National Mortgage News articles from October 2008

National Mortgage News archives from October 2008

'Business As Usual' for GSEs.
October 6, 2008... Byline: Lew Sichelman NEWPORT, RI-Three weeks after the historic federal takeover of Fannie Mae and Freddie Mac, representatives from the two government-sponsored enterprises reassured anxious lenders from the six New England states...

N.E. Brokers Slow to Sign Up for National Licensing.
October 6, 2008... NEWPORT, RI-If the experience of several New England states is any standard, mortgage brokers don't appear to be in any great rush to join the new nationwide licensing system. Just seven days before the Sept. 30 deadline for signing up for...

'Rounds' of Resets Could Add to REO.
October 6, 2008... NEWPORT, RI-The mortgage market is still saddled with a "huge volume" of securitized mortgages that have yet to experience their first reset, the chief economist at Fannie Mae pointed out here late last month at the New England Mortgage Banking...

S&D Waits For Details.
October 6, 2008... Byline: Paul Muolo WASHINGTON-The sale of large scratch-and-dent loan packages has just about dried up as the mortgage industry waits to see how the government will implement a $700 billion rescue package for the capital markets. ...

Cartel of 4 Will Dominate.
October 6, 2008... Byline: Brad Finkelstein & Bonnie Sinnock NEW YORK-When the smoke finally clears from the two "mega" deals of the past week - both of them the result of the nation's credit/housing crisis - the mortgage industry faces a stark new reality:...

Mortgage Risk Is Still Rising.
October 6, 2008... Byline: SANTA ANA, CA-The risk of more home loans going into delinquency and default is still rising and home values are still falling, according to First American CoreLogic. According to the company's third-quarter Core Mortgage Risk...

Fitch Endorses New Credit Score.
October 6, 2008... NEW YORK-Fitch Ratings is the first ratings agency to rate mortgage loans based on VantageScore, the algorithm created by the three credit bureaus to compete with Fair Isaac. According to Barrett Burns, the president and chief executive of...

NAR Asks FHFA to Look at GSE Fee Hikes.
October 6, 2008... Byline: Paul Muolo WASHINGTON-Mortgage bankers aren't the only ones complaining about how high GSE guarantee and delivery fees have become. The National Association of Realtors is now calling on the Federal Housing Finance Agency - the...

Fitch: Life Insurers Have Limited GSE Preferred Exposure.
October 6, 2008... Byline: Brad Finkelstein NEW YORK-Fitch Ratings here said the impact of investments in Fannie Mae and Freddie Mac by life and property/casualty insurers will have a limited impact on those companies' ratings. So far, it has only taken one...

GSEs Bolster Foreclosure Prevention Efforts.
October 6, 2008... Byline: Brian Collins WASHINGTON-Fannie Mae and Freddie Mac have stepped up their foreclosure prevention efforts now that the two mortgage giants are operating in conservatorships and under the tight control of their regulator. ...

Genworth Considers Options for Loan Insurance Business.
October 6, 2008... Byline: Harry Terris, American Banker NEW YORK-Genworth Financial Inc. said that it is considering "strategic alternatives" for its U.S. mortgage insurance unit, including a spin-off or sale. Shares of the Richmond, Va.-based company...

Granite Helps Lenders Mitigate Construction Risks.
October 6, 2008... Byline: Jennifer Harmon CENTENNIAL, CO-In this volatile market, navigating a safe path through the complex world of construction lending isn't easy, according to a top executive at Granite Loan Management here. "This is one of the...

Massachusetts Housing Values Fall to Six-Year Low.
October 6, 2008... BOSTON-The median price of single-family homes in Massachusetts tumbled 9% in August, sinking to the lowest price for the month of August in six years, according to a new report from The Warren Group. The median price for single-family...

OPEN FORUM: Cracking Down on Subprime; Recent testimony by Mr. Cox concerning turmoil In U.S. credit markets before the Senate Banking Committee is presented as our Open Forum.
October 6, 2008... Byline: Christopher Cox, chairman, Securities and Exchange Commission First and foremost, the SEC is a law enforcement agency, and we have devoted an extraordinary level of enforcement resources to hold accountable those whose violations...

Some Pricing Intervention May Be Necessary, But Dangerous.(Street Smarts)
October 6, 2008... Byline: Bonnie Sinnock Market participants last Thursday seemed largely convinced that the world needed more government intervention to stop the downward cycle of problematic mortgage-related asset prices, particularly in the United...

