http://www.freerepublic.com/tag/fdic/ en-us Fri, 19 Mar 2010 18:11:57 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2474785/posts the number of Colorado financial institutions with high levels of delinquent loans has jumped from 13 three years ago to 70 today. About 36 percent of the 195 Colorado banks ...have high levels of bad loans... The U.S. rate is 29 percent... regulators have directed those banks ...with the highest levels of distressed loans to improve their credit practices, particularly in the handling of loans for commercial real estate. a third of the state’s banks lost money in 2009. Colorado has gone more than a year without a full-time banking commissioner to oversee regulation of banks. State officials say a... Colorado Springs Business Journal http://www.freerepublic.com/focus/f-news/2474785/posts#comment Fri, 19 Mar 2010 18:11:57 GMT http://www.freerepublic.com/focus/f-news/2475050/posts WASHINGTON, March 19 (Reuters) - Regulators seized seven more U.S. banks on Friday, as high unemployment and troubled loan portfolios continue to weigh on the sector. The seven failures, which are estimated to cost the government's deposit insurance fund more than $1 billion, bring the 2010 tally to 37 failed institutions. Last year, 140 banks failed. At this week's frantic pace, 365 banks would be shut down by the end of the year. The Federal Deposit Insurance Corp said Advanta Bank Corp of Draper, Utah; Appalachian Community Bank of Ellijay, Georgia; Bank of Hiawassee, Hiawasee, Georgia; First Lowndes Bank of... Reuters http://www.freerepublic.com/focus/f-news/2475050/posts#comment Fri, 19 Mar 2010 23:57:29 GMT http://www.freerepublic.com/focus/f-news/2473990/posts The liberal media's favorite targets - Wall Street "fat cats" - have endured a firestorm of outrage and attack over bonuses since the financial meltdown. As some, like CNBC contributor Rick Santelli pointed out however, part of the screaming is the result of it is Obama and the White House whipping up political outrage. Now we'll have a chance to see if it's also selective outrage. Fox Business anchor Eric Bolling uncovered embarrassing and questionable bonuses being received by those charged with keeping an eye on banks - government regulators. But who watches the watchers? Bolling told FNC's "Happening Now"... Newsbusters http://www.freerepublic.com/focus/f-news/2473990/posts#comment Thu, 18 Mar 2010 18:46:50 GMT http://www.freerepublic.com/focus/f-news/2471958/posts Two Federal Reserve bosses -- one present and one past -- yesterday emerged the big winners in Senate Banking Committee Chairman Chris Dodd's financial regulatory reform bill, with Ben Bernanke set to gain more power while one of his predecessors, Paul Volcker, gains vindication. After a weekend of maneuvering, Dodd yesterday unveiled his highly anticipated legislation, which is not only designed to overhaul the financial system but is also aimed at goosing the Senate into taking action after months of gridlock. As part of Dodd's bill, which was summarized in an 11-page document, the Fed's influence over the financial system... NY Post http://www.freerepublic.com/focus/f-news/2471958/posts#comment Tue, 16 Mar 2010 10:47:12 GMT http://www.freerepublic.com/focus/f-news/2471312/posts HOUSTON, March 14, 2010 /PRNewswire via COMTEX/ ----Washington Mutual shareholders (Stock Symbols: WAMUQ, WAHUQ, WAMPQ, WAMKQ) and WamuTruth.com staff were shocked to discover on Friday that Brian Rosen, council for WMI, has agreed to a proposed "settlement" with JP Morgan and the FDIC of all outstanding litigation and claims without consultation or discussion with the Official Equity Committee of Washington Mutual. This unprecedented surrender involves giving away all of the company's rightful assets and claims for a pittance to the detriment of all equity stakeholders in the company. This proposed settlement was clearly done with no regard to the rights... Fox Business News http://www.freerepublic.com/focus/f-news/2471312/posts#comment Mon, 15 Mar 2010 14:52:53 GMT