Flagstar MBIA Reach Settlement in Securities Suit

first_img May 6, 2013 448 Views “”Flagstar Bancorp, Inc.””:https://www.flagstar.com/, and “”MBIA Inc.””:http://www.mbia.com/ announced a settlement between the two companies related to transactions on securities that flopped during the housing crisis.[IMAGE]MBIA made the announcement on behalf of MBIA Insurance Corporation, which “”earlier this year””:https://themreport.com/articles/mbia-sues-flagstar-for-false-mbs-representations-2013-01-15 filed suit against Flagstar for allegedly misrepresenting loans packaged in securities that MBIA insured in 2006 and 2007. The transactions involved approximately $1.1 billion of non-agency securities backed by second-lien loans, according to releases from both companies.Under the terms of the agreement, Flagstar will pay MBIA $110.0 million, an amount “”consistent with [MBIA’s] recovery expectations,”” CEO Jay Brown said. Flagstar does not expect any significant financial impact as a result.””Today’s announcement represents another major milestone in putting legacy challenges behind us,”” said Flagstar president and CEO Michael Tierney. “”We can now focus more time and attention on our national mortgage business and our community banking operations in Michigan.””According to a statement from the company, MBIA will use the cash received to pay a portion of its secured loan from National Public Finance Guarantee Corp. in accordance with its terms.””We will continue to focus on resolving our remaining litigation with other parties so that National Public Finance Guarantee Corp., our U.S. muni-only insurer, can resume its role as a leader in the U.S. public finance insurance market.””MBIA isn’t the only bond insurer to bring action against Flagstar over securities. In February, a “”district judge ruled””:https://themreport.com/articles/judge-flagstar-to-pay-901m-insurer-for-breach-of-warranties-2013-02-06 Flagstar must pay Assured Guaranty $90.1 million for defective securities, a decision the company “”intends to vigorously contest”” in an appeal. Flagstar, MBIA Reach Settlement in Securities Suit in Secondary Marketcenter_img Agents & Brokers Attorneys & Title Companies Investors Lenders & Servicers Mortgage Bonds Mortgage-Backed Securities Service Providers 2013-05-06 Tory Barringer Sharelast_img read more

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first_img May 6, 2013 448 Views “”Flagstar Bancorp, Inc.””:https://www.flagstar.com/, and “”MBIA Inc.””:http://www.mbia.com/ announced a settlement between the two companies related to transactions on securities that flopped during the housing crisis.[IMAGE]MBIA made the announcement on behalf of MBIA Insurance Corporation, which “”earlier this year””:https://themreport.com/articles/mbia-sues-flagstar-for-false-mbs-representations-2013-01-15 filed suit against Flagstar for allegedly misrepresenting loans packaged in securities that MBIA insured in 2006 and 2007. The transactions involved approximately $1.1 billion of non-agency securities backed by second-lien loans, according to releases from both companies.Under the terms of the agreement, Flagstar will pay MBIA $110.0 million, an amount “”consistent with [MBIA’s] recovery expectations,”” CEO Jay Brown said. Flagstar does not expect any significant financial impact as a result.””Today’s announcement represents another major milestone in putting legacy challenges behind us,”” said Flagstar president and CEO Michael Tierney. “”We can now focus more time and attention on our national mortgage business and our community banking operations in Michigan.””According to a statement from the company, MBIA will use the cash received to pay a portion of its secured loan from National Public Finance Guarantee Corp. in accordance with its terms.””We will continue to focus on resolving our remaining litigation with other parties so that National Public Finance Guarantee Corp., our U.S. muni-only insurer, can resume its role as a leader in the U.S. public finance insurance market.””MBIA isn’t the only bond insurer to bring action against Flagstar over securities. In February, a “”district judge ruled””:https://themreport.com/articles/judge-flagstar-to-pay-901m-insurer-for-breach-of-warranties-2013-02-06 Flagstar must pay Assured Guaranty $90.1 million for defective securities, a decision the company “”intends to vigorously contest”” in an appeal. Flagstar, MBIA Reach Settlement in Securities Suit in Secondary Marketcenter_img Agents & Brokers Attorneys & Title Companies Investors Lenders & Servicers Mortgage Bonds Mortgage-Backed Securities Service Providers 2013-05-06 Tory Barringer Sharelast_img read more