Thornburg Lays Off Employees amid Market Turmoil.
October 6, 2008... SANTA FE, NM-Thornburg Mortgage Inc. here said it has cut 29 sales and support positions in its home lending division "in response to the continued unprecedented turmoil in the mortgage financing and credit markets." About half of the cuts...

EDITORIAL: The Shrinking Universe.(Editorial)
October 6, 2008... The recent disappearance of Washington Mutual and Countrywide Financial, the nation's largest thrift and mortgage banker, respectively, underscores the fact that the mortgage universe is rapidly shrinking, both in the number of firms and the...

Property Taxes Remain Highest in NY and NJ.
October 6, 2008... Byline: Ted Cornwell WASHINGTON-An analysis of Census Bureau data conclude that homeowners in New Jersey and New York pay the highest property taxes. The Tax Foundation, a nonprofit group that generally opposes taxes, based its...

European Governments Rush to Rescue Troubled Banks Too.(International Mortgages)
October 6, 2008... Byline: Bonnie Sinnock LONDON-Europe early last week saw a new wave of government intervention in financial institutions foundering under the continuing strain of the U.S. mortgage-sparked global credit crunch. The United Kingdom...

MBS, ABS Down 80%.
October 6, 2008... Byline: Terry Peters NEW YORK-The volume of U.S. mortgage-backed security transactions totaled $38.3 billion in the third quarter, down 81.5% from $207.52 billion in the third quarter of 2007, according to Thomson Reuters. Asset-backed...

Plan May Boost 3Q Nets.
October 6, 2008... Byline: Brian Collins WASHINGTON-Industry groups and their allies in Congress focused their frustration with the financial crisis on mark-to-market accounting rules and last week successfully pushed the accounting authorities to cut...

Lenders Still Working.
October 6, 2008... Byline: Jennifer Harmon NEW YORK-Despite the credit crunch, lenders are saying they still have mortgage money available - though volumes continue to be on the decline. A spokesman at Wachovia, recently acquired by Citi, says the...

$417K Cap for HECM.
October 6, 2008... Byline: Lew Sichelman WASHINGTON-The Department of Housing and Urban Development is shooting for a Nov. 1 increase in the loan limit for Home Equity Conversion Mortgages to $417,000. The change isn't as great as some had hoped, but the...

Treasury May Buy Performing Loans.
October 6, 2008... Byline: Brian Collins WASHINGTON-Treasury secretary Henry Paulson might consider buying performing mortgages, instead of nonperforming assets, as a way to increase liquidity and lending, according to a mortgage industry veteran. Terry...

Ellie Mae Buys Assets of Online Documents.
October 6, 2008... Byline: Anthony Garritano PLEASANTON, CA-Origination vendor Ellie Mae here has acquired the assets of Online Documents Inc. in an attempt to further flesh out its document business, from ODI parent Stewart Lender Services Inc. Online...

Alcatraz: Visit One of the World's Most Legendary Prisons.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Glenn McCullom To this day, Alcatraz is best known as one of the world's most legendary prisons. Once home to some of America's most notorious criminals, the federal penitentiary that operated here from 1934 to 1963 brought a...

Working to Improve Loan Guideline Access.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: James Comtois As a means of making loan guidelines more accessible for loan officers, thereby enabling loan officers to make more informed decisions on loan products, an Eagan, Minn.-based information provider for the mortgage...

Changing Attitudes When It Comes to Viewing Documents.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano With the industry turmoil of late, the one lesson learned is that things in the mortgage space have to change. Compliance Systems Inc. believes that the move to be more efficient, transparent and compliant has to...

'Tapping Online Lending Can Help Cut Costs'.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano As lenders attending the MBA annual look for answers on how to survive the current down market, Data-Vision sees the most opportunities for lenders to optimize cost and win in this market by tapping online lending...

Parkside Lending Sees Results with Upgraded ConformX System.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: James Comtois After being a DocuTech customer for about a year, a San Francisco-based lender has seen substantial results in creating a more compliant and paperless lending environment at a time when the industry is facing turmoil....

Seeking to Enable Rapid Change.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... At the MBA annual, origination vendor Dorado Corp. will be launching the latest version of its ChannelMaster product. The idea behind the release was to empower lenders to change quickly given current market conditions. "We'll show the...

Ellie Mae Says Demand for EDM Still Rising.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... As lenders look to cut costs, origination vendor Ellie Mae expects lenders to be buzzing about electronic document management at this year's show. "We continue to see record growth around EDM," said Ellie Mae chief strategy officer...

