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Georgia Bank Shuts Down, 2013 Tally Inches Up to 4

FDIC announced Friday the closure of Frontier Bank, based in LaGrange, Georgia. Frontier Bank mark's Georgia's first bank failure in 2013 and is the nation's fourth failure overall this year. By the same time in 2012, there had been 12 bank collapses.

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Commentary: Go With the Flow

According to the Flow of Funds report for Q4 2012, household assets grew to $79.5 trillion in the fourth quarter, an increase of $1.3 trillion--not too shabby. Household financial assets were up $784 billion to $54.4 billion but home equity (the value of household real estate less loans against that real estate) grew $452.8 billion, the result of two moving parts: real estate values (which increased) and household mortgage liabilities, which dropped. Once the dust settled, it meant equity in household real estate assets moved to 46.6 percent in the Q4.

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Vericrest Selects Management Vet to Lead as Chairman, CEO

New

Vericrest Financial, Inc., a Dallas-based financial services company specializing in residential mortgage loan servicing, announced the appointment of Joe Anderson to chairman and CEO, effective immediately. Anderson will lead the integration of Vericrest and Caliber Funding, LLC and assume the role of chairman and CEO of the combined organization.

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Attorney General Draws Criticism for ‘Too Big to Jail’ Remarks

U.S. Attorney General Eric Holder caused a stir Wednesday by voicing the idea that certain financial institutions may be "too big to jail." In a testimony before the Senate Judiciary Committee on Justice Department (DoJ) oversight, Holder said he is "concerned that the size of some of these institutions becomes so large that it does become difficult for us to to prosecute when we are hit with indications ... it will have a negative impact on the national economy."

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Fitch Notes Potential in FHFA Efforts to Restore Private Market

The goal of attracting private capital into the mortgage market is at the center of discussions throughout the industry and the government. Thus far, efforts by the Federal Housing Finance Administration (FHFA) and other federal agencies to provide incentives for the creation of a vibrant private mortgage securitization market have been largely unsuccessful, according to Fitch Ratings. However, the ratings agency does see some promise in a