The mortgage banking remnants of a bank that failed during the depths of the financial crisis have been scooped up by one of the nation’s biggest lenders.

In late 2009, the =Office of Thrift Supervision seized and closed down AmTrust Bank. The Cleveland-based financial institution was a big wholesale lender.

The Federal Deposit Insurance Corp., which was appointed conservator of AmTrust by the OTS, accepted a bid by New York Community Bank to acquire the failed bank.

Source: Mortgage Daily