Key Developments: Flagstar Bancorp Inc (FBC)

FBC on New York Consolidated

26 Dec 2014
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Latest Key Developments (Source: Significant Developments)

Flagstar announces settlement with Consumer Financial Protection Bureau
Monday, 29 Sep 2014 01:48pm EDT 

Flagstar Bancorp Inc:Flagstar Bancorp, Inc. the holding company for Flagstar Bank, FSB (Bank) announces that Bank has entered into settlement agreement with the Consumer Financial Protection Bureau (the CFPB).The settlement relates to alleged violations of federal consumer financial laws arising from the Bank's loss mitigation practices and default servicing operations dating back to 2011.Flagstar previously disclosed in its filings with the U.S. Securities and Exchange Commission that it was engaged in settlement discussions with the CFPB.Under terms of settlement agreement, Bank will pay $27.5 mln to the CFPB for borrower remediation, and $10 mln in civil monetary penalties.The settlement does not involve any admission of wrongdoing on the part of the Company or its employees, directors, officers or agents.  Full Article

Flagstar Bancorp Inc to reduce staff about 600 positions; gives Q1 2014 charge guidance
Thursday, 16 Jan 2014 07:03am EST 

Flagstar Bancorp Inc:Says the company will reduce staffing levels across the organization by about 600 positions from its Sept. 30, 2013 headcount level.The company expects to incur a pre-tax charge of about $5.2 million related to this restructuring in Q1 2014.  Full Article

FLAGSTAR BANCORP INC Enters Into Settlement Agreement With Assured Guaranty Municipal Corp
Friday, 21 Jun 2013 04:50pm EDT 

FLAGSTAR BANCORP INC announced that the Bank has entered into an agreement (the Settlement Agreement) to settle the previously disclosed lawsuit filed by Assured Guaranty Municipal Corp., formerly known as Financial Security Assurance Inc. (Assured). The litigation, which was filed in the U.S. District Court for the Southern District of New York, relates to $902.2 million of non-agency securitization transactions in 2005 and 2006 involving home equity line of credit (HELOC) loans that Assured insures. Under the terms of the Settlement Agreement, Assured will terminate its pending lawsuit against Flagstar and will not pursue any related claims at any time in the future. In exchange, Flagstar will pay Assured $105.0 million and will assume responsibility for future claims associated with the two HELOC securitization trusts, including the right to receive from Assured all future reimbursements for claims paid to which Assured would have been entitled. As a result, Flagstar will recognize $48.3 million of income, arising from its deemed receipt of the net fair value of the assets in the two HELOC securitizations and the reversal of its related reserves for pending and threatened litigation.  Full Article

Flagstar Bancorp, Inc. Announces Appointment Of Chairman-Form 8-K
Tuesday, 19 Feb 2013 01:41pm EST 

Flagstar Bancorp, Inc. reported in its Form 8-K that on October 1, 2012 John D. Lewis had been appointed a Director and the non-executive Chairman of the Company, subject to the receipt of non-objection from the Board of Governors of the Federal Reserve System. On February 12, 2013, the Company received non-objection from the Federal Reserve to Mr. Lewis serving as a Director and the non-executive Chairman of the Company. Mr. Lewis became a Director and the non-executive Chairman of the Company effective February 12, 2013.  Full Article

Assured Guaranty Ltd Wins $90 Million Legal Ruling In Battle With Flagstar Bancorp Inc-DJ
Wednesday, 6 Feb 2013 11:28am EST 

Dow Jones reported that $90 million legal victory by Assured Guaranty Ltd. (AGO) against Flagstar Bancorp Inc. (FBC) over soured mortgages is signaling that bond insurers may prevail over home lenders in a thicket of battles over lax underwriting standards. The battle between Assured Guaranty and Flagstar is just one case in a web of lawsuits to stem from billions of dollars of mortgage-based bonds that soured in the wake of the financial crisis. Among the allegations Assured Guaranty leveled at Flagstar were that the loans the bank packaged into securities were ripe with defects and out of step with Flagstar's underwriting guidelines. According to Assured Guaranty, loans were made to borrowers with debts, or who stated their income at questionably high levels. U.S. District Judge Jed S. Rakoff concurred in a 103-page opinion issued, writing that Flagstar was notably unable to show actual instances where the loan files themselves did not contain material breaches of its guidelines.  Full Article

Flagstar Bancorp, Inc. To Appeal Court Ruling On Assured Guaranty Municipal Corp
Tuesday, 5 Feb 2013 10:48pm EST 

Flagstar Bancorp, Inc. announced that on February 5, 2013, the United States District Court for the Southern District of New York (the Court) issued a decision in the previously disclosed lawsuit filed by Assured Guaranty Municipal Corp., formerly known as Financial Security Assurance Inc. (Assured). The Court granted judgment in favor of Assured on its claims for breach of contract against the Bank in the amount of $90.1 million plus contractual interest and attorneys' fees and costs to be determined. Flagstar strongly disagrees with the Court's ruling and intends to vigorously contest the outcome on appeal.  Full Article

UPDATE 2-Flagstar Bank to pay $37.5 mln over servicing violations -CFPB

WASHINGTON, Sept 29 - The U.S. consumer watchdog on Monday said Flagstar Bancorp would pay $37.5 million over allegations that it broke new mortgage servicing rules and hurt struggling borrowers' efforts to stay in their homes.

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