CIT Closes $667 Million TALF-Eligible Equipment Lease Securitization

CIT Group Inc. (NYSE: CIT – News), a leading provider of financing to small businesses and middle market companies, today announced that it closed a $667 million equipment lease securitization. The Class A Notes issued constitute eligible collateral under the Federal Reserve Bank of New York Term Asset-Backed Securities Loan Facility (TALF).

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CIT sold six classes of fixed rate notes in a private offering (Regulation S and Rule 144A) backed by a pool of equipment leases originated by CIT Vendor Finance. The weighted average fixed coupon is 3.31%, which represents a weighted average credit spread of 2.20% over benchmark swap rates for the six classes of notes. The securitization had a net advance rate of 89.5%. All but $50 million of the offering was sold to investors that did not use financing under the TALF program. [Read the full article]

The First Marblehead Corporation (NYSE:FMD – News) today announced that it has been notified by the Office of Thrift Supervision (OTS) that, effective March 10, 2010, the OTS has terminated the Supervisory Agreement between First Marblehead and the OTS, which was made effective on July 2, 2009.

In connection with this termination, First Marblehead’s Board of Directors adopted resolutions requiring First Marblehead to continue to support the implementation by its subsidiary bank, Union Federal Savings Bank (Union Federal), of its business plan, so long as Union Federal is owned or controlled by First Marblehead, and to notify the OTS in advance of any distributions to First Marblehead shareholders in excess of $1 million per fiscal quarter and any incurrence or guarantee of debt in excess of $5 million.

As previously announced, First Marblehead is examining strategic alternatives for Union Federal, including a potential sale. [Read the full article]

The Work Number announced today that social security number verification can be easily fulfilled using its DirectChek identity fraud solution, a product offering from the recent acquisition of The Rapid Reporting Company. DirectChek assists lenders in meeting the new identity requirements issued by Fannie Mae’s Loan Quality Initiative (LQI), which are designed to ensure loans meet the government-sponsored enterprise’s credit and eligibility guidelines.

Fannie Mae’s new guidelines were established to improve compliance with underwriting and eligibility guidelines and mitigate repurchase risk.  A primary focus of the new guidelines is capturing critical loan data earlier in the process and validating it before, during and immediately after loan delivery.  Part of this process includes verifying a borrower’s social security number. [Read the full article]

AMERICREDIT CORP. (NYSE: ACF – News) today announced selection of its primary philanthropic initiatives, or “Signature Events,” for 2010: March of Dimes, Salvation Army and United Way. AmeriCredit’s Canadian team members will support the Salvation Army, United Way, and the Canadian Cystic Fibrosis Foundation.

“AmeriCredit has always stressed the importance of giving back to the community,” said AmeriCredit President and CEO Dan Berce. “Our employees generously give their time and resources to help out organizations that assist those in need. We are proud of our employees and the success of our community investment initiatives.”

AmeriCredit’s philanthropic initiatives were chosen based on employee interest, breadth of communities and people served, and availability of volunteer opportunities for its team members. [Read the full article]

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