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Created bylynda
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Eventi
Platnum's failureTBW acquired Platinum PBITBW infuse FHLMC escrow deposits into PlatinumPlatinum purchased TBW mortgage loans ($198m)OTS issued Trobled condition letter and Cease and Desist order to PlatinumTBW submitted business plan to OTSAgreed transfer date 1 ($5m)Agreed transfer date 2 ($5m)Actual transfer date ($38.7m in Oct 2009)OTC ordered TBW to repurchase loansFHLMC directed Platinum return $210m in escrow depositsFHLMC requested Platinum return of $210m in escrow deposits (copy)TBW filed chapter 11 bankruptcy petitionASBD closed Colonial Bank and appointed FDIC as receiverOTS closed Platinum, placed platinum into FDIC receivership
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