Keyword: FDIC
Former IndyMac CEO sued by FDIC for an astonishing $600 million
FDIC cleaning house In May 2011, the Federal Deposit Insurance Company’s (FDIC’s) started cleaning house and filing lawsuits. They filed against CoreLogic for $129 million alleging faulty appraisals provided to Washington Mutual Bank (WaMu) which the FDIC seized in 2008 prior to facilitating its sale to JPMorgan Chase. CoreLogic’s competitor Lender Processing Services (LPS) was filed against by the FDIC ...
FDIC suing CoreLogic’s eAppraiseIT unit for $129 million
FDIC files against CoreLogic The Federal Deposit Insurance Corporation (FDIC) has filed against CoreLogic for $129 million and demanded a jury trial regarding allegedly faulty appraisals provided to Washington Mutual Bank (WaMu) which the FDIC seized in 2008 prior to facilitating its sale to JP Morgan Chase. The FDIC has also filed suit against CoreLogic competitor Lender Processing Services, Inc. ...
FDIC suing LPS (Lender Processing Services) for $154.5 million
FDIC files suit The Federal Deposit Insurance Corporation (FDIC) has filed a lawsuit accusing Lender Processing Services Inc. (LPS) of negligence and breaches of contract for which they are demanding a jury trial to recoup $154.5 million in losses on behalf of Washington Mutual Bank (WaMu) of which they are now the receiver. Fox News describes LPS as a company ...
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Government to mandate 20% down on all home loans – is housing doomed?
20% down required by the government? Yesterday, FDIC chairman Sheila Bair said the industry would be best off if lenders required 20% down in order to secure a loan, noting on the Fox Business Network that the 20% standard “worked really well for decades” and that the 30% down requirement floating around would “go too far.” Bair said that lower ...
FDIC suing former Washington Mutual executives for $900M
FDIC sues execs for $900M The Federal Deposit Insurance Corporation (FDIC) has named the former Washington Mutual CEO, Kerry Killinger, President of Home Lending, David Schneider and COO Stephen Rotella in a civil lawsuit, accusing the three of neglicence for their roles in creating and executing the bank’s reckless lending prior to the bank’s collapse in 2008. The suit seeks ...
FDIC, NAHB, Bankers struggling to find the same page [Report]
![FDIC, NAHB, Bankers struggling to find the same page [Report]](http://agbeat.wpengine.netdna-cdn.com/wp-content/uploads/2011/02/abandoned-150x150.jpg)
According to the U.S. Department of Commerce, sales of existing new homes were in the tank in January, down 12.6 percent. The dip coming after improved sales in December on the heels of an expiring tax credit in California. Although weather is partially to blame according to Bob Nielsen, chairman of the National Association of Home Builders (NAHB), he remains ...
FDIC calls bank closures a short term ill but closure rates remain high
In 2007, the FDIC seized only 3 banks, in 2008 they shut down 25, and in 2009, 130 banks failed! We’re only finishing out the second quarter of 2010 and 86 banks have already been seized. Florida, Georgia and Illinois have been hit the hardest so far this year, accounting for a combined 44% of all bank closings. We predicted ...
Bank Closures Accellerating as FDIC Seizes Fourth Bank of 2010
Four banks collapsed so far this year Since we reported six banks seized in one day last month, the FDIC ended the year with ten more closures to total 140 banks that were seized in 2009. Already this month, the FDIC has seized four banks as listed below: Horizon Bank- Bellingham, WA, closed January 8th ($1.3B in assets) Town Community ...
Six Banks Fall in Just One Day as FDIC Seizes 130th Bank of 2009
Rough year for banks We all know it’s been a tough year for the economy and the falling dominoes of banks is just one of the scars America has to prove it. On Friday, the FDIC closed six more banks, bringing the total to 130 in 2009 alone. The recent closings weren’t international banks or big conglomerates, rather the most ...
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