October 1, 2010 – Shoreline Bank, Shoreline, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with GBC International Bank, Los Angeles, California, to assume all deposits and a portion of failed Shoreline’s assets. According to GBC’s website, […]
Haven Trust Bank Florida, Ponte Vedra Beach, Florida, Closed By Regulators
September 24, 2010 By Leave a Comment
September 24, 2010 – Florida has experienced more banking failures than any other state in the nation. Today’s failure of Haven Trust Bank Florida becomes the nation’s 126th banking failure and the twenty-fourth in Florida. Almost 20% of the nation’s total banking failures have now occurred in Florida. The only two other states with […]
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 […]
Government Requests Banks To Buyback $30 Billion Of Defaulted Mortgages
September 15, 2010 By Leave a Comment
September 15, 2010 – Defaulted mortgage loans sold to Fannie Mae and Freddie Mac during the peak years of the mortgage boom are now resulting in billion dollar losses for some of the largest banks in the country. Fannie Mae and Freddie Mac, now under the conservatorship of the Federal Housing Finance Agency (FHFA), are […]
FDIC Says Dodd-Frank Act Ends “Too Big To Fail” Era
September 3, 2010 By Leave a Comment
September 3, 2010 – FDIC Chairman Sheila Bair, in testimony before the Financial Crisis Inquiry Commission discussed how future systemic risks can be better managed and reduced under provisions of the Dodd-Frank Act. Chairman Bair also said that new liquidation authority under the Act is a fundamental factor that will allow the U.S. to end […]
FHFA Conservator’s Report – Why Fannie Mae And Freddie Mac Failed
August 30, 2010 By 2 Comments
August 30, 2010 – In 2008, Fannie Mae and Freddie Mac were on the verge of failure after an unprecedented decline in housing values triggered a subsequent wave of mortgage defaults. To avoid the total collapse of these two mortgage giants, the Federal Housing Finance Authority (FHFA) placed Fannie Mae and Freddie Mac under conservatorship […]