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Tag Archives: fdic
FDIC is $15 Billion in the Hole
CNN – Problem bank list climbs to 829: More money in the kitty. The FDIC reported a second consecutive increase in its deposit insurance fund, which covers customer deposits when a bank fails. The fund, which had been dwindling for … Continue reading
Where do you put money if you’re concerned about bank failures?
Over on this post Placebo has a question: I’ve noticed you’ve posted quite a bit on banks failing. So where are you parking your money in light of this widespread problem? I know gold is one place … Thanks! Right … Continue reading
FDIC may borrow money from banks to rescue banks
Who will bailout the bailer-outers? New York Times – F.D.I.C. May Borrow Funds From Banks: Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government. Senior regulators say they … Continue reading
FDIC quarterly report: problem banks rise, funds fall
Financial Times – US ‘problem’ bank list hits 15-year high: The number of US banks at risk of failure is at a 15-year-high while the fund protecting depositors is at its lowest level since 1993, according to figures that highlight … Continue reading
FDIC report on bank health due today
Days Away From Economic Chaos?: So there, you can see that in addition to goodwill, the bank’s capital was largely increased by bailout funds. So a dose of reality therapy will lead one to conclude that nearly all American banks … Continue reading
FDIC’s losses higher on failed banks now than in S&L era
Wall Street Journal – Failed Banks Weighing on FDIC: For the 102 banks that have collapsed in the past two years, the FDIC’s estimated cost averaged 34%. That is sharply higher than the 24% rate between 1989 and 1995, when … Continue reading
The FDIC just spent the last of its money
Mish – As of Friday August 14, 2009, FDIC is Bankrupt. Mish puts a harsh spin on it, but he’s right that the FDIC’s funds were more or less depleted with Friday’s takeover of five banks. One of the institutions, … Continue reading
Well the first thing you know old Jed’s a zeroaire
The FDIC took control of the First Bank of Beverly Hills and three other banks last Friday. Jethro, Granny, Ellie May and Miss Hathaway hardest hit. First Bank of Beverly Hills was in such bad shape the FDIC couldn’t find … Continue reading
Senate bill would raise FDIC borrowing from $30B to $100B
If you’re not mad about the FDIC’s shameful conduct in the banking meltdown it’s because you’re not paying attention. Mish has the latest: In a galling move that has nothing to do with credit card reform at all, the Senate … Continue reading
Urban Legend: FDIC has 99 years to pay back depositors
I had a person at the bank desk tell me that the FDIC has 99 years to pay back depositors, which is why his bank has other forms of insurance to protect their accounts. I had to look it up. … Continue reading
How healthy is your bank?
Find out here. First Tennessee doesn’t look so hot considering they received $800 million in TARP bailout money. SunTrust isn’t looking so good, either. Still, they’re in better shape than these guys.
The third wave of loan defaults: construction and development loans
Calculated Risk – Bank Failures and C&D Loans: Called acquisition, construction and development, or ADC, loans, they total 8.4 percent of all bank loans, just below a 30-year peak, and are used by developers to buy land, put in infrastructure … Continue reading
FDIC collected almost no insurance from 1996 to 2006
Unbelievable. The FDIC is supposed to charge insurance fees to banks. Those fees are then used to cover depositor’s money in case the bank fails. During the boom years the FDIC thought most banks were so healthy there was no … Continue reading
Congress plans to give FDIC $500 billion for failed banks (UPDATED)
Wall Street Journal – Bill Seeks to Let FDIC Borrow up to $500 Billion: Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury … Continue reading
More reasons I’m worried about banks
I knew it was possible, but I never dreamed the FDIC would actually come out and admit how overwhelmed they are by the current financial crisis. Bloomberg – FDIC’s Bair Says Insurance Fund Could Be Insolvent This Year Federal Deposit … Continue reading
Timing and FDIC bank foreclosures
In comments on this thread, Mikee raises a point about FDIC foreclosure rates: Estimated number of banks, mostly small local or regional ones, that will be closed in 2009 by the FDIC range from the hundreds to over 1000. So … Continue reading
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