The Providence Journal reported the following today:
"The loans, which had an aggregate carrying value of $6.6 million as
of Sept. 30, were recently purchased by a newly formed trust affiliated
with The First Marblehead Corp., the parent of Union Federal. The sale raised about $3.7 million for Union Federal, which had
equity capital of $44.4 million following the transaction, according to
Boston-based First Marblehead. The U.S. Office of Thrift Supervision,
which oversees federal savings banks, ordered Union Federal to shrink
its loan portfolio four months ago."
As First Marblehead noted in a press release today, the bank also may be sold:
"As previously announced at First Marblehead's annual meeting of
stockholders, First Marblehead has begun examining strategic alternatives
for Union Federal, including a potential sale."
Finally, on the topic of student loan deals, there is chatter about a $500 million Campus Door portfolio that is currently out on the market.