February 4, 2011 – Georgia, one of the epicenters of bank failures last year, continues to lead the nation again this year. Four out of the thirteen banking failures thus far in 2011 have occurred in Georgia. American Trust Bank, Roswell, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the […]
Decade Low On Homeownership Rates Merely A Return To Normalcy
February 1, 2011 By Leave a Comment
The Census Bureau reports that the level of homeownership has declined to 66.5% for the last quarter of 2010. The number of Americans owning a home is now at the lowest level since 1998 when the rate of ownership was slightly lower at 66.4%. The lower rate of homeownership is not a disaster, as portrayed […]
HAMP Foreclosure Program Called “A Colossal Failure”
January 29, 2011 By 2 Comments
Republican Representative Jim Jordan of Ohio has introduced legislation to end the Home Affordable Modification Program (HAMP), calling it a “colossal failure.” The HAMP program was the showcase of the Obama administration’s plan to stop foreclosures by modifying mortgages to a payment level that was affordable for distressed homeowners. It was originally estimated that HAMP […]
Depositor Losses Result In Threats Against FDIC
January 29, 2011 By Leave a Comment
January 28, 2011 – In a speech before the Native Sons and Daughters of Kansas, FDIC Chief Sheila Bair discussed a wide range of topics including her role as a public servant, causes of the housing bust and suggestions on how to prevent another financial crisis. Ms. Bair noted that she has spent most of […]
First Community Bank of New Mexico Fails
January 28, 2011 By 2 Comments
January 28, 2010 – First Community Bank, Taos, New Mexico, was closed today by the New Mexico Financial Institutions Divisions, which then appointed the FDIC as receiver. The FDIC sold the failed bank to U.S. Bank, N.A., Minneapolis, Minnesota, a subsidiary of US Bancorp. First Community was started in 1922. With $2.3 billion in assets […]
Evergreen State Bank Of Wisconsin Fails Despite Bank President’s Optimism
January 28, 2011 By Leave a Comment
January 28, 2011 – Evergreen State Bank, Stoughton, WI, was closed today by the Wisconsin State Department of Financial Institutions, and the FDIC was named as receiver. The FDIC entered into a purchase and assumption agreement with McFarland State Bank, McFarland, WI, to assume all deposits of failed Evergreen. All four branches of Evergreen will […]
Housing Market On Critical List As Sales Plunge and Strategic Defaults Loom
January 27, 2011 By 2 Comments
The latest news on housing remains distressing and points to continued depreciation in home values. New Home Sales Plunge Again – The Census Bureau and the Department of Housing and Urban Development released figures showing that the number of new homes sold in 2010 totaled only 321,000 – the lowest reading in 47 years. The […]
United Western Bank, Colorado, Closed By Regulators
January 22, 2011 By Leave a Comment
January 21, 2010 – United Western Bank, Denver, Colorado, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all deposits of the failed bank. United Western had 8 branches […]
Failed Bank of Asheville, NC, Sold By FDIC To Bank Owing TARP Money
January 22, 2011 By 1 Comment
January 21, 2011 – The Bank of Asheville, Asheville, NC,was closed today by the North Carolina Office of Commissioner of Banks, which named the FDIC as receiver. The FDIC sold the failed bank to First Bank, Troy, North Carolina, which assumed all deposits. The Bank of Asheville had five branches which will all reopen on […]
Enterprise Banking Co Failure Exposes Inequity of FDIC Deposit Insurance – Uninsured Depositors Out Of Luck
January 21, 2011 By Leave a 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 the […]