The large and continuing decline in asset values has been one of the greatest contributing factors to loan defaults and subsequent banking failures. Today’ release of Fannie Mae’s National Housing Survey provides good news for banks if consumers are correct in their belief that housing prices have bottomed. The survey reveals that 78% of Americans […]
Fannie Mae Housing Survey – Consumers Believe Prices Have Bottomed But Prefer To Rent
September 18, 2010 By 1 Comment
Banking Failures Spread To 28 States Across The Nation
September 17, 2010 By Leave a Comment
A nationwide drop in real estate values combined with an all time high in mortgage defaults and foreclosures have resulted in banking failures across 28 States. As of September 17, there were a total of 125 banking failures in the US and Puerto Rico. The five States with the greatest number of banking failures are […]
Pace Of Bank Failures Increase As Regulators Close Six Banks
September 17, 2010 By Leave a Comment
September 17, 2010 – After closing only one bank since August 20th, regulators picked up the pace and closed six banking institutions. With the recent increase in the number of banks on the FDIC’s “Problem Bank List“, regulators should be busy well into 2011 closing institutions that are considered “unsafe and unsound”. As of the […]
Maritime Savings Bank, West Allis, Wisconsin, Closed By Regulators
September 17, 2010 By Leave a Comment
September 17, 2010 – Maritime Savings Bank, West Allis, Wisconsin, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold failed Maritime Bank to North Shore Bank, FSB, Brookfield, Wisconsin, which will assume all the deposits but only about half of the failed bank’s assets. Maritime Savings […]
Bramble Savings Bank, Milford, Ohio, Seized By Regulators
September 17, 2010 By 1 Comment
September 17, 2010 – Bramble Savings Bank, Milford, Ohio, was closed today by the Ohio Division of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold Bramble Savings Bank to Foundation Bank, Cincinnati, Ohio, which will assume all deposits and purchase essentially all assets of failed Bramble Bank. Bramble Savings Bank was a […]
ISN Bank, Cherry Hill, New Jersey, Closed By Regulators
September 17, 2010 By Leave a Comment
September 17, 2010 – The nation’s 120th banking failure of 2010 occurred today with the closing of ISN Bank, Cherry Hill, New Jersey. ISN Bank was closed by the New Jersey Department of Banking and Insurance, which appointed the FDIC as receiver. The FDIC sold the failed one branch bank to New Century Bank (doing […]
Big Banks Accused Of Promoting Predatory Payday Lending
September 16, 2010 By Leave a Comment
September 15, 2010 – Big banks seem to be on the nation’s list of most hated institutions. After being blamed for causing the financial crash of 2008 through reckless lending, banks are now taking heat for prolonging the recession with excessively stringent lending standards. One industry to which banks have aggressively extended credit is now […]