The FDIC closed it's first banks of 2012 today. A total of three insitutions were shuttered by the regulator. Central Florida State Bank of Belleview, Florida, The First State Bank of Stockbridge, Georgia and American Eagle Savings Bank of Boothwyn, Pennsylvannia each received the dreaded visit by FDIC teams to begin their weekend absorption into a purchasing institution. All three found buyers. American Eagle was acquired by Capital Bank N.A. The First State Bank was purchased by Hamiton State Bank. Cental Florida State Bank is being integrated into CenterState Bank of Florida N.A. All banks had troubled histories prior to their closures as seen in these forensic pages released by Institutional Risk Analytics following the press releases.
Central Florida State Bank - Belleview, FL 1/20/2012
The First State Bank - Stockbridge, GA 1/20/2012
American Eagle Savings Bank - Boothwyn, PA 1/20/2012
IRA donates a free tool to the "Move Your Money" education campaign that enables consumers to locate healthier community banks close to their zip codes. This zip code finder tool can be found at http://us1.irabankratings.com/MoveYourMoney/index.asp.
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This funk we are in was started, triggered and created by the left's moves to put that turkey in every oven! This economy in the last 15 years ran on the construction industry...to put it back on track will require tightening the reins of lending...show us a down payment, show us your pay check and show us your good credit...after all, the good times in this Country were based on this as far as home ownership! My Parent's only home was bought in late 50's with 20% down...I only had to pay 10% down and my minority (American Indian) did not have to pay ANYTHING down...no PMI and they based income on her child support that was ending in 2 years! FDIC, Fanny and Freddie were pawns of the Party!
I agree with the skin in the game issues; except the diminishing down payments and loose underwriting had nothing to do with partisanship or even Freddie and Fannie at the time. Freddie and Fannie had very specific buying programs that had specific reserves for known bad debt, approved by Congress - both parties. Fannie and Freddie DID have a fairly unlimited appetite for AAA rated credit; as do most financial institutions. The problem was not the known bad debt of which you point out (they had reserves for that), it was the bad debt that was fraudulently packaged by banks, insurers, ratings agencies, and brokers as AAA rated.
Corporations are people my friend,
and if any person did any of these things ,
they would be in custody already.
The banksters advise people to NOT pay their mortgages so they would be eligible for the mortgage protection plan, then foreclosing on them. That fraud, taking by trickery, and it was bank policy, that's racketeering.
Why are you defending the bankster, the greatest crooks in human history, who crashed the economy, causing the unemployment in the first place, extorted trillions from our republic via the FED, paid themselves fantastic bonus for faileing, and continue to gamble instead of invest.
Why?
Americans, and so many other members of the human race, want religious assurances about risks which can only be minimized or some, like death which is the risk of life, cannot be avoided or shifted.
Because it is so much easier to know lots of math than understand through hands on experience as a specialist in any activity we turn to math for analysis as if it is possible to reduce risk with formulas.
Cash reduces risk, and stupiditycoupled with unmitigated leveraged investments creates volitility and banking failures. It's all in my book - and how the Fed has failed and why,as well as its colleague the FDIC. For an explicit, better understanding and objective information: www.howwegotswindled.com
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