During 2011, some of the smartest investment pros in the world bet heavily on Bank of America and lost big as the stock price collapsed. Concerns over the looming collapse of the European banking system sent U.S bank stocks into a tailspin as panicked investors sold. From a price of $15 in January 2011 the […]
Bank Of America, Hated By Many, Could Make Some People Rich In 2012
March 2, 2012 By Leave a Comment
U.S. Treasury Says Financial Crisis Is Over But The Next One May Be Right In Front Of Us
March 2, 2012 By Leave a Comment
According to the U.S. Department of the Treasury, the worst of the financial crisis is now behind us and the TARP bank bailout program has generated positive returns. In an article entitled “The U.S. Economy in Charts”, the Treasury Department notes that the economy is gradually getting stronger as evidenced by 10 straight quarters of […]
Banking Industry Slowly Recovers – 813 Banks Remain On “Problem Bank List”
February 29, 2012 By 3 Comments
The FDIC’s Quarterly Banking Profile for the fourth quarter of 2011 shows a modest but steady recovery in the banking industry. Despite the fact that a majority of banks reported improved quarterly earnings, 813 institutions remain on the Problem Bank List, comprising 11% of all FDIC insured banks and savings associations. Highlights of the 2011 […]
Not All Banks Made Poor Lending Decisions During The Bubble Years – 5 Banks Worth Buying
February 27, 2012 By Leave a Comment
With hundreds of bank failures over the past four years and the Problem Bank List at a 20 year high, it is sometimes easy to get the impression that all banks were engaged in reckless lending during the real estate bubble years. While virtually all of the “Too Big To Fail Banks” engaged in highly […]
Bank of America’s Stock Is A “Great Value” and Housing Will Come Back
February 27, 2012 By 2 Comments
It is always wise to pay attention to one of the greatest investment minds of all time. In the most recent letter to shareholders of Berkshire Hathaway, legendary investor Warren Buffet makes the case for a recovery of both the housing market and shares of Bank of America. Warren Buffet has shown time and again […]
Two Banks Fail In Minnesota and Georgia – FDIC Losses Hit $1 Billion
February 25, 2012 By Leave a Comment
Regulators closed two banks in Minnesota and Georgia, bringing the total number of banking failures for the year to eleven. A total of four bank failures have now occurred in Minnesota and Georgia. During all of 2011 a total of only two banks failed in Minnesota. Georgia had a total of 23 bank failures during […]
Home Savings of America Collapses, FDIC Unable To Sell Bank – How Much Will Depositors Lose?
February 24, 2012 By 21 Comments
Home Savings of America, which was established during the depths of the Great Depression, was closed by regulators today. The Bank was established on September 1, 1934 and operated as a federally chartered stock savings and loan association, headquartered in Little Falls, Minnesota. According to Home Savings of America’s website, the Bank’s niche was serving […]
Central Bank of Georgia Fails After Serving Public For 102 Years
February 24, 2012 By Leave a Comment
Any bank that can last for 102 years deserves special recognition for surviving business panics, stock market crashes, world wars and economic depressions. The Central Bank of Georgia, Ellaville, GA, is in this category, having been established on September 16, 1910 and surviving until today when the Georgia Department of Banking and Finance closed the […]
FDIC Issues 42 Enforcement Actions Against Problem Banks In January
February 24, 2012 By Leave a Comment
The FDIC posted today the list of enforcement actions taken in January 2012 against problem banks. A total of 42 enforcements actions were taken in January compared to 57 in December. Enforcement actions for January included 13 consent orders, 11 civil money penalties, 5 prompt corrective actions and 7 orders to terminate consent orders and […]
Banks Tell 30 Million Troubled Customers To Get Lost – One In Three Consumers Now “Unbanked”
February 24, 2012 By Leave a Comment
How does the average consumer get by without a basic checking account? How does someone without a checking account pay the bills that arrive each month – drive around to each creditor and pay in cash? Where do you keep your savings – under the mattress or buried in the back yard? As incredible as […]