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2009-07-02 — yahoo.com
United Western receives $378,000 for $47.3 million of mortgage-backed securities, backed primarily by option ARM loans:
United Western Bancorp, Inc., a Denver-based holding company whose principal subsidiary, United Western Bank® (the “Bankâ€), is a community bank focused on expansion across Colorado’s Front Range market and selected mountain communities, today announced that the Bank sold mortgage-backed securities with an unpaid principal balance of $47.3 million of lower tranche mortgage backed securities secured primarily by “option-adjustable-rate†mortgage loans (the “Option ARM Securitiesâ€) to an unaffiliated third party. Total consideration received for the Option ARM Securities was $378,000. As a result of the disposition, the Company expects to record a pretax loss on sale of $47 million, or approximately $29.8 million net of tax. source article | permalink | discuss | subscribe by: | RSS | email Comments: Be the first to add a comment add a comment | go to forum thread Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately. |