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failure
Created by
lynda
Description
failur
Comments
76 views
0
0
Updated
8 Oct 2017
Timelines by
lynda
:
8 Oct 2017
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0
79
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Events
Platnum's failure
TBW acquired Platinum PBI
TBW infuse FHLMC escrow deposits into Platinum
Platinum purchased TBW mortgage loans ($198m)
OTS issued Trobled condition letter and Cease and Desist order to Platinum
TBW submitted business plan to OTS
Agreed transfer date 1 ($5m)
Agreed transfer date 2 ($5m)
Actual transfer date ($38.7m in Oct 2009)
OTC ordered TBW to repurchase loans
FHLMC directed Platinum return $210m in escrow deposits
FHLMC requested Platinum return of $210m in escrow deposits (copy)
TBW filed chapter 11 bankruptcy petition
ASBD closed Colonial Bank and appointed FDIC as receiver
OTS closed Platinum, placed platinum into FDIC receivership
