Flagstar Bancorp, Inc. Closes Previously Announced Sale of $474 Million of Non-Performing Loans
TROY, Mich., Nov. 15, 2010 /PRNewswire-FirstCall/ -- Flagstar Bancorp, Inc. (NYSE: FBC), the holding company for Flagstar Bank, FSB, announced today that it has closed on its previously announced sale of approximately $474 million of non-insured non-performing residential first mortgage loans. Had the sale been completed on September 30, 2010, the level of residential first mortgage non-performing loans would have declined by approximately 70%.
Flagstar Bancorp, with $13.8 billion in total assets, is the largest publicly held savings bank headquartered in the Midwest. At September 30, 2010, Flagstar operated 162 banking centers in Michigan, Indiana and Georgia and 27 home loan centers in 13 states. Flagstar Bank originates loans nationwide and is one of the leading originators of residential mortgage loans.
SOURCE Flagstar Bancorp, Inc.
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