Servicing Symposium Addressing Issues Facing the Servicing Industry Right Now
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Dexia Credit Local LEHMAN BROTHERS
OFFICIAL STATEMENT DATED MAY 31, 2006 NEW ISSUE RATINGS: FITCH: AAA/F1+ MOODY’S: Aaa/VMIG1 S&P: AAA/A-1+ BOOK-ENTRY ONLY In the opinion of Bond Counsel, assuming continuous compliance with certain covenants described herein, and subject to the conditions stated herein under “Tax Exemptions,” under existing law, (a) the interest on the Notes is excludable from gross income for Federal income tax purposes, and (b) the interest on the Notes is not an enumerated preference or adjustment for purposes of the Federal alternative minimum tax imposed on individuals and corporations; however, such interest will be taken into account in determining adjusted current earnings for the purpose of computing the alternative minimum tax imposed on corporations, and may be subject to the branch profits tax imposed on foreign corporations engaged in a trade or business in the United States. As described herein under “Tax Exemptions,” other Federal income tax consequences may arise from ownership of the Notes. It is also the opinion of Bond Counsel that, under existing law of the State of Maryland, the interest on the Notes and profit realized from the sale or exchange of the Notes is exempt from income taxation by the State of Maryland or by any of its political subdivisions; however, the law of the State of Maryland does not expressly refer to, and no opinion is expressed concerning, estate or inheritance taxes or any other taxes not levied directly on the Notes or the interest thereon. $50,000,000 MONTGOMERY COUNTY, MARYLAND CONSOLIDATED PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES, 2006 SERIES A Dated: Date of Issuance Due: June 1, 2026 Price: 100% CUSIP No. -
Citi Acquisition of Wachovia's Banking Operations
Citi Acquisition of Wachovia’s Banking Operations September 29, 2008 Transaction Structure Transaction Citi acquires Wachovia’s retail bank, corporate and investment bank and private bank Details businesses – Citi pays $2.2 billion to Wachovia in Citi common stock – Citi assumes substantially all of Wachovia’s debt; preferred stock excluded – Wachovia remains a publicly-traded holding company consisting of its retail brokerage and asset management businesses Capital Citi expects to raise $10 billion in common equity from the public markets Citi issues preferred stock and warrants to FDIC with a fair value of $12 billion at closing, accounted for as GAAP equity with full Tier 1 and leverage ratio benefit Quarterly dividend reduced to $0.16 per share immediately Regulatory capital relief on substantially all of the $312 billion of loss protected assets Risk Mitigation Citi enters loss protection arrangement with the FDIC on $312 billion of loss protected assets; maximum potential Citi losses of $42 billion – Citi is responsible for the first $30 billion of losses, recorded at closing through purchase accounting – Citi is responsible for the next $12 billion of losses, up to a maximum of $4 billion per year for the next three years – FDIC is responsible for any additional losses – Citi issues preferred stock and warrants to FDIC with a fair value of $12 billion at closing Approvals FDIC approved; subject to formal Federal Reserve approval and Wachovia shareholder approval Closing Anticipated by December 31, 2008 1 Terms of Loss Protection -
Lista Banków Przyjmujących Przelewy Europejskie (Stan Na 01.10.2010)
