Arnold & Porter Assists Aurora Bank in Sale of Servicing Assets to Nationstar Mortgage
New York, NY -- On March 6, 2012, Arnold & Porter LLP's financial services group helped secure a definitive agreement to sell approximately $63 billion in residential mortgage servicing assets for Aurora Bank FSB ("Aurora") to Nationstar Mortgage LLC. Aurora, a subsidiary of Lehman Brothers Bancorp, Inc., is the 19th largest servicer of residential mortgages in the U.S., according to industry trade publication, Inside Mortgage Finance. The deal is estimated to close during the second quarter of 2012, subject to regulatory and third party approvals. Arnold & Porter has been advising Aurora Bank on the sale of its assets including residential mortgage servicing, the bank's largest asset, following the firm's representation of the Bank in its court-approved settlement with Lehman Brothers Holdings in November 2010. The team representing Aurora on the sale was headed by partner Robert C. Azarow and counsel Stephanie G. Nygard, and included partners Brian C. McCormally, John J. Busillo, David S. Berg, Edward W. Bright, Cynthia D. Mann, James W. Cooper and Paul D. Freshour, and counsel David G. Dargatis and Stephen Marsh, all of whom are located in the firm's New York and Washington offices.
Widely acknowledged as one of the nation's leading financial services practices, the Arnold & Porter team of more than 35 lawyers provides US and international financial institution clients with comprehensive regulatory, litigation, legislative and transactional services. The practice group handles complex regulatory and transactional issues, represents clients in legislative matters, including Congressional hearings and investigations, and litigates cases involving the financial services industry at the administrative level and in state and federal courts, including the U.S. Supreme Court.