http://www.freerepublic.com/focus/f-news/2466722/posts The Federal Deposit Insurance Corp. is trying to encourage public retirement funds that control more than $2 trillion to buy all or part of failed lenders, taking a more direct role in propping up the banking system, said people briefed on the matter. Direct investments may allow funds such as those in Oregon, New Jersey and California to cut fees for private-equity managers, and the agency to get better prices for distressed assets, the people said. They declined to be identified because talks with regulators are confidential. Oregon’s retirement fund may contribute $100 million as regulators seek “the support of... buesniessweek http://www.freerepublic.com/focus/f-news/2466722/posts#comment Mon, 8 Mar 2010 23:28:59 GMT http://www.freerepublic.com/focus/f-news/2465360/posts Regulators shut banks in Maryland, Illinois, Florida and Utah, pushing the number of U.S. failures to 26 this year and placing more pressure on the Federal Deposit Insurance Corp. to dispose of a growing pile of toxic assets. BusinessWeek http://www.freerepublic.com/focus/f-news/2465360/posts#comment Sat, 6 Mar 2010 09:09:38 GMT http://www.freerepublic.com/focus/f-news/2463453/posts WASHINGTON, DC-Following rumors that have lasted for months, the Federal Deposit Insurance Corp. is securitizing assets of banks that it has seized, including assets from Franklin Bank in Houston and construction lender Corus Bank in Chicago. There will be three deals coming to market in the near term, according to news accounts, with one--a $1.8 billion offering of residential mortgage backed securities--to be sold this week, according to Dow Jones Newswires. The three deals will total $4 billion. The securitizations will be backed by an FDIC guarantee, according to Dow Jones. A call to FDIC was not returned in time... Globe Street http://www.freerepublic.com/focus/f-news/2463453/posts#comment Wed, 3 Mar 2010 21:00:31 GMT http://www.freerepublic.com/focus/f-news/2460881/posts February 26, 2010 How “Hot Money” is Wrecking the U.S. Banking System… [Editor's Note: The Federal Deposit Insurance Corp. insurance fund that protects your deposits is $20.9 billion in the red. One of every 11 U.S. banks is in trouble. And it's going to get worse. Neither the FDIC, the Federal Reserve nor the Treasury Department will 'fess up that what's fueling bank failures is a risky form of funding called "brokered deposits." Industry insiders refer to them as "hot money." Credit-crisis expert Shah Gilani spent months investigating the often-murky world of hot money. This story is excerpted from an... Money Morning http://www.freerepublic.com/focus/f-news/2460881/posts#comment Sun, 28 Feb 2010 03:39:33 GMT http://www.freerepublic.com/focus/f-news/2460309/posts NEW YORK – Regulators shut down banks in Nevada and Washington on Friday, marking the 21st and 22nd failures this year of federally insured banks. The Federal Deposit Insurance Corp. was appointed receiver of Carson River Community Bank, based in Carson City, Nev. and Rainier Pacific Bank in Tacoma, Wash. Carson River Community Bank had $51.1 million in assets and $50 million in deposits as of Dec. 31. Rainier Pacific Bank had $717.8 million in assets and $446.2 million in deposits as of Dec. 31. The FDIC said that Carson River's deposits will be assumed by Reno, Nev.-based Heritage Bank... Yahoo News (AP) http://www.freerepublic.com/focus/f-news/2460309/posts#comment Sat, 27 Feb 2010 03:11:43 GMT http://www.freerepublic.com/focus/f-news/2456673/posts The image of banks locking their doors to keep customers from making withdrawals during a bank run is what immediately came to mind when we heard that Citigroup was telling customers it has the right to prevent any withdrawals from checking accounts for seven days. "Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. Business Insider http://www.freerepublic.com/focus/f-news/2456673/posts#comment Mon, 22 Feb 2010 14:24:54 GMT http://www.freerepublic.com/focus/f-news/2458498/posts The Federal Deposit Insurance Corporation is bracing for a new wave