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FDIC "bulking up" to prepare for bank failures

Goodpasture

Well-known member
http://www.housingwire.com/2008/02/26/fdic-bulking-up-for-bank-failures/?utm_source=HW02252008&utm_medium=MailChimp
The Federal Deposit Insurance Corp. is taking steps to brace for an increase in failed financial institutions as the nation’s housing and credit markets continue to worsen.

The FDIC is looking to bring back 25 retirees from its division of resolutions and receiverships. Many of these agency veterans likely worked for the FDIC during the late 1980s and early 1990s, when more than 1,000 financial institutions failed amid the savings-and-loan crisis.

FDIC spokesman Andrew Gray said the agency was looking to bulk up “for preparedness purposes.”

There are 3 or 4 banks in NW Arkansas on the ropes. An appraiser friend there is saying that ANB (Arkansas National Bank) a hotshot bank created about 1993 or so, was recently spanked by the FDIC over losing $58 million...talk of the town. They were warned some months back after defaults increased 550% and they were found to have made some unwise investments in Jackson Hole, WY...what in the world is a small regional bank doing lending 1500+ miles away?

Anyway, HERE we go again........
 
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