What We're Hearing

We keep hearing talk that American International Group is going to peel off and securitize another chunk of the $9 billion non-prime whole loan portfolio belonging to its American General Financial Services unit in Indiana. But will the now-publicly traded PennyMac get a piece of the deal like it did last time? (Its stock has floundered since its IPO.) Meanwhile, Guaranty Bank of Texas is expected to be taken over by the government and then sold. Guaranty announced its intentions to exit the warehouse lending business earlier this year but still has a few lines open. And in one other warehouse note, Bank of America has sued the troubled Colonial Bancgroup (the nation’s largest warehouse lender) seeking the return of $1 billion in collateral. BoA is the collateral agent for $1 billion in loans made to Ocala Funding LLC, a commercial paper vehicle sponsored by (are you ready for this?) Taylor, Bean & Whitaker. TBW – once thought to be a white knight for Colonial – is expected to file for bankruptcy protection shortly...