Student Loan - Loans and Debt Consolidation

OTS LIFTS ORDER ON FIRST MARBLEHEAD S BANK UNIT BUSINESSWEEK

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The Associated Press March 9, 2010, 1:09PM ET

First Marblehead reaffirmed that it is looking for strategic alternatives, including a possible sale, for Union Federal Savings Bank.

Last July, the OTS forced Union Federal Savings Bank to stop making loans because First Marbleheads capital position was too reliant on packaging private loans to sell to investors. At that time, the OTS said Union Federal Savings Bank had to either boost capital or sell off its private student loan portfolio.

The asset-backed securities market nearly evaporated during the peak of the credit crisis in late...[more]