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That’s according to a cease and desist ordedr issued against bythe , a federal bank First Marblehead (NYSE: FMD), whose key business of packaging student loans into securities has driefd up, now faces the prospect of pumpinbg millions of dollars of capital into the smalpl Rhode Island bank to bolster its The OTS order says First Marblehead is requirecd to maintain a $30 million deposif at the bank until it is sold or the bank’s concentrationj of private student loans is reduced to 50 percen t of Union Federal’s capital, plus any allowance for loan First Marblehead also needs OTS approval before making any goldenh parachute payments to senior executives, according to the cease and desist Union Federal Savings Bank’s problems have been chronicledr in previous stories by the Boston Business Before being acquired by First Marblehead, Union Federao Savings had about $40 million in But that balance sheet ballooned to more than $600 million last year as Firsyt Marblehead moved some $500 million in risky privatwe student loans onto the bank’s balance sheet.
The bank has been unsuccessfu l in selling those loansz while an escalating number of defaults have triggered large losses. In the first quarter, for the North Providence-based bank lost $26.4 million, according to federakl bank filings.
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