Lista banków przyjmujących przelewy Europejskie (stan na 01.10.2010) BELGIUM ING BELGIUM SA/NV BBRUBEBB FORTIS BANK NV/SA GEBABEBB DEXIA BANK BELGIUM N.V GKCCBEBB KBC BANK NV BRUSSELS KREDBEBB LA POST SA DE DROIT PUBLIC PCHQBEBB AACHENER BANK EG, FILIALE EUPEN AACABE41 ABN AMRO BANK (BRUSSELS BRANCH) BELGIUM ABNABEBR ABK ABERBE21 ANTWERPSE DIAMANTBANK NV ADIABE22 ARGENTA SPAARBANK NV ARSPBE22 AXA BANK NV AXABBE22 BANK OF BARODA BARBBEBB BANCO BILBAO VIZCAYA ARGENTARIA BRUSSELS BBVABEBB BANQUE CHAABI DU MAROC BCDMBEB1 BKCP BKCPBEB1 CREDIT PROFESSIONNEL SA (BKCP) BKCPBEBB BANCA MONTE PASCHI BELGIO BMPBBEBB DELTA LLOYD BANK SA BNAGBEBB BNP PARIBAS BELGIQUE BNPABEBB BANK OF AMERICA, ANTWERP BRANCH BOFABE3X BANK OF TOKYO MITSUBISHI NV BOTKBEBX BANK VAN DE POST BPOTBEB1 SANTANDER BENELUX BSCHBEBB BYBLOS BANK EUROPE BYBBBEBB JP MORGAN CHASE BANK BRUSSELS CHASBEBX CITIBANK INTERNATIONAL PLC CITIBEBX COMMERZBANK AG, ANTWERPEN COBA COBABEBB COMMERZBANK BELGIEN N.V/S.A. COBABEBB COMMERZBANK AG, BRUSSELS COBABEBX BANQUE CREDIT PROFESSIONEL DU HAINAUT SCRL CPDHBE71 CBC BANQUE SA BRUXELLES CREGBEBB CITIBANK BELGIUM SA CTBKBEBX BANK DEGROOF SA DEGRBEBB BANK DELEN NV DELEBE22 DEUTSCHE BANK BRUSSELS DEUTBEBE DRESDNER BANK BRUSSELS BRANCH DRESBEBX ETHIAS BANK NV ETHIBEBB EUROPABANK NV EURBBE99 VAN LANSCHOT BANKIERS BELGIË NV FVLBBE22 GOFFIN BANK NV GOFFBE22 HABIB BANK LTD BELGIUM HABBBEBB MERCATOR BANK NV HBKABE22 HSBC BANK PLC BRUSSELS HSBCBEBB THE BANK OF NEW YORK, BRUSSELS BRANCH IRVTBEBB BANK J. VAN BREDA JVBABE22 KBC ASSET MANAGEMENT KBCABEBB KBC FINANCIAL -
Vulnerable Banks
Vulnerable Banks Robin Greenwood Harvard University and NBER Augustin Landier Toulouse School of Economics David Thesmar HEC Paris and CEPR First draft: October 2011 Current draft: October 2012 Abstract When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If asset sales occur at depressed prices, then one bank’s sales may impact other banks with common exposures, resulting in contagion. We propose a simple framework that accounts for how this effect adds up across the banking sector. Our framework explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank exposures to system-wide deleveraging, as well as the spillover of a single bank’s deleveraging onto other banks. We use the model to evaluate a variety of crisis interventions, such as mergers of good and bad banks, and equity injections. We apply the framework to European banks vulnerable to sovereign risk in 2010 and 2011. We are grateful to Tobias Adrian, Laurent Clerc, Linda Goldberg, Sam Hanson, Anil Kashyap, Yueran Ma, Jamie McAndrews, Thomas Philippon, Carmen Reinhart, Andrei Shleifer, Jeremy Stein, Adi Sunderam, and seminar participants at the Federal Reserve Bank of New York, Federal Reserve Board of Governors, TSE-Banque de France conference in Paris, Harvard, Sciences-Po, Zûrich and the NBER International and Risks of Financial Institutions conferences for their input. I. Introduction Financial stress experienced by banks can contaminate other banks and spiral into a shock that threatens the broader financial system: this is systemic risk. -
1 United States District Court District of Massachusetts
Case 1:16-cv-10482-ADB Document 70 Filed 08/01/18 Page 1 of 19 UNITED STATES DISTRICT COURT DISTRICT OF MASSACHUSETTS GERARD M. PENNEY and * DONNA PENNEY, * * Plaintiffs, * * v. * Civil Action No. 16-cv-10482-ADB * DEUTSCHE BANK NATIONAL TRUST * COMPANY, et al., * * Defendants. * * MEMORANDUM AND ORDER ON MOTIONS FOR SUMMARY JUDGMENT BURROUGHS, D.J. Plaintiffs Gerard M. Penney and Donna Penney initiated this lawsuit against Deutsche Bank National Trust Company as trustee of the Soundview Home Loan Trust 2005-OPT3 (“Deutsche Bank”) and Ocwen Loan Servicing, LLC (“Ocwen”) to stop a foreclosure on their home. On March 15, 2017, the Court dismissed all of the Plaintiffs’ claims in the Amended Complaint [ECF No. 21], except for the request in Count I for a declaratory judgment that the mortgage at issue is unenforceable against Donna and therefore a foreclosure cannot proceed. [ECF No. 39]. Deutsche Bank then filed counterclaims for fraud (Count I against Gerard), negligent misrepresentation (Count II against Donna), equitable subrogation (Count III against the Plaintiffs), and declaratory judgment (Count IV against the Plaintiffs). [ECF No. 55]. Currently pending before the Court are Ocwen’s motion for summary judgment on Count I of the Amended Complaint [ECF No. 57], and Deutsche Bank’s motion for partial summary judgment on Counts III and IV of the counterclaims [ECF No. 60].1 For the reasons stated below, 1 Deutsche Bank also joins Ocwen’s motion for summary judgment. [ECF Nos. 63, 64]. 1 Case 1:16-cv-10482-ADB Document 70 Filed 08/01/18 Page 2 of 19 Ocwen’s motion is DENIED and Deutsche Bank’s motion is GRANTED in part and DENIED in part. -
