In the news ... Tuesday, December 8, 2009

Mid-Atlantic Area

 

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

The 800 King Street Building

800 King Street, Suite 304

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

 

Pennsylvania

Three Glenhardie Corporate Center

1265 Drummers Lane, Suite 220

Wayne, PA  19087

(610) 687-8020

(800) 842-2080

(610) 687-6056 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805-0326

(814) 238-3600

(814) 238-3604 - fax

 

125 Technology Drive, Suite 101

Canonsburg, PA  15314

(866) 364-2777

(724) 746-5434 - fax

 

Maryland

Columbia Corporate Park

8850 Stanford Blvd., Suite 2900

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

 

Virginia

9303 Center Street, Suite 101

Manassas, VA  20110-5547

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive

Richmond, VA  23235

(804) 897-5499

(888) 859-9222

(804) 288-4090


AMTRUST FINANCIAL UPDATE


 

AmTrust Financial Update

 

It has come to our attention that on December 4, 2009, AmTrust Bank was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. We understand that the FDIC entered into a Purchase and Assumption Agreement with New York Community Bancorp, Inc. (“NYCB”), of Westbury, NY.

Old Republic has not had an opportunity to review the Purchase and Assumption Agreement, but it is evident that NYCB acquired significant AmTrust assets, including residential mortgages that were not 60 days or more past due as of December 4. NYCB did not acquire non-performing loans, commercial, land or development loans, mortgage servicing rights, or any real estate owned. Those assets are now owned by the FDIC in its capacity as Receiver for AmTrust Bank.

Based on the foregoing, any transfers of real property currently titled in AmTrust, such as REO sales, should be executed by “Federal Deposit Insurance Corporation, as Receiver for AmTrust Bank.” The party providing payoff statements will differ depending on the payment status of a particular loan. Payoff statements will come from “AmTrust Bank, a division of New York Community Bank” if a loan was less than 60 days past due as of Dec. 4, and from AmTrust/FDIC if the loan was 60 days or more past due as of Dec. 4.

We will continue to keep you apprised of information regarding this matter as it develops.  

Please contact Kate Blake-Endicott at 302.734.3570 should you have any questions in this regard.

 

 

 

 

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Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel./font>