Upgrading VOI and VOE Services.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: James Comtois At a time when the U.S. economy is facing a financial crisis that Sen. Barack Obama described as "the worst since the Great Depression," it is crucial that mortgage professionals can no longer afford to be as risky...

Putting All Types of Loans on One Platform.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano As origination volumes slow, Fiserv believes the way for lenders to thrive in the current down market is to get rid of the silos and use one technology solution to originate all types of loans, residential,...

Officials Close to the GSEs Are Set to Speak.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Bonnie Sinnock Key executives and regulators with front-row seats to the historic changes government-sponsored enterprises Fannie Mae and Freddie Mac are going through are slated to headline the Mortgage Bankers Association's 95th...

Servicer Workout Tally Reaches 2.3 Million.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Ted Cornwell Hope Now, an alliance of mortgage servicers, counselors and investors, said member companies have prevented 2.3 million foreclosures during the past 14 months through a mix of repayment plans, forbearance and loan...

Data Helps Reach Borrowers.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano iEmergent, a Des Moines-based market research, forecasting and advisory services firm for the financial services, mortgage and real estate industries, will deliver more granular market knowledge to lenders to help...

Firm Offering More in the Way of Loss Mitigation Services.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Jennifer Harmon With more than 2,000 borrowers going into foreclosure each day, successful loss mitigation is of critical importance in today's market, according to Cheryl Lang, president of Integrated Mortgage Solutions, Houston....

Television's Jay Leno to Appear at the MBA Annual This Year.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Amilda Dymi The host of NBC's "Tonight Show" since 1992 and Emmy Award winner Jay Leno will be at the MBA annual cracking his signature jokes. He may be best known as the man with a funny chin, but among the overwhelming amount of...

Lombard Feels Like the 'Crookedest' Street, Even If It's Not.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Terry Peters It's known as the crookedest street in the world, and though this is technically incorrect, for most visitors it undoubtedly lives up to its name. Lombard Street zigzags down a hillside between San Francisco's...

MRG Offers Online Access to Loan Mod Docs.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Amilda Dymi Lenders using MRG Document Technologies' Miracle Online document preparation system now have the option to request document modification and loan modification agreements simply by accessing the Internet. MRG will...

Metavante Sees Opportunity for New Players with Web Tech.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano While an increasing number of pure-play mortgage lenders are exiting, Metavante Lending Solution sees the trying times in the mortgage space as a good time for banks, thrifts and credit unions to gain share. ...

Mortgage Cadence Touts FHA and Workout Capabilities.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano LOS vendor Mortgage Cadence believes lenders in attendance at the MBA annual will be looking for solutions on how to originate more FHA product. According to a 2007 report by the Government Accounting Office,...

What I Would Do About the Crisis If I Ran the Regulatory Zoo.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Paul Muolo Regulation - we can't live with it and we can't live without it. We all know the score and it's not pretty: millions of consumers have lost their homes, investment banks and depositories have taken $500 billion (and...

Moscone West to House Convention.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Bonnie Sinnock The Mortgage Bankers Association's annual convention this year will be held in San Francisco's Moscone Center, specifically "Moscone West," according to the MBA's website. The MBA annual was last held in San...

NexLevel Advisors Says Survival Is About Cutting Costs.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano During turbulent times lenders look to cut costs. Consulting firm NexLevel Advisors thinks lenders at the MBA annual will be looking to technology that can directly impact their bottom line. "As far as...

Neighborhood Has Both Italian and Beat Generation Roots.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Terry Peters What haven for Beat Generation intellectuals also spawned the nation's oldest Italian restaurant? That would be North Beach, a historic San Francisco neighborhood located between Chinatown and Fisherman's Wharf,...

As Seen on TV: Visiting the City's 'Painted Ladies' Homes.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Brad Finkelstein At the end of the open credits of "Full House," a televised situation comedy that can still be seen in repeats, the Tanner family is seen sitting in a park having a picnic in front of a row of Victorian houses. ...

ProVest Plans to Introduce PSO Mobile at the MBA Annual.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Amilda Dymi Responding to growing demand for real time, highly accurate property status updates, ProVest, Tampa, Fla., a provider of technology designed for default law firms, has developed PSO Mobile, a field service management...

Improving Anti-Fraud and Compliance Tech.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano Vendor QuestSoft touts the benefits of offering mortgage lenders a more complete automated approach to both fraud detection and compliance at this year's MBA annual. Along these lines the company is...

