Exhibit 10.1

UNITED STATES OF AMERICA

DEPARTMENT OF THE TREASURY

COMPTROLLER OF THE CURRENCY

 

In the Matter of:   ) Flagstar Bank, FSB   ) Troy, Michigan   )

STIPULATION AND CONSENT TO THE ISSUANCE

OF A CONSENT ORDER

WHEREAS, the Comptroller of the Currency of the United States of America
(“Comptroller” or “OCC”) intends to initiate cease and desist proceedings
against Flagstar Bank, FSB, Troy, Michigan (“Bank”), pursuant to 12 U.S.C. §
1818(b) through the issuance of a Notice of Charges, for unsafe and unsound
banking practices relating to capital, liquidity, credit risk management, loan
review practices, concentrations, compliance management, and violations of law.

WHEREAS, the Bank, in the interest of compliance and cooperation, and without
admitting or denying any wrongdoing, consents to the issuance of a Consent
Order, dated October 23, 2012 (“Order”);

NOW THEREFORE, the Comptroller, through his authorized representative, and the
Bank, through its duly elected and acting Board of Directors, hereby stipulate
and agree to the following:

ARTICLE I

Jurisdiction

(1) The Bank is a Federal Savings Association examined by the Comptroller
pursuant to the Home Owners’ Loan Act of 1933, as amended, 12 U.S.C. § 1461 et.
seq.

 

1

--------------------------------------------------------------------------------

(2) The Bank is a “savings association” within the meaning of 12 U.S.C. §§
1813(b) and 1462(2). Accordingly, the Bank is an “insured depository
institution” within the meaning of 12 U.S.C. §§ 1813(c) and 1818(b)(1).

(3) The Comptroller is “the appropriate Federal banking agency” regarding the
Bank pursuant to 12 U.S.C. §§ 1813(q) and 1818(b).

ARTICLE II

Agreement

(1) The Bank acknowledges that said Order shall be deemed an “order issued with
the consent of the depository institution” as defined in 12 U.S.C. § 1818(h)(2),
and consents and acknowledges that said Order shall become effective upon its
issuance and shall be fully enforceable by the Comptroller under the provisions
of 12 U.S.C. § 1818(i). Notwithstanding the absence of mutuality of obligation,
or of consideration, or of a contract, the Comptroller may enforce any of the
commitments or obligations herein undertaken by the Bank under his supervisory
powers, including 12 U.S.C. § 1818(i), and not as a matter of contract law. The
Bank expressly acknowledges that neither the Bank nor the Comptroller has any
intention to enter into a contract.

(2) The Bank also expressly acknowledges that no officer or employee of the
Comptroller has statutory or other authority to bind the United States, the U.S.
Treasury Department, the Comptroller, or any other federal bank regulatory
agency or entity, or any officer or employee of any of those entities to a
contract affecting the Comptroller’s exercise of his supervisory
responsibilities.

 

2

--------------------------------------------------------------------------------

ARTICLE III

Waivers

(1) The Bank, by signing this Stipulation and Consent, hereby waives:

 

  (a) the issuance of a Notice of Charges pursuant to 12 U.S.C. § 1818(b);

 

  (b) any and all procedural rights available in connection with the issuance of
the Order;

 

  (c) all rights to a hearing and a final agency decision pursuant to 12 U.S.C.
§ 1818(i) and 12 C.F.R. Part 109;

 

  (d) all rights to seek any type of administrative or judicial review of the
Order; and

 

  (e) any and all rights to challenge or contest the validity of the Order.

ARTICLE IV

Other Action

(1) The Bank agrees that the provisions of this Stipulation and Consent shall
not inhibit, estop, bar, or otherwise prevent the Comptroller from taking any
other action affecting the Bank if, at any time, it deems it appropriate to do
so to fulfill the responsibilities placed upon it by the several laws of the
United States of America.

 

3

--------------------------------------------------------------------------------

IN TESTIMONY WHEREOF, the undersigned, authorized by the Comptroller as his
representative, has hereunto set his hand on behalf of the Comptroller.

 

/s/ William D. Haas

   

October 23, 2012

William D. Haas     Date Deputy Comptroller     Midsize Bank Supervision    

 

4

--------------------------------------------------------------------------------

IN TESTIMONY WHEREOF, the undersigned, as the duly elected and acting Board of
Directors of the Bank, have hereunto set their hands on behalf of the Bank.

 

/s/ Joseph Campanelli

   

October 10, 2012

Joseph Campanelli     Date

/s/ Walter Carter

   

October 10, 2012

Walter Carter     Date

/s/ Gregory Eng

   

October 10, 2012

Gregory Eng     Date

/s/ Jay Hansen

   

October 10, 2012

Jay Hansen     Date

/s/ David Matlin

   

October 10, 2012

David Matlin     Date

/s/ James Ovenden

   

October 10, 2012

James Ovenden     Date

/s/ Peter Schoels

   

October 10, 2012

Peter Schoels     Date

/s/ Michael Shonka

   

October 10, 2012

Michael Shonka     Date

/s/ David Treadwell

   

October 10, 2012

David Treadwell     Date

 

5