of bank failures that could cost the agency many billions of dollars and further strain its finances. With bank failures running at their highest level in nearly two decades, the F.D.I.C. is racing to keep up with rising losses to its insurance fund, which safeguards savers’ deposits. On Tuesday, the agency announced that it had placed 702 lenders on its list of “problem” banks, the highest number since 1993. Not all of those banks are destined to founder, and F.D.I.C. officials said Tuesday that they expected failures to peak... The New York Times http://www.freerepublic.com/focus/f-news/2458498/posts#comment Wed, 24 Feb 2010 20:19:51 GMT http://www.freerepublic.com/focus/f-news/2457709/posts From Dow Jones: The U.S. banking industry continued to struggle in the fourth quarter, as the number of banks on the brink of failure continued to rise and the government's fund to protect deposits fell sharply into the red. The Federal Deposit Insurance Corp. said Tuesday that its deposit-insurance fund fell to $20.9 billion at the end of 2009, a $12.6 billion drop in the final three months of the year, as bank failures continued at a pace not seen since the savings and loan crisis. The fund's reserve ratio was -0.39% at the end of the quarter, the lowest... ZeroHedge http://www.freerepublic.com/focus/f-news/2457709/posts#comment Tue, 23 Feb 2010 20:46:42 GMT http://www.freerepublic.com/focus/f-news/2457699/posts WASHINGTON (MarketWatch) -- Driven by expanding problems with commercial real estate loans, the number of distressed banks in the U.S. rose to 702 in the fourth quarter, marking the highest level in 16 years, according to a report released Tuesday by the Federal Deposit Insurance Corp. That's up from 552 at the end of September and 416 at the end of June. This is the largest number of banks on the FDIC's "problem list" since June 30, 1993. Based on the result, roughly one in 11 of the approximately 8,000 U.S. banks are on this list, with regulators expecting a... Marketwatch http://www.freerepublic.com/focus/f-news/2457699/posts#comment Tue, 23 Feb 2010 20:29:34 GMT http://www.freerepublic.com/focus/f-news/2457694/posts Amazing... 700 troubled banks is bad, and far worse than 552 last quarter. But the $20.9 billion loss in the deposit fund, after losing $8.2 billion last quarter, is beyond bad and well into the psychotropic medication range. Remember that the Deposit Insurance Fund went negative last quarter. Now it has lost another $20.9 billion. What does the FDIC say? The agency hopes to make up that loss through advance payments by banks of $45 billion in fees There's that "hope" word again. Oh, once you've prepaid your fees, what happens if the losses continue? Can't collect the same fee... The Market Ticker http://www.freerepublic.com/focus/f-news/2457694/posts#comment Tue, 23 Feb 2010 20:23:14 GMT http://www.freerepublic.com/focus/f-news/2456232/posts Nineteen months after the catastrophic failure of one of Sacramento's top lenders, Pasadena-based IndyMac Bank, a flurry of local lawsuits alleges that the bank's successor – OneWest Bank – is systematically working to push home loan borrowers into foreclosure. The allegations filed in the Eastern District of U.S. Bankruptcy Court claim that OneWest can make more money by foreclosing than by keeping borrowers in their homes. That's due to its so-called "shared-loss" agreement with the Federal Deposit Insurance Corp., at least 10 local lawsuits allege. A video made in Fairfield and circulating widely on the Internet also alleges that OneWest... SaC bee http://www.freerepublic.com/focus/f-news/2456232/posts#comment Sun, 21 Feb 2010 18:28:30 GMT http://www.freerepublic.com/focus/f-news/2455786/posts WASHINGTON (AP) -- Regulators shut four banks from California to Florida on Friday, boosting to 20 the number of U.S. bank failures this year following the 140 closures last year in the worst financial climate in decades. The Federal Deposit Insurance Corp. took over La Jolla Bank, FSB, in La Jolla, Calif. The bank had 10 branches and about $3.6 billion in assets