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NEWS ABOUT: FDIC

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Feds Seize 2 Failed Banks

Western banks sold to Mutual of Omaha

(Newser) - The housing bust and credit crunch have toppled two more banks, Reuters reports. Federal regulators have taken over First National Bank of Nevada and California's First Heritage Bank and sold them to Mutual Bank of Omaha. The undercapitalized institutions were the sixth and seventh to go under in the US... More »

Failed FDIC-Run Bank Added Fuel to Subprime Fire

Feds seized Ill.-based Superior in 2001, but it continued to write, sell off bad loans

(Newser) - An Illinois bank seized by regulators in 2001 continued to write risky subprime mortgages for months after it was put under the day-to-day supervision of the Federal Deposit Insurance Corporation, the Wall Street Journal reports. Many of the loans—some with interest rates above 12%—have been foreclosed; a Texas... More »

FBI Begins Fraud Probe of IndyMac Mortgages

Failed bank may have given improper loans to people with bad credit

(Newser) - The FBI is investigating failed bank IndyMac for possible fraud related to its mortgage-lending business, Bloomberg reports. The agency is looking into whether the bank gave improper loans to people with shaky credit. It is working closely with the FDIC, which seized the bank's assets last week. IndyMac specialized in... More »

FDIC Hunts for IndyMac Buyer

Feds want to see it as a whole; see more small banks failing in future

(Newser) - The Federal Deposit Insurance Corporation is looking to sell recently capsized IndyMac as a whole to one healthy bank, an executive told Reuters today. The FDIC took over IndyMac on Friday after nervous customers withdrew more than $1.3B in 11 days. "I don't expect there will be large... More »

IndyMac Failure Exposes Risk for Uninsured $$$

Depositors with more than $100K in the bank could be in trouble

(Newser) - IndyMac Bank's failure yesterday was a "wake-up call" to anyone with deposits above the $100,000 FDIC insurance limit, Terry Savage writes in Street.com. Americans have more than $2.6 trillion in uninsured accounts, and 10,000 depositors have more than $1 billion at risk at IndyMac alone.... More »

Feds Seize Failed IndyMac Bank

Senator's comments led to takeover, regulator says

(Newser) - As mortgage lenders Freddie Mac and Fannie Mae crowded the headlines today, Washington snatched up IndyMac Bank in the second-largest US bank failure in history, the Wall Street Journal reports. The Pasadena, Calif. savings and loan, which owns about $32 billion in assets, saw stocks fall from $45 last year... More »

Feds Brace for a Wave of Bank Failures

FDIC hires extra staff to help with boost in 'problem' banks

(Newser) - Federal regulators are gearing up for as many as 100 bank failures in the next year—the most since the savings and loan crisis that saw more than 1,000 S&Ls go belly up in the ’80s and ’90s—as the subprime contagion continues to decimate the... More »

Some Critics of Rate Freeze May Be Angry Investors

FDIC chief speculates that investors are blasting the plan to boost their income

(Newser) - Critics of the government’s new rescue plan for strapped homeowners may be investors who would cash in on a foreclosure-ridden market, one of the plan’s chief architects charges. Sheila Blair, head of the FDIC, speculated that naysayers may have a conflict of interest, the Wall Street Journal reports.... More »

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