A total of 92 banks failed during 2011, signaling a continuation of the crisis in the banking industry. Although total banking failures during 2011 declined from the previous year, the number remains historically high. The last time more than 50 banks failed in one year was 1992 or 20 years ago. The complete list of […]
Problem Bank List At 20 Year High As Regulators Let Zombie Banks Remain Open
January 23, 2012 By Leave a Comment
The number of banks on the confidential FDIC Problem Bank List is at a 20 year high. As of September 30, 2011, there were 844 institutions on the Problem Bank List, the largest number since 1992 when the total was 1,066. Since the beginning of the financial crisis in 2008, a total of 417 banks […]
First 3 Bank Failures Of 2012 Occur In Florida, Georgia and Pennsylvania
January 20, 2012 By Leave a Comment
The first bank failures of 2012 occurred today when regulators closed three banks in Florida, Georgia and Pennsylvania. Florida and Georgia are continuing a trend from last year when they accounted for almost 40% of the nation’s 92 banking failures. Georgia had 23 bank failures in 2011 followed by Florida with 13 bank failures. Today’s […]
American Eagle Savings Bank, Boothwyn, PA, Closed By Regulators
January 20, 2012 By Leave a Comment
With any type of luck, American Eagle Savings Bank of Boothwyn, PA, could have gone unnoticed by regulators. American Eagle was a speck of a bank with only $19.6 million in total assets, despite the fact that it was one of the oldest banks in the country, having been established in 1917. The smallest bank […]
The First State Bank, Stockbridge, GA, Closed By Regulators
January 20, 2012 By Leave a Comment
During 2011, Georgia had the largest number of banking failures in the United States, with 23 failed banks that accounted for 25% of all banking failures. As regulators closed the first failed banks of the new year, Georgia was once again on the list of failed banks with the closing of a large community bank. […]
Central Florida State Bank, FL, Becomes First Banking Failure Of 2012
January 20, 2012 By Leave a Comment
The first banking failure of 2012 occurred in Florida as regulators closed Central Florida State Bank, Belleview, Florida. During 2011, Florida had 13 banking failures, second only to Georgia which witnessed the closing of 23 banks. Combined, Florida and Georgia accounted for 39% of the 92 bank failures that occurred during 2011. State regulators […]
Widespread Banking Failures Predicted As Housing Values Continue To Plummet
January 19, 2012 By 2 Comments
According to Micheal Olenick, founder of FindtheFraud, the worst of the housing crash and banking crisis still lies ahead of us. Mr. Olenick’s excellent in depth analysis discusses the multiple factors that are prolonging the foreclosure crisis and explains how banks and servicers are trying to delay taking losses that could eventually reach a staggering […]
Everyone and No One Is In Charge Of Fixing The Housing Crisis
January 15, 2012 By Leave a Comment
The housing crisis is widely viewed as the biggest impediment to economic recovery. Despite the expenditure of trillions of dollars in financial support from the Federal Reserve and other government agencies, housing prices continue to decline. In addition, the wide ranging regulatory overhaul of banking and mortgage practices being implemented under the Dodd-Frank Act, is […]
Major Mortgage Lender Calls It Quits – Mortgages Become A Losing Proposition For Banks
January 13, 2012 By Leave a Comment
While the Federal Reserve and other government agencies urge banks to lower credit standards and increase lending, one major mortgage lender is calling it quits due to onerous regulatory burdens that increase lending risks and reduce profits. MetLife, the country’s largest insurance company, is closing its $20 billion mortgage operations and firing 4,300 employees. The […]
Total 2011 Foreclosure Filings Reach 2.7 Million – Expect 2012 To Be Worse
January 13, 2012 By Leave a Comment
Fed Chairman Ben Bernanke must be talking to himself by now. Despite driving interest rates to zero and the expenditure of trillions of dollars to prop up the housing market, home prices declined again in 2011. The most recent data on foreclosure activity makes it clear that the Fed’s efforts to date have accomplished next […]