and $2.8 billion in deposits. Also seized was George Washington Savings Bank in Orland Park, Ill. It had four branches and about $412.8 million in assets and $397 million in deposits. The FDIC said OneWest Bank in... Yahoo Finance (AP) http://www.freerepublic.com/focus/f-news/2455786/posts#comment Sat, 20 Feb 2010 20:29:02 GMT http://www.freerepublic.com/focus/f-news/2455427/posts La Jolla Bank in the San Diego area was among four banks shuttered by authorities Friday, bringing the total to 20 financial institutions closed since the beginning of the year. MarketWatch http://www.freerepublic.com/focus/f-news/2455427/posts#comment Sat, 20 Feb 2010 03:59:36 GMT http://www.freerepublic.com/focus/f-news/2455261/posts WASHINGTON—Marco Community Bank, the only federally insured bank headquartered on Florida's Marco Island, failed Friday under the weight of bad real-estate loans, marking the 17th bank failure of 2010. The Federal Deposit Insurance Corp. sold the state-chartered bank's $117.1 million of deposits to Mutual of Omaha Bank in Nebraska. Mutual of Omaha also purchased essentially all of the bank's assets. The Wall Street Journal http://www.freerepublic.com/focus/f-news/2455261/posts#comment Fri, 19 Feb 2010 23:59:57 GMT http://www.freerepublic.com/focus/f-news/2453053/posts I posted an article last night about the FDIC opening up a new office in suburban Chicaco. Looks like they have already posted the job openings. If you click on some of the clerical salaries, you'll know why we're going broke ! FDIC employment page http://www.freerepublic.com/focus/f-news/2453053/posts#comment Wed, 17 Feb 2010 06:44:45 GMT http://www.freerepublic.com/focus/f-bloggers/2452329/posts BIG DEPOSIT: This could end up as one of the largest suburban leases of the year, but it can't be good. The Federal Deposit Insurance Corp. has leased 150,000 square feet, the entire building, at the Woodfield Corporate Center, 200 N. Martingale in Schaumburg. The federal guarantor of bank accounts needs what it calls a "temporary Midwest satellite office" as it processes receiverships and asset sales involving Midwestern banks. The FDIC said it will move in beginning in March and that the office will have up to 500 workers The Golden Truth http://www.freerepublic.com/focus/f-bloggers/2452329/posts#comment Tue, 16 Feb 2010 11:50:39 GMT http://www.freerepublic.com/focus/f-chat/2451406/posts Just in time for Valentine’s Day, the Federal Deposit Insurance Corp. has responded critically to a video that berates the sale of IndyMac Bank’s failed remains as a sweetheart deal. In the video “The Indymac Slap in our Face,” the website Thinkbigworksmall explains how the FDIC deal gave IndyMac’s buyers strong profit incentives to force foreclosures and short sales rather than to modify troubled mortgages. It’s a convincing tale and easy to follow. Kansas City Star http://www.freerepublic.com/focus/f-chat/2451406/posts#comment Mon, 15 Feb 2010 00:31:42 GMT http://www.freerepublic.com/focus/f-news/2449409/posts This video walks you thru the Sweet-Heart Deal the FDIC gave to George Soros and his cronies when they purchased Indymac which then became OneWest Bank. Video Here ThinkBigWorkSmall.com http://www.freerepublic.com/focus/f-news/2449409/posts#comment Thu, 11 Feb 2010 20:36:07 GMT http://www.freerepublic.com/focus/f-news/2448510/posts It is not a secret to anyone who has been closely following the FDIC's quasi criminal bank takeover practices over the past year, that acquirors of failed banks end up receiving a massive and risk-free gift in the form of taxpayer benefits via the FDIC when it comes to funding losses on a given bank acquisition. ZeroHedge http://www.freerepublic.com/focus/f-news/2448510/posts#comment Wed, 10 Feb 2010 19:18:42 GMT http://www.freerepublic.com/focus/f-news/2440512/posts SAN FRANCISCO (MarketWatch) -- Los Angeles, Calif.-based First Regional Bank was closed by regulators Friday, marking the 14th U.S. bank failure of 2010. MarketWatch http://www.freerepublic.com/focus/f-news/2440512/posts#comment Sat, 30 Jan 2010 02:03:57 GMT