FDIC names first winning bidder in program to back private buys of toxic mortgage assets

October 6th, 2009 FDIC sells stake in Corus Bank assetsWASHINGTON — The Federal Deposit Insurance Corp. has agreed to sell a 40 percent stake in a portfolio of Corus Bank assets for $554.4 million to a private-equity consortium led by Starwood Capital Group.

October 4th, 2009 3 more investment firms approved for asset programWASHINGTON — Three more large investment firms have raised sufficient capital to participate in the joint partnership with the government to purchase toxic assets from banks. The Treasury Department said Alliance Bernstein LP and BlackRock Inc., both headquartered in New York City, and Wellington Management Co., based in Boston, had all raised the $500 million minimum to begin operations.

September 30th, 2009 Treasury: 2 firms can start buying toxic assetsWASHINGTON — The Treasury Department said Wednesday that two large investment funds have raised the minimum amounts needed to begin purchasing toxic assets from banks, finally launching this part of the government's financial rescue effort. Invesco Ltd.

September 11th, 2009 FDIC urges mortgage help for unemployedWASHINGTON — The Federal Deposit Insurance Corp. is encouraging companies that buy failed banks with troubled home loans to extend temporary help to people who have lost their jobs and can't pay their mortgage bills.

August 26th, 2009 Natixis parent company to guarantee toxic assetsPARIS — French bank Natixis said its parent company has agreed to guarantee euro35 billion ($50 billion) of its toxic assets, a move it expects will help it return to profitability in the second half after reporting Wednesday its fifth consecutive quarterly loss. Natixis, whose main owners recently merged, posted a net loss in the second quarter of euro883 million ($1.26 billion), less than the euro1.02 billion it lost in the same period a year ago, due to writedowns.

August 20th, 2009 FDIC may ease private equity buys of failed banksWASHINGTON — Federal regulators appear ready to temper proposed restrictions on private equity firms seeking to buy failed banks, as the government seeks to lure more potential purchasers amid a mounting tally of collapsed financial institutions. The Federal Deposit Insurance Corp., which proposed the new policy last month, is expected to make the changes when its board meets on Aug.

August 19th, 2009 Motorcar Parts buys assets of Reliance AutomotiveLOS ANGELES — Motorcar Parts of America Inc., which makes vehicle alternators and starters, said on Wednesday that it bought some assets of Reliance Automotive Inc., a privately held company that rebuilds those same parts. Terms of the purchase from the East Berlin, Conn.-based Reliance were not disclosed.

July 11th, 2009 Regulators shut small Wyoming bankNEW YORK — Regulators on Friday shut Bank of Wyoming, marking the 53rd failure this year of a federally insured bank. The Federal Deposit Insurance Corp.

July 9th, 2009 With assets less toxic, banks have other troublesWASHINGTON — The bundles of bad home mortgages that panicked the Bush and Obama administrations have turned out to be not so toxic for the financial industry after all. After assembling $700 billion to deal with the problem, the government is devoting a relatively modest $30 billion to buy troubled mortgage-backed securities.

July 2nd, 2009 FDIC seeks more investor interest in failed banksWASHINGTON — The Federal Deposit Insurance Corp. proposed new guidelines Thursday for potential buyers of failed banks as the government seeks to sell a growing number of closed financial institutions.

April 29th, 2009 Gov't: high interest in managing toxic securitiesWASHINGTON — The Treasury Department on Wednesday said that more than 100 applications have been received from firms seeking to manage the government program to help purchase toxic securities from banks. Treasury has said it will select at least five firms to serve as managers for the program that's seen as a crucial element in dealing with the worst banking crisis to hit the country in seven decades.

April 22nd, 2009 Treasury picks asset management firms for bailoutWASHINGTON — The Treasury Department on Wednesday selected three management firms to handle bank assets obtained as part of the $700 billion financial rescue program. The assets include stock warrants that Treasury has received as part of its program to buy nearly $200 billion in preferred shares in banks to help bolster their capital reserves and resume more normal lending to consumers and businesses.

March 24th, 2009 WASHINGTON - The US will use both private and public funds to buy up to $1 trillion in toxic mortgage assets that have brought Wall Street banks to the brink of collapse, US Treasury Secretary Timothy Geithner said Monday in his latest bid to end a financial crisis that has spread across the globe. The new effort will include $75-$100 billion in government funds, Geithner said as he unveiled the much-anticipated details of the 'public-private' programme, which has been developed over the last month.

March 24th, 2009 WASHINGTON - US Treasury Secretary Timothy Geithner Monday said he would use a combination of private and public funds to remove up to $1 trillion in toxic mortgage assets off the balance sheets of US banks, in the government's latest bid to end the financial crisis. The new effort will include up to $100 billion in government funds, Geithner said as he unveiled the much-anticipated details of a new programme that has been developed over the last month.

January 2nd, 2009 WASHINGTON - A group of private investors has agreed to buy for nearly $14 billion the collapsed home loans specialist IndyMac Bank, the third-largest bank to fail since the US government began insuring deposits in 1934. The group is headed by Steven Mnuchin, chairman of Dune Capital Management, who will serve as chairman and chief executive of a holding company for IndyMac, the Federal Deposit Insurance Corp.