Archive for the ‘Uncategorized’ Category
Friday, October 30th, 2009
Park National Bank, Chicago, IL was one of nine banks seized by the FDIC tonight.The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with U.S. Bank, NA, of Minneapolis, Minnesota, a wholly-owned subsidiary of U.S. Bancorp, to assume all of the deposits and essentially all of ...
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Tuesday, September 22nd, 2009
The National Credit Union Administration has closed its sixth ailing credit Union tonight. Comunidades Federal Credit Union of Los Angeles, California, will see the majority of its accounts taken over by Water and Power Community Credit Union.
The NCUA announced yesterday that it has closed Comunidades Federal Credit Union of Los Angeles ...
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Monday, September 15th, 2008
This post contributed by Edward Harrison of Credit Writedowns
In case you missed it, the financial system in the US is near collapse. This weekend was unbelievable. Lehman Brothers filed for bankruptcy. The world's largest insurer AIG is looking for the Fed to help it avoid collapse and Merrill ...
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Sunday, September 7th, 2008
Less than a month after acquiring the power, Treasury Secretary Paulson has put Freddie Mac into government-backed conservatorship. You can read Paulson's joint press release is here, but don't forget how he said this wouldn't be necessary. The government's take down of its own agency purportedly came about when an ...
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Sunday, September 7th, 2008
Less than a month after acquiring the power to do so, Treasury Secretary Paulson has put Fannie Mae into conservatorship. You can read Paulson's joint press release here, but let's not forget how he previously said he wouldn't need to do this. The government take down of its own agency ...
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Saturday, July 12th, 2008
IndyMac Bancorp finally imploded as the tsunami of defaulting alt-A "Liar Loans" crushed its balance sheet. Unfortunately, today's crashing home prices and the current credit crisis are just the beginning of the storm. IndyMac is little more than a cardboard cut-out of Northern Rock, Countrywide and so many ...
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Tuesday, April 1st, 2008
2008-04-01:
Say you have warehouse full of toxic Alt-A bio hazard stored on your balance sheet you need to dispose of so no one notices (mono-liners). If the Alt-A waste is temporarily worth 96c on the dollar you have yourself a 4c write down you are happy to take, but not ...
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Friday, February 22nd, 2008
2008-02-22:
According to its news release, Comerica Incorporated (CMA)'s net income for fiscal 2007 fell to $682 million from $782 million in 2006. Provisions for bad debt surged to $212 million from $37 million in 2006. For the fourth quarter the bank saw a 60% drop in net income.
The bank's total ...
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