Border Crossing: How a U.K. Banker Helps U.S. Clients Trim Their Taxes
Border Crossing: How a U.K. Banker Helps U.S. Clients Trim Their Taxes --- Deals Devised by Roger Jenkins Of Barclays Capital Lift Own Firm's Fortunes, Too --- Paid Once, Credited Twice ---- By Carrick Mollenkamp and Glenn R. Simpson The Wall Street Journal via Dow Jones, 30 June 2006 LONDON -- At Barclays PLC, a British bank steeped in 300 years of tradition, the work of a team led by banker Roger Jenkins is far from traditional. For instance, in 2003 his team set up a company with no employees, no products and no customers -- just a mailing address in Delaware and a slate of British directors, mostly employees of his office. It was co-owned by Barclays and U.S. bank Wachovia Corp. The following year, according to documents filed in the United Kingdom, the jointly owned company had $317 million in profits. It paid U.K. taxes on them. Barclays and Wachovia were both able to claim credit for paying all of the tax. This was one of at least nine such structures Mr. Jenkins and his team have set up involving U.S. banks, which also included Wells Fargo & Co. and Bank of America Corp. The complex transactions involve a strategy called tax arbitrage, which plays off one nation's tax system against another to reduce the banks' tax bills. Barclays is the leader in this esoteric field. It collects hundreds of millions of dollars in revenue generated by Mr. Jenkins's group. His team of lawyers and bankers has helped turn Barclays from a sleepy Main Street lender into an investment-banking power. -
Exhibit 13 (Financials) of the 2019 Annual Report
Exhibit 13 Financial Review 30 Overview 144 5 Available-for-Sale and Held-to-Maturity Debt Securities 34 Earnings Performance 151 6 Loans and Allowance for Credit Losses 51 Balance Sheet Analysis 165 7 Leasing Activity 54 Off-Balance Sheet Arrangements 167 8 Equity Securities 56 Risk Management 169 9 Premises, Equipment and Other Assets 87 Capital Management 170 10 Securitizations and Variable Interest Entities 93 Regulatory Matters 180 11 Mortgage Banking Activities 96 Critical Accounting Policies 182 12 Intangible Assets 100 Current Accounting Developments 183 13 Deposits 102 Forward-Looking Statements 184 14 Short-Term Borrowings 103 Risk Factors 185 15 Long-Term Debt Guarantees, Pledged Assets and Collateral, and Other 187 16 Commitments Controls and Procedures 192 17 Legal Actions 119 Disclosure Controls and Procedures 196 18 Derivatives 119 Internal Control Over Financial Reporting 207 19 Fair Values of Assets and Liabilities Management’s Report on Internal Control over 119 Financial Reporting 227 20 Preferred Stock Report of Independent Registered Public 120 Accounting Firm 230 21 Common Stock and Stock Plans 233 22 Revenue from Contracts with Customers Financial Statements 236 23 Employee Benefits and Other Expenses 121 Consolidated Statement of Income 243 24 Income Taxes Consolidated Statement of Comprehensive 122 Income 245 25 Earnings and Dividends Per Common Share 123 Consolidated Balance Sheet 246 26 Other Comprehensive Income 124 Consolidated Statement of Changes in Equity 248 27 Operating Segments 128 Consolidated Statement -
Wachovia Bank, NA V. Burke
