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Tag Archives: Bank Failure

Chicago Lender Shuttered by Regulators as Failed-Bank Tally Hits 109

After four weekends characterized by bank failures in mass, regulators shut down only one financial institution Friday - Ravenswood Bank in Chicago. This latest closing brings the 2010 failed-bank tally to 109. The pace of closings this year is well ahead of the number of shut-downs seen this time last year - 72. The FDIC has said it doesn't expect bank closings to peak until the latter part of 2010.

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FDIC Closes on Pilot Securitization of Mortgages from 16 Failed Banks

The FDIC has closed on a sale of securities as part of a securitization backed by approximately $471.3 million of performing single-family mortgages from 16 failed banks. This pilot program marks the first time the FDIC has sold assets in a securitization during the current financial crisis a method which could allow the federal agency to clear billions of dollars in seized loans from its books, while maximizing the value of these assets for the failed banks' creditors.

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Five More Community-Based Lenders Shut Down by Regulators

The nation's failed-bank tally continues to climb. Regulators closed the doors on five more financial institutions over the weekend -- two in Florida and one each in Georgia, Oregon, and Washington. That pushes the number of bank closings for the year to 108.

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FDIC Taps Secondary Market to Sell $409M in Failed Banks’ Home Loans

The FDIC has amassed a large portfolio of nonperforming real estate loans seized from failed banks. While the agency has managed to broker deals with most acquiring institutions recently to absorb ""essentially all"" of the failed banks' loans, some transaction announcements still contain the language, ""the FDIC will retain the remaining assets for later disposition."" In order to fast-track the sale of these assets, the FDIC is turning to the secondary market, with an offering of $409 million of mortgage bonds from 17 bank closings expected to price mid-week.

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Regulators Shut Down Seven More Banks, as 2010 Failures Surpass 100

The number of U.S. banks to go under this year surpassed the 100-mark over the weekend, as regulators closed the doors on community-based lenders in Florida, Georgia, Kansas, Minnesota, Nevada, Oregon, and South Carolina. The seven closures announced late Friday pushed the 2010 failed-bank tally to 103. The pace of bank collapses this year has intensified as smaller lenders continue to book mounting losses from commercial real estate loans.

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CMBS Delinquencies Hit All-Time High: Trepp

Overdue loans in pools of commercial mortgage-backed securities (CMBS) climbed to 6.49 percent in January, according to a report issued this week by Trepp LLC, a New York-based company that tracks the commercial real estate market. That figure is up 42 basis points from the 6.07 percent delinquency rate in December, and Trepp says it's the highest delinquency level in the history of the CMBS industry.

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