One Tiny Bank Fails in Minnesota – Total Failures Reach 16 In 2010 Regulators closed one bank today in Minnesota. The failed bank had total assets of $18.2 million and total deposits of $16.3 million. The cost to the FDIC Deposit Insurance Fund for the closing of this tiny failed bank is estimated at […]
Was The Banking Crisis The Genesis Of Sovereign Default Concerns?
February 5, 2010 By Leave a Comment
Banking Links – February 5, 2010 The Acquisition Ken Lewis May Live To Regret – The Merrill/Bank Of America Saga – Bloomberg Losses on Mortgages Cause $5 Billion Quarterly Loss At GMAC Financial – MLive Is The Fed Causing Mortgage Rates To Rise As Purchases of MBS Ends? – Bloomberg Homeowners With ARMs Blindsided By […]
Defaulting Mortgages Continue To Inflict Wide Spread Losses
February 4, 2010 By Leave a Comment
Banking Links – February 4, 2010 Why “Strategic” Mortgage Defaults Will Continue – NYT Conforming Mortgage Delinquencies Continue to Skyrocket – Trader Mark, SA Small Private Investors In Commercial Real Estate Face 100% Losses As CMBS Market Remains Frozen – WSJ FHA Facing A Crush of Foreclosures As Delinquencies Increase – NYT Proposed Banking Regulations […]
Buyers For Failed Banks Hard To Find As FDIC Loses $1.8 Billion On 7 Bank Closings
December 19, 2009 By 1 Comment
7 Banking Institutions Closed On December 18, 2009 – FDIC Forced To Retain $1.9 Billion In Failed Bank Assets – Depositors Lose $3.2 Million As the number of banking failures increase, the FDIC appears to be encountering increasing difficulty in finding buyers for failed banks, despite agreeing to cover a large percentage of potential losses […]
US Bank Takes Over 9 Failed Banks For October 30, 2009
October 31, 2009 By Leave a Comment
Banking Failures Hit 115 For 2009 The last week of October went out with a bang as regulators closed the largest number of banks in one week for 2009. All nine failed banks were subsidiaries of FBOP Corporation of Oak Park, Illinois. FBOP was not closed and not subject to the actions taken today by […]
FDIC Bank Debt Guarantee Program To End
October 21, 2009 By Leave a Comment
FDIC Ends TLGP But Leaves Door Open For “Emergency Financing” The FDIC issued a final ruling to phase out the Temporary Loan Guarantee Program (TLGP) by October 31, 2009. In order to conclude the TLGP in an orderly manner, however, the FDIC established a “limited emergency guarantee facility” for institutions that might be unable to […]
FDIC Chairman Says Critical Financial Reforms Needed
October 6, 2009 By Leave a Comment
In remarks to the International Institute of Finance, FDIC Chairman Sheila Bair cited the need for critical financial reforms that combine stronger regulation and market discipline. Ms. Bair stated that the “first task” should be to scrap the “too big to fail” doctrine by establishing a new resolution mechanism to handle the failure of large […]
FDIC Warning On Foreclosure Rescue and Loan Mod Scams
September 18, 2009 By Leave a Comment
Foreclosure Rescue & Loan Mod Scams Prey On Desperate Homeowners The FDIC has issued a warning to homeowners who have fallen behind on their mortgage payments and may be facing foreclosure to avoid foreclosure rescue and loan mod scams. Unscrupulous individuals and companies are promising desperate homeowner that they can stop foreclosures or get mortgage […]
FDIC Proposes Mortgage Plan For Unemployed
September 15, 2009 By Leave a Comment
FDIC Forbearance Program Proposed In an attempt to prevent further foreclosures and mitigate the amount of losses on failed bank assets, the FDIC proposes that acquirers of failed banks initiate a forbearance plan for unemployed homeowners. As part of its loss-share agreement with acquirers of failed FDIC-insured institutions, the FDIC is encouraging its loss-share partner […]