001-A, “FHA Lender Approval Application.” The old form will no longer be available for use.
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Martin Crawford
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