NORTH CAROLINA BANKING INSTITUTE Volume 10 | Issue 1 Article 7 2006 Wachovia Bank, N.A. v. Burke: Preemption of State Law with Respect to National Bank Operations Subsidiaries Russell J. Andrew Follow this and additional works at: http://scholarship.law.unc.edu/ncbi Part of the Banking and Finance Law Commons Recommended Citation Russell J. Andrew, Wachovia Bank, N.A. v. Burke: Preemption of State Law with Respect to National Bank Operations Subsidiaries, 10 N.C. Banking Inst. 109 (2006). Available at: http://scholarship.law.unc.edu/ncbi/vol10/iss1/7 This Notes is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North Carolina Banking Institute by an authorized administrator of Carolina Law Scholarship Repository. For more information, please contact [email protected]. Notes and Comments Wachovia Bank, N.A. v. Burke: Preemption of State Law With Respect to National Bank Operating Subsidiaries I. INTRODUCTION With its roots grounded in the Supremacy Clause of the United States Constitution, the preemption doctrine has been used by national banks for over 140 years to avoid following dozens of distinct sets of state banking regulations.' Currently, however, there is a growing national debate over the scope of preemption and the extent to which 2 national banks are authorized to preempt state laws. One area in particular where this debate is emerging is that of national bank operating subsidiaries. Are national banks operating subsidiaries, like their national bank parents, exempt from following 3 state regulations as a result of preemption? This was precisely the question presented to the U.S. -
Wells Fargo & Company and Wachovia Merger & Acquisition
FINAL TRANSCRIPT WFC - Wells Fargo & Company and Wachovia Merger & Acquisition Announcement Event Date/Time: Oct. 03. 2008 / 9:30AM ET www.streetevents.com Contact Us © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT Oct. 03. 2008 / 9:30AM, WFC - Wells Fargo & Company and Wachovia Merger & Acquisition Announcement CORPORATE PARTICIPANTS Dick Kovacevich Wells Fargo - Chairman Bob Steel Wachovia - President & CEO John Stumpf Wells Fargo - President & CEO Howard Atkins Wells Fargo - CFO Bob Strickland Wells Fargo - IR CONFERENCE CALL PARTICIPANTS Matt O©Connor UBS Securities - Analyst Nancy Bush NAB Research - Analyst Mike Mayo Deutsche Bank - Analyst Chris Mutascio Stifel Nicolaus & Co. - Analyst Brian Foran Goldman Sachs & Co. - Analyst Jason Goldberg Barclays Capital - Analyst John McDonald Sanford Bernstein & Co. - Analyst Mike Holton The Boston Company - Analyst Cory Gilchrist Marsh Company - Analyst David Hilder Putnam Investments - Analyst PRESENTATION Operator Greetings, ladies and gentlemen, and welcome to the Wells Fargo conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Dick Kovacevich, Chairman of Wells Fargo. Thank you. You may begin. www.streetevents.com Contact Us 1 © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. -
H. Rodgin Cohen – Partner New York
H. Rodgin Cohen – Partner New York H. Rodgin Cohen joined Sullivan & Cromwell LLP in 1970 after graduating from Harvard College (B.A., magna cum laude 1965) and Harvard Law School (LL.B. 1968). He became a partner of the firm in 1977 and Chairman of the firm in July 2000. The primary focus of Rodgin Cohen’s practice has been regulatory, acquisitions and securities laws matters for domestic and foreign banking and other financial institutions. He also represents The Clearing House Association, which is the association of the 11 major U.S. banks. Mr. Cohen has worked on a wide variety of bank regulatory matters with the four banking regulatory agencies, as well as other governmental agencies, on behalf of many of the largest U.S. and non-U.S. financial institutions, and The Clearing House. These matters have included bank product and geographic powers, the Bank Secrecy Act and money laundering, restrictions on bank operations, insurance of bank deposits and the Community Reinvestment Act. He was a member of the