Launching a New Means to Verify Borrowers' Employment.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano Realizing that lenders are keenly focused on fraud detection strategies and ensuring the overall integrity of the mortgage process, Rapid Reporting has launched EmploymentChek, a third-party employment...

Aiming to Change Bank-Owned Home Buys.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Ted Cornwell Helping potential homebuyers and investors navigate the process of buying bank-owned homes has become big business, especially given the current state of the housing market. Many websites offer information about...

Helping Lenders Be Proactive About Improvements to Service, Processes.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Bonnie Sinnock Salient seeks to differentiate its outsourcing and technology services for the U.S. mortgage industry by being proactive and providing automation that helps clients efficiently provide the best loans for borrowers...

New Law Seen as Likely to Be the No. 1 Topic at MBA Show.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Jennifer Harmon The Housing Rescue and Foreclosure Prevention Act is likely to be the No. 1 topic discussed at the MBA annual. "The entire country has its eyes on the financial industries, especially in the mortgage industry,...

Wingspan Seeks to Help Turn Around Problem Portfolios.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Ted Cornwell Wingspan Portfolio Advisors, Carrollton, Texas, a mortgage servicing specialist, has opened its doors to assist lenders and servicers plagued by seriously delinquent loans. The service is aimed not only at mitigating...

Xerox Mortgage Services to Continue Pushing 'E'-fficiencies.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano Since announcing its partnership with Wave Systems, Xerox Mortgage Services has gotten considerable traction around electronic signature adoption. At the MBA annual, Xerox will continue to push its "e" initiatives...

Meeting Demands for Accuracy with a 'PPO' Heag Head Head Head Head Head Head Head.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Amilda Dymi Home price declines and the overall mortgage market crisis have put a new spotlight on the need for accurate evaluations and efficient appraisal tools, a demand Zaio Corp. is meeting with the Professional Price Opinion...

Spotlighting Default Issues.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... With the latest MBA delinquency survey showing nearly one in 10 home loans delinquent, it's not surprising that more panel sessions than usual will focus on issues related to default management at this year's show. At least six sessions of...

Area's Dining Choices Named Among the Best in the U.S.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Terry Peters In this year's prestigious James Beard Foundation Award competition for outstanding U.S. restaurant, two of the five nominated restaurants came from San Francisco, reflecting the City by the Bay's prominence in...

eLynx Expects Talk of Fraud and Compliance at MBA Annual.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano Given the government's increased role in the mortgage space, new regulations are expected that will literally reshape the process. Given this trend, eLynx expects attendees of the show to be discussing how to...

Lenders Want Vendors to Address Issues Like FHA, Fraud.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Anthony Garritano This year's MBA is not going to be about lenders being attracted to the latest marketing fluff coming from vendors. This year lenders want solid answers about e-mortgages, FHA, efficiency gains, transparency, risk...

Scheduled Events Include ...(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Please see the Mortgage Bankers Association's website for more complete and up-to-date information. SATURDAY, OCT. 18 MBA Convention Registration Location: Moscone West, Lobby, 1st Floor 8:00 a.m.-5:00 p.m. SUNDAY, OCT....

Bay Area Sports Include National Football League Action.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Brad Finkelstein Many business travelers use some of their down time to take in a local sporting event. The Bay Area is home to two National Football League teams, one National Hockey League franchise, a team in Major League Soccer...

Getting from San Francisco International Airport to BART.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Brad Finkelstein Getting to and from the largest airport servicing this metropolitan area has been made easier through the opening of a Bay Area Rapid Transit station inside one of the terminals in 2003. Before that, there was...

Quinn Circles Back.(MBA's 95th Annual: Convention Special Edition)
October 8, 2008... Byline: Lew Sichelman After he makes his final appearance as chairman of the Mortgage Bankers Association later this month in San Francisco, Kieran Quinn will return to the business he knows best - multifamily financing. "I've spent 20...

EDITORIAL: A Results-Oriented Show.(MBA's 95th Annual: Convention Special Edition)(Editorial)
October 8, 2008... Byline: Mark Fogarty One of the most pleasant conjunctions of the Mortgage Bankers Association's annual meeting is that every four years it is held in San Francisco, just two weeks before the result of the presidential election. An...

MI Volume Slips to New Low.
October 13, 2008... NEW YORK-August was the worst month in terms of total primary new insurance written for the members of the Mortgage Insurance Cos. of America since the organization changed its reporting methodology seven years earlier. Meanwhile, Freddie...

