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USB Must Use Loan Mods for Downey.(Managing REO)(U.S. Bancorp of Minneapolis )(Brief article)
Newport Beach, Cal. -U.S. Bancorp of Minneapolis will have to use FDIC-sanctioned loan modification programs for troubled mortgages at two thrifts it acquired in late November.
One of the thrifts, Downey Savings and Loan here, was a top 40 ranked residential lender, and once a large player in alt-A, payment-option ARMs and subprime.
The thrift had $2.03 billion in nonperforming assets as of early fall, representing 14.68% of its total holdings.
...
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