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 […]
Independent Bank’s Stock Price Soars – Is A Takeover Looming?
January 17, 2011 By 1 Comment
After hitting a low of $1 per share in mid December, the stock price of Independent Bank (IBCP) has soared to almost $4 per share. On Friday, IBCP rose $.63 to $3.80, a 20% gain on the day. Volume of the normally thinly traded stock has also increased dramatically since mid December. Trading volume for […]
Oglethorpe Bank of Georgia Closed By Regulators And Sold To Bank of the Ozarks
January 14, 2011 By Leave a Comment
January 14, 2010 – The Georgia Department of Banking and Finance closed Oglethorpe Bank, Brunswick, Georgia, today and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Bank of the Ozarks to assume all deposits of Oglethorpe Bank. The two branches of Oglethorpe Bank will reopen on Saturday as […]
Big Banks Say Mortgage Crisis Is Over
January 14, 2011 By 1 Comment
The latest financial results from the banking industry point to a resolution of the mortgage crisis that nearly resulted in the nationalization of the country’s biggest banks three years ago. In a dramatic turnaround the country’s largest banks have repaid government loans, often with large profits to the government. Billions of dollars in new capital […]
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FDIC Warns About Withdrawn Deposit Insurance Scam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personal financial information from the recipient by claiming that FDIC insurance on their deposit accounts had been withdrawn.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 […]
Court Ruling Against Bank Foreclosures Could Spiral Into Full Blown Financial Crisis
January 12, 2011 By 4 Comments
The recent Massachusetts Supreme Court ruling against Wells Fargo and U.S. Bancorp is likely to bring foreclosures to a crawl, resulting in a further destabilizing of housing markets. The Court ruling is a major win for debtors and a severe blow for creditors trying to clear a backlog of millions of defaulted mortgages. The Massachusetts […]
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 […]
Legacy Bank of Scottsdale, Arizona Closed By Regulators And Purchased By Bank With Unpaid TARP Loans
January 7, 2011 By Leave a Comment
January 7, 2011 – Legacy Bank of Scottsdale, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC, acting as receiver, sold failed Legacy Bank to Enterprise Bank & Trust, St. Louis, Missouri. Enterprise will assume all deposits and purchase essentially all assets of failed Legacy […]
First Commercial Bank Of Florida Becomes First Banking Failure of 2011
January 7, 2011 By 2 Comments
January 7, 2010 – The first banking failure of 2011 occurred today in Florida, a state which has seen numerous banking failures due to collapsing real estate values. The Florida Office of Financial Regulation closed the First Commercial Bank of Florida, located in Orlando and appointed the FDIC as receiver. The FDIC, acting as receiver, […]