DPA Ban May Be Adding to Crisis.
October 13, 2008... Byline: Amilda Dymi WASHINGTON-A bigger financial crisis has overshadowed the underlying risk and long-term implications of thinning affordable housing options due to limited credit and higher downpayment requirements. Meanwhile, a...

Loan Mods May Gain.
October 13, 2008... Byline: Brian Collins WASHINGTON-Bank of America's settlement agreement to modify nearly 400,000 Countrywide loans may force other major mortgage servicers to adopt similar systematic workout programs in the months ahead. State...

Citi Making Huge Cuts in TPO Story EStory E.
October 13, 2008... NEW YORK-Residential loan brokers received yet another heavy dose of bad news last week with the decision by CitiMortgage - the nation's fourth largest wholesaler - to slash its presence in the sector. In a move that wasn't all that...

GSEs Rescind Fee Hike.
October 13, 2008... Byline: Brian Collins WASHINGTON-Fannie Mae and Freddie Mac have cancelled a scheduled hike in their market risk delivery charges after their regulator - which oversees the two through a government conservatorship - urged them to reduce...

Lending Loss Widens.
October 13, 2008... Byline: Ted Cornwell WASHINGTON-Mortgage companies lost, on average, $560 every time they originated a loan last year, a big increase from the $50 per loan they lost in 2006, according to an annual cost study produced by the Mortgage...

Radian Locks Brokers Out.
October 13, 2008... Byline: Paul Muolo PHILADELPHIA-Radian Guaranty - the nation's third largest mortgage insurance company - is changing its underwriting guidelines, effectively locking loan brokers out of the condominium market. It's believed that...

TARP Seeks Manager.
October 13, 2008... Byline: Brian Collins WASHINGTON-The Treasury will pick its first asset manager this week as the government tries to jump-start a new program to purchase troubled mortgage securities from hundreds of financial institutions. The $700...

Fed Pumps More Money into AIG.
October 13, 2008... NEW YORK-The Federal Reserve has authorized another $37.8 billion in aid for insurance giant American International Group, which continues to struggle with liquidity and capitalization concerns that are partially mortgage related. "Under...

BoA Hammered by Delinquencies.
October 13, 2008... CHARLOTTE, NC-Bank of America saw its credit losses more than double to $6.45 billion in the third quarter, blaming the carnage on delinquent consumer loans, including home mortgages. The bank - whose results now include the Countrywide...

Two-Thirds Meet Relief Criteria.
October 13, 2008... Byline: Amilda Dymi ATLANTA-A recent survey finds the majority of homeowners at risk of foreclosure will qualify for relief under the new federal housing bill that took effect Oct. 1. Consumer Credit Counseling Service of Greater...

CS: Downey's POAs Deteriorate.
October 13, 2008... NEWPORT BEACH, CA-The credit performance of Downey Financial's payment-option ARM portfolio is continuing to deteriorate, according to a new research report released by Credit Suisse. The thrift had $2.03 billion in nonperforming assets in...

FHFA: GSEs Off the Hook on Capital.
October 13, 2008... WASHINGTON-The regulator of Fannie Mae and Freddie Mac has suspended capital classifications for the two GSEs, which have been operating under government control since early September. Both mortgage giants continue to buy loans from their...

Fannie Reaches Out to FHLBs.
October 13, 2008... Byline: Brian Collins WASHINGTON-Fannie Mae has agreed to purchase mortgages originated by members of the Chicago Federal Home Loan Bank and it opens the door for other FHLBanks to offer similar mortgage affinity programs to their members....

Fitch: Mortgage Holdings Could Imperil Life Insurance Firms.
October 13, 2008... Byline: Brad Finkelstein CHICAGO-Fitch Ratings here has downgraded its outlook on the life insurance industry to "negative" from "stable" in large part because of their mortgage and mortgage-related investments. "The dramatic downturn...

Could the Foreclosed Lose Vote?
October 13, 2008... Byline: Amilda Dymi WASHINGTON-The forthcoming presidential election entails an economic and social connection between foreclosures and the vote. Social activists, however, are concerned those who are losing their homes, especially...

FHA's 'H4H' Up and Running.
October 13, 2008... Byline: Brian Collins WASHINGTON-The Department of Housing and Urban Development has launched a special Federal Housing Administration refinancing program mandated by Congress in July as part of a major housing bill, but is unclear how...

Banks, Funds Interested in IndyMac.
October 13, 2008... WASHINGTON-Commercial banks, investment funds and even a reported consortium of hedge funds are interested in making a bid on IndyMac Bancorp of Pasadena, Calif., which is operating under a federal conservatorship. The Federal Deposit...