Go back to the enewsletter Royal Brunei Airlines i

first_imgGo back to the enewsletterRoyal Brunei Airlines is set to return to Queensland with the launch of services between Brisbane and Brunei from 11 June 2019, after a near eight-year hiatus.The four weekly flights, operating Monday, Wednesday, Thursday and Saturday will bring an additional 62,400 seats into and out of Brisbane Airport (BNE) each year, with a customer-friendly schedule and more choice that will appeal to a wide range of travellers and budgets.The service was acquired for Queensland through a partnership between Brisbane Airport Corporation (BAC) and Tourism Events Queensland, with the support of Queensland State Government’s Attracting Aviation Investment Fund (AAIF).“It is great to welcome Royal Brunei Airlines as Brisbane Airport’s 34th international airline and Bandar Seri Begawan as our 33rd international destination,” said Gert-Jan de Graaff, BAC CEO.“It is also great that new longer-range, narrow-body aircraft such as the A320NEO are now able to make direct flights into Brisbane more viable than ever, an opportunity we are working to expand on in the future,” Mr de Graaff said.Mr Karam Chand, Royal Brunei Airlines CEO, said: “Royal Brunei is delighted to recommence services to Brisbane, a very popular destination for Bruneians and guests from our expanding route network.“We have very good connections from United Kingdom, United Arab Emirates, East Asia and South East Asia to and from Brisbane. Our guests will experience the very best of Bruneian hospitality flying on our fleet of B787 Dreamliners and A320NEOs, one of the youngest fleets in the world with an average fleet age of two years.“We offer great value to our Australian guests and exciting destinations such as Brunei, Kota Kinabalu, Kuching and Ho Chi Minh City, to name a few, which could be packaged as single- or dual-destination holidays.Premier Annastacia Palaszczuk said securing flights to Brisbane with the international carrier was a win for Queensland.“This new service will allow us to welcome more tourists from the United Kingdom – Queensland’s third largest international market – connecting via Bandar Seri Begawan, which is a hub for international travellers.”Acting Tourism Industry Development Minister Di Farmer said the new route was secured through the Palaszczuk Government’s Attracting Aviation Investment Fund (AAIF).Royal Brunei Airline’s network covers a number of South East Asian and East Asian markets, as well as two ports in the Middle East and London Heathrow, increasing access to and from destinations such as Ho Chi Minh City, Jakarta, Taipei, Tokyo and Seoul, as well as a new one-stop travel option to the UK.Passengers will enjoy the comfort of Royal Brunei’s A320NEO aircraft offering 12 Business and 138 Economy seats, with the proposed launch schedule (subject to change) currently scheduling the flight’s arrival into Brisbane at 4:45am and departing 5:30pm the same day.Go back to the enewsletterlast_img read more

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first_imgGo back to the enewsletterRoyal Brunei Airlines is set to return to Queensland with the launch of services between Brisbane and Brunei from 11 June 2019, after a near eight-year hiatus.The four weekly flights, operating Monday, Wednesday, Thursday and Saturday will bring an additional 62,400 seats into and out of Brisbane Airport (BNE) each year, with a customer-friendly schedule and more choice that will appeal to a wide range of travellers and budgets.The service was acquired for Queensland through a partnership between Brisbane Airport Corporation (BAC) and Tourism Events Queensland, with the support of Queensland State Government’s Attracting Aviation Investment Fund (AAIF).“It is great to welcome Royal Brunei Airlines as Brisbane Airport’s 34th international airline and Bandar Seri Begawan as our 33rd international destination,” said Gert-Jan de Graaff, BAC CEO.“It is also great that new longer-range, narrow-body aircraft such as the A320NEO are now able to make direct flights into Brisbane more viable than ever, an opportunity we are working to expand on in the future,” Mr de Graaff said.Mr Karam Chand, Royal Brunei Airlines CEO, said: “Royal Brunei is delighted to recommence services to Brisbane, a very popular destination for Bruneians and guests from our expanding route network.“We have very good connections from United Kingdom, United Arab Emirates, East Asia and South East Asia to and from Brisbane. Our guests will experience the very best of Bruneian hospitality flying on our fleet of B787 Dreamliners and A320NEOs, one of the youngest fleets in the world with an average fleet age of two years.“We offer great value to our Australian guests and exciting destinations such as Brunei, Kota Kinabalu, Kuching and Ho Chi Minh City, to name a few, which could be packaged as single- or dual-destination holidays.Premier Annastacia Palaszczuk said securing flights to Brisbane with the international carrier was a win for Queensland.“This new service will allow us to welcome more tourists from the United Kingdom – Queensland’s third largest international market – connecting via Bandar Seri Begawan, which is a hub for international travellers.”Acting Tourism Industry Development Minister Di Farmer said the new route was secured through the Palaszczuk Government’s Attracting Aviation Investment Fund (AAIF).Royal Brunei Airline’s network covers a number of South East Asian and East Asian markets, as well as two ports in the Middle East and London Heathrow, increasing access to and from destinations such as Ho Chi Minh City, Jakarta, Taipei, Tokyo and Seoul, as well as a new one-stop travel option to the UK.Passengers will enjoy the comfort of Royal Brunei’s A320NEO aircraft offering 12 Business and 138 Economy seats, with the proposed launch schedule (subject to change) currently scheduling the flight’s arrival into Brisbane at 4:45am and departing 5:30pm the same day.Go back to the enewsletterlast_img read more