New York Community Bancorp Inc. (NYCB) held informal discussions to acquire One West Bank Group LLC, three sources told Reuters this week. Funds managed by John Paulson and George Soros, owners of One West, have been planning an initial public offering (IPO), but could opt for a sale if they get a good price, according to the sources, which declined to be named because they are not allowed to speak to the media. One West held talks with a handful of banks, but NYCB is the only ongoing suitor they identified. NYCB is concerned about the quality of the mortgages of One West, sources added. Reuters added that One West, Paulson & Co. Inc., Soros Fund Management LLC and NYCB declined to comment.

One West Bank Group LLC Presents at 3rd Annual Film Finance Forum East, Sep-14-2011 09:30 AM. Venue: Park Central Hotel, 870 7th Avenue, New York, NY 10019, United States. Speakers: Joe Woolf, Head of Media and Entertainment Finance.

One West Bank Group LLC laid off 65 people last week at its Financial Freedom offices in Irvine as part of a move to exit the wholesale reverse mortgage business. The layoffs occurred May 26, 2011 and have been completed. On March 21, the company would close Financial Freedom, a reverse mortgage business that it acquired when it bought IndyMac Bank in 2009.