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Bank Failures

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Capricious

Capricious

Beach Fanatic
Might this be the first big one?

http://www.nytimes.com/2007/10/09/business/09corus.html?pagewanted=1&_r=1

"...Today, developers owe Corus $4 billion, $3.7 billion of which, or 92 percent, is in condominiums. Of that, about 25 percent of them are in projects in the Miami area and 9 percent are in Las Vegas, according to regulatory filings. More than $2.15 billion of its outstanding loans are due by the end of this year. Nationwide, the number of condos completed this year will be up 45 percent ? 232,933 vs. 160,239 ? from 2006, according to data tracked by Marcus & Millichap Real Estate Investment Services, a real estate investment brokerage based in Encino, Calif. ..."




And what about these guys, struggling to shore-up the rather
opaque "conduits," "Structured Investment Vehicles" and other
off-balance-sheet crap that they created:


http://www.bloomberg.com/apps/news?pid=20601087&sid=al1pBplw2gaU&refer=home



"Oct. 13 (Bloomberg) -- Citigroup Inc. and JPMorgan Chase & Co. are leading a group of banks that are in talks with the U.S. Treasury about a plan to revive the asset-backed commercial paper market. ..."


and this comment:

"...Treasury is playing a ``a facilitator's role,'' said Joseph Mason, an associate professor of business at Drexel University in Philadelphia and a former financial economist at the Office of the Comptroller of the Currency.."


"facilitator's role?"

How does tax money figure into that?




Are we heading towards this again?:

[ame]http://en.wikipedia.org/wiki/Resolution_Trust_Corporation[/ame]




Evidently we did not learn much the first time around.
"We learn from history that we learn nothing from history"

(George Bernard Shaw)




This might make some interesting reading for the bored:

[ame="http://www.amazon.com/Florida-Land-Boom-Speculation-Money/dp/1567200133"]Amazon.com: The Florida Land Boom: Speculation, Money, and the Banks: William Frazer, John J. Guthrie: Books[/ame]

Pretty pricey for an -out-of-print book, but then maybe some
see present-day relevance in a story 80 years old.

Looking for opportunities, I imagine.
 
Capricious said:
Might this be the first big one?

http://www.nytimes.com/2007/10/09/business/09corus.html?pagewanted=1&_r=1

"...Today, developers owe Corus $4 billion, $3.7 billion of which, or 92 percent, is in condominiums. Of that, about 25 percent of them are in projects in the Miami area and 9 percent are in Las Vegas, according to regulatory filings. More than $2.15 billion of its outstanding loans are due by the end of this year. Nationwide, the number of condos completed this year will be up 45 percent ? 232,933 vs. 160,239 ? from 2006, according to data tracked by Marcus & Millichap Real Estate Investment Services, a real estate investment brokerage based in Encino, Calif. ..."
Click to expand...

NetBank went under last month due to mortgage defaults. 1500 accounts exceeded the $100,000 FDIC-insured amount--OUCH--:roll: (Do you know where your deposits are tonight?) :confused:

"WASHINGTON - NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.

It was the largest savings and loan failure since the tail end of the industry's crisis more than 14 years ago. Federal regulators appointed the Federal Deposit Insurance Corp. as a receiver for Alpharetta, Ga.-based NetBank."


.
 
Foreclosure filings double and bank failures, what's next? What's your angle here?
 
Bob said:
How about the total destruction of this board from negativity.
Click to expand...
Pollyanna much?
Though admittedly it would be refreshing to be positive for a bit. It's all in your head.
 
I see opportunity knocking for those that waited.

And are willing to wait a bit longer.

For now, it's just fun to watch.

As Mr. Buffet said, "when the tide goes out, you see who's
been swimming naked."
 
SHELLY said:
NetBank went under last month due to mortgage defaults. 1500 accounts exceeded the $100,000 FDIC-insured amount--OUCH--:roll: (Do you know where your deposits are tonight?) :confused:

"WASHINGTON - NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.

It was the largest savings and loan failure since the tail end of the industry's crisis more than 14 years ago. Federal regulators appointed the Federal Deposit Insurance Corp. as a receiver for Alpharetta, Ga.-based NetBank."


.
Click to expand...

OUCH! I used to bank with NetBank, until they started doing little screwy things, much like NationsBank (now Bank of America) used to do.
 
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