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Thread: Bank failures to surge in coming years - part I

  1. #13

    Default Re: Bank failures to surge in coming years - part I

    Quote Originally Posted by Show-me View Post
    I tried to find that and it is keep secret so that people do not run on the banks. I did read a post here by someone that if you go to bankrate.com and look and see who has the best rate on a 6 or 12 month CD you will get a good idea.
    I believe above to be correct -direct info is witheld. Best I've seen, was posted by Alevin's in his Acct Talk posts #30 & #33) - to see if YOUR Bank/Credit Union is safe, try this... http://bankrate.com/brm/safesound/ss_home.asp

    Also, for latest failures & cautionary notices, check here...
    http://bankimplode.com/

    Again, courtesy, Alevin's early July posts...
    http://www.tsptalk.com/mb/showpost.p...5&postcount=33

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  3. #14

    Join Date
    Apr 2008
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    Mississippi
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    Default Next Bank to Fail?

    regulators limit some downey activities
    bank sees net deposit inflows after period of 'elevated' withdrawals
    by alistair barr, marketwatch
    last update: 6:23 p.m. Edt aug. 11, 2008
    san francisco (marketwatch) -- downey financial corp.'s main regulator has imposed several restrictions on the lender's activities, including limits on dividends, asset growth and new borrowing, according to a filing monday.
    downey also said that it's experienced "elevated" levels of deposit withdrawals after reporting a $218.9 million second-quarter net loss in late july. The company stressed that net deposit inflows returned more recently, but also warned that if outflows resume it would have to raise new capital or borrow more to meet liquidity needs.

    shares of downey fell 8.1% to $1.93 during after-hours trading on monday. The stock dropped 6.3% in regular trading.
    Since downey reported its second-quarter loss on july 24, the office of thrift supervision, its main regulator, has imposed several restrictions, the company said in its quarterly filing with the securities and exchange commission.
    The newport beach, calif.-based thrift has been hit hard by a surge in bad loans. Nonperforming assets made up more than 15% of total loans at the end of june. The company said earlier this year that it has set up a special committee of directors to explore strategic alternatives, including raising more capital. see related story.
    downey can't pay dividends without checking with the office of thrift supervision first. The company's bank can't increase assets beyond net interest credited on deposits without ots approval. It can only renew debt or borrow more money if the ots doesn't object, according to the filing.
    Downey also can't pay certain types of compensation and severance; it must tell the ots before changing directors or executives, and before going ahead with transactions between any of its affiliates or subsidiaries, the filing also disclosed.
    "we don't comment on supervision of individual companies," said william ruberry, an ots spokesman. Downey chief financial officer brian côté declined to comment.
    A search of formal, public-enforcement actions by the ots in relation to downey on the regulator's web site yielded two actions from 1999 and aug. 30 last year.
    Downey's main source of borrowing is the federal home loan banks, or fhlb. At the end of june, the thrift said it had borrowed $1.5 billion from the fhlb, which was a little more than 12% of total assets.
    By the end of friday, downey's fhlb borrowing had jumped to $2.8 billion. It's allowed to borrow another $200 million, downey noted in its quarterly sec filing.
    Downey also said its bank is allowed to borrow up to $1.5 billion from the federal reserve bank of san francisco. At the end of friday, it hadn't borrowed any money from this source, according to the filing.
    ...

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  5. #15

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    Default Re: Bank failures to surge in coming years - part I

    Anyone got any recent news on National City Mortgage? There was a slew of bad news, company reaction, then silence. I'm hoping that means no news is good news, but just checking.
    "All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python

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  7. #16

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    Default Large US bank collapse ahead, says ex-IMF economist

    Large US bank collapse ahead, says ex-IMF economist
    Tue Aug 19, 2008 12:58am EDT
    By Jan Dahinten
    SINGAPORE, Aug 19 (Reuters) - The worst of the global financial crisis is yet to come and a large U.S. bank will fail in the next few months as the world's biggest economy hits further troubles, former IMF chief economist Kenneth Rogoff said on Tuesday.
    "The U.S. is not out of the woods. I think the financial crisis is at the halfway point, perhaps. I would even go further to say 'the worst is to come'," he told a financial conference.
    "We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks," said Rogoff, who is an economics professor at Harvard University and was the International Monetary Fund's chief economist from 2001 to 2004.
    "We have to see more consolidation in the financial sector before this is over," he said, when asked for early signs of an end to the crisis.
    "Probably Fannie Mae and Freddie Mac -- despite what U.S. Treasury Secretary Hank Paulson said -- these giant mortgage guarantee agencies are not going to exist in their present form in a few years."
    Rogoff's comments come as investors dumped shares of the largest U.S. home funding companies Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) on Monday after a newspaper report said government officials may have no choice but to effectively nationalise the U.S. housing finance titans.
    A government move to recapitalise the two companies by injecting funds could wipe out existing common stock holders, the weekend Barron's story said. Preferred shareholders and even holders of the two government-sponsored entities' $19 billion of subordinated debt would also suffer losses. [ID:nN18494933]
    Rogoff said multi-billion dollar investments by sovereign wealth funds from Asia and the Middle East in western financial firms may not necessarily result in large profits because they had not taken into account the broader market conditions that the industry faces.
    "There was this view early on in the crisis that sovereign wealth funds could save everybody. Investment banks did something stupid, they lost money in the sub-prime, they're great buys, sovereign wealth funds come in and make a lot of money by buying them.
    "That view neglects the point that the financial system has become very bloated in size and needed to shrink," Rogoff told the conference in Singapore, whose wealth funds GIC and Temasek [TEM.UL] have invested billions in Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) and Citigroup (C.N: Quote, Profile, Research, Stock Buzz).
    In response to the sharp U.S. housing retrenchment and turmoil in credit markets, the U.S. Federal Reserve has reduced interest rates by a cumulative 3.25 percentage points to 2 percent since mid-September.
    Rogoff said the U.S. Federal Reserve was wrong to cut interest rates as "dramatically" as it did.
    "Cutting interest rates is going to lead to a lot of inflation in the next few years in the United States." (Editing by Neil Chatterjee)
    http://www.reuters.com/article/newsO...080819?sp=true
    ...

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  9. #17

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    Default Re: Bank failures to surge in coming years - part I

    Really cool link to the status of US Banks - check it out: http://xserve.osgcorp.com/flex/fdicdemo/
    Exposé: Raging Democrat, Anti-Sexist Complainer, Agnostic, Controversial Upstart, Read w/Caution - 100% G Fund

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