Group of 30 Study Groups on “Financial Institution Reporting” (2003) and on “Global Institutions, National Supervision and Systemic Risk” (1997) and the New York Superintendent’s Advisory Committee on Transnational Banking Institutions (1992) and participated in the bank negotiations to free the Iranian hostages. In the acquisitions area, Mr. Cohen has been engaged in most of the major bank acquisitions in the United States, including Wachovia-SouthTrust, Chase-Bank One, First Union-Wachovia, U.S. Bancorp-Firstar, Wells Fargo-Norwest, Wells Fargo-First Interstate, Chemical-Chase, First Union-First Fidelity, Key-Society, NationsBank-C&S, and Bank of New York-Irving, as well as numerous other acquisitions. -
HSBC HOLDINGS PLC Annual Report and Accounts 1996
HSBC HOLDINGS PLC Annual Report and Accounts 1996 Financial Highlights 1995 1996 1996 1996 £m For the year £m HK$m US$m 3,672 Profit before tax 4,524 54,641 7,066 2,462 Profit attributable 3,112 37,587 4,861 843 Dividends 1,090 13,165 1,703 At year-end 13,387 Shareholders’ funds 15,187 199,859 25,833 21,324 Capital resources 23,486 309,076 39,950 162,814 Customer accounts and deposits by banks 169,179 2,226,396 287,773 226,818 Assets 236,553 3,113,037 402,377 145,218 Risk-weighted assets 153,488 2,019,902 261,083 Pence Per share Pence HK$ US$ 94.01 Earnings 117.61 14.20 1.84 93.89 Headline earnings 115.42 13.94 1.80 32.00 Dividends 41.00 5.40* 0.70* 508.05 Net asset value 570.73 75.11 9.71 Number of ordinary shares in issue at year-end 1,775m HK$10 1,791m 860m £0.75 870m % Ratios % 20.7 Return on average shareholders’ funds 21.3 1.28 Post-tax return on average assets 1.45 Capital ratios 14.7 — total capital 15.3 9.5 — tier 1 capital 9.9 55.6 Cost:income ratio 52.9 * The dividends per share figures are translated at the closing rate. Shareholders who receive dividends in Hong Kong dollars received a first interim dividend of HK180.9 cents per share. The second interim dividend of 26 pence per share will, where required, be converted into Hong Kong dollars at the exchange rate on 22 April 1997. -
2015 Annual Report
2015 ANNUAL REPORT 2015 Walker & Dunlop 2015 Annual Report As one of the largest commercial real estate lenders in the United States, Walker & Dunlop has differentiated itself from the competition through its deep industry knowledge, experienced team of financing professionals, scaled lending platform, and exceptional customer service. Since going public at the end of 2010, we have delivered strong, consistent shareholder returns and outperformed the broader markets. The past five years have brought significant changes to Walker & Dunlop that have made us a larger and more dynamic firm today, but our customer-centric approach and commitment to delivering shareholder value are still at the heart of all we do. 5 Years Publicly Held Company 25 Offices +500 Employees Walker&Dunlop 2015 Annual Report We successfully integrated four companies, which allowed us to meet the needs of the market, expand our client base, and grow our footprint without compromising the culture and expertise that our clients have come to expect from Walker & Dunlop. William M. Walker Chairman & CEO DEAR FELLOW SHAREHOLDERS: I joined Walker & Dunlop in 2003, just as the com- acquire certain assets of Column Guaranteed from mercial real estate industry was at the beginning of Credit Suisse, doubling the size of Walker & Dunlop a multi-year run—heavy investment and strong and making us one of the largest multifamily lenders growth created excellent market conditions for in the country. owners, developers, and service providers. Yet the In 2010, we raised capital through our Initial Public firms with scaled national platforms generally grew Offering, and between 2010 and 2015, we carefully faster, and benefitted more, from the robust market strengthened, scaled and diversified our lending plat- environment.