U.S. bank failures are on track to outpace last year’s tally due to high foreclosures and troubled construction loans, the chief economist for the Federal Deposit Insurance Corp. said Thursday in Irvine.
Speaking at a media briefing at the agency’s newly created office at the Irvine Spectrum, FDIC Chief Economist Rich Brown reported that 273 banks [...]
Bank failures on the rise is a post from: Mortgage Insider
Regulators today seized two California banks with six branches in Orange County.
Los Angeles-based First Federal Bank of California failed. Its 39 branches, including five in Orange County, and all its deposits are being turned over to OneWest Bank in Pasadena, according to the Federal Deposit Insurance Corp.
Consumer deposits are safe, and the branches will reopen [...]
Bloomberg reports:
The Federal Deposit Insurance Corp. barred the former controller of New Century Financial Corp., once the third-largest subprime lender, from working as a contractor for the agency after he was sued for alleged securities fraud, a person familiar with the matter said.
David Kenneally worked until this week at Mir Mitchell & Co., an Irving, [...]
This could be one of the biggest bad-debt sales in history — Paul Muolo of National Mortgage News writes:
Every so gingerly, Fannie Mae and Freddie Mac are beginning to contemplate selling their nonperforming mortgages — roughly $250 billion worth of single-family product — in the open market. But will it ever happen? And if so, [...]
