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jourman2 (2)
Mutant (2)

Failed bank takeovers by the FDIC continue to increase at an alarming rate in 2009 (7 this past thursday, 52 so far in 2009) Here's an interview with a bank CEO who bought a failed bank for some insider info into how the process of buying failed banks works (this is the bank he bought). Via calculated risk. Previously
posted by jourman2 on Jul 4, 2009 - 8 comments

Curious about the health of your bank? You might find BankTracker helpful. This site crunches the FDIC's publicly available numbers on banks' deposits, loans, and nonperforming loans, and makes them available in a search interface for banks and credit unions. [more inside]
posted by A dead Quaker on Jun 13, 2009 - 15 comments

60 minutes goes along with the FDIC to take over a bank. Via calculated risk. [more inside]
posted by jourman2 on Mar 9, 2009 - 24 comments

A private FDIC?

The Certificate of Deposit Account Registry Service, or CDARS, is a way to conveniently spread bank accounts across multiple banks. CDARS, run by privately held Promontory Interfinancial Network, offers its customers up to $50 million of deposit insurance, or exactly 500 times single account limit mandated by the FDIC. Promontory does this by arranging to distribute client funds nationwide in $100K increments to over 2,300 banks. Promontory is nothing if not well connected: while founders Mark Jacobsen previously served as Chief of Staff at the FDIC, co-founders Alan Blinder was Vice Chairman of the Federal Reserve and Eugene Ludwig was Comptroller of the Currency, several former members of the FDIC currently serve on Promotory's board.

Not surprisingly, some folks are openly critical of Promotory, some going so far as to state "It undermines a lot of the safeguards around the FDIC deposit fund."
posted by Mutant on Sep 26, 2008 - 64 comments

Washington Mutual seized by FDIC, sold to JP Morgan.
posted by empath on Sep 25, 2008 - 209 comments

Worried about bank failures? First step: check if your bank is insured by the Federal Deposit Insurance Corporation (FDIC). If so, then your first $100K is insured against loss so no worries.

Got more than $100K? Well then, you'd better speak with EDIE. [more inside]
posted by Mutant on Jul 14, 2008 - 60 comments

The FDIC has taken control of IndyMac Bank This is being described as the second largest bank failure in US history. If you are a current customer with funds on deposit, here's what you need to do.
posted by Asherah on Jul 11, 2008 - 160 comments

What's the link between:
1) the quickly-growing number of American homeowners becoming unable to pay their mortgages after their ARM's reset (a trend nicknamed "ARMageddon" -- applicable in the UK too), which is translating into soaring foreclosure rates, and in turn forcing at least 60 US semi-shady mortgage brokers to go belly-up in the past year (i.e. the "subprime meltdown"), and...
2) the recent implosion and impending financial bailout -- which may become the biggest since the Long Term Capital Management fiasco of 1998 -- of two Bear Stearns hedge funds which dealt in mortgage securities? [more inside]
posted by Asparagirl on Jul 11, 2007 - 123 comments