Four banking failures in four different states increased the number of banking collapses in 2011 to eleven banks. The FDIC, with a long list of 860 Problem Banks, was hit for $545.5 million in losses. The total cost of the year’s banking failures now totals $1.2 billion. During 2010 a total of 157 banking failures […]
Banking Failures Increase To Eleven As Regulators Seize Four Banks
January 28, 2011 By Leave a Comment
The First State Bank, Camargo, OK, Closed By Regulators
January 28, 2011 By Leave a Comment
January 28, 2011 – The First State Bank, Camargo, OK, was closed today by the Oklahoma State Banking Department which appointed the FDIC as receiver. To protect depositors, the FDIC sold First State to Bank 7, Oklahoma, City, OK. Bank 7 will assume all deposits and also agreed to purchase all of the assets of […]
Bailout Funds To Fannie and Freddie Come At High Cost
January 27, 2011 By Leave a Comment
Despite the public uproar over the bailout of the financial industry, the U.S. Treasury is no pushover when it comes to demanding stiff terms on its loans. The returns on some of the loans made to various banks and financial institutions would make a payday lender blush. For example, when the U.S. completes the sale […]
Four Banking Failures In Four States Cost FDIC $455 Million
January 22, 2011 By Leave a Comment
January 21, 2010 – The FDIC, with a long list of 860 Problem Banks, was hit for $455 million in losses as four banks collapsed across four states. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. […]
Enterprise Banking Company Fails And Depositors Facing Losses
January 21, 2011 By 1 Comment
January 21, 2011 – Enterprise Banking Company, McDonough, GA was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC was unable to find a buyer for Enterprise Banking. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB) to take over […]
Impact Of Weak Housing Markets On Economy Overstated
January 19, 2011 By Leave a Comment
Many analysts believe that the overall economy cannot improve as long as residential housing prices remain weak and/or continue to decline. Schwab’s chief investment strategist, Liz Ann Sonders, who always provides incisive commentary, offers some compelling insights on why a weak housing market will not impede economic growth. In her latest commentary, Ms. Sonders says […]
Total Mortgage Debt Near All Time Highs
January 14, 2011 By Leave a Comment
The total amount of mortgage debt has not dramatically changed since the peak of the residential real estate boom. Mortgage debt hit an all time high of $14.6 trillion in 2008 as the biggest financial crisis in modern history was just getting underway. Considering the changes that have occurred in the banking and housing industry […]
FDIC Warns About Withdrawn Deposit Insurance Scam
January 12, 2011 By Leave a Comment
January 12, 2011 – The FDIC reported today that they received numerous reports from consumers who had received emails allegedly sent to them by the FDIC. The email attempts to solicit sensitive personal financial information from the recipient by claiming that FDIC insurance on their deposit accounts had been withdrawn. The email is a scam […]
First Two Banking Failures Of 2011 Hit Florida And Arizona
January 7, 2011 By Leave a Comment
Banking regulators started off the new year by closing banks in Florida and Arizona, two of the States hit hardest by the real estate collapse. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. During all of […]