Flagstar Trying to Raise $600 Million Via Share Sale

Flagstar Bancorp, which is majority owned by MatlinPatterson, is trying to raise $600 million in a share sale to boost capital after eight straight quarterly losses, according to Bloomberg News.

Flagstar has held talks with PE firm and may sell shares to current investors, the story said. Flagstar expects to use proceeds to boost capital and pursue growth, including possible acquisitions.

Last year, MatlinPatterson, which was founded by David Matlin and Mark Patterson, invested $350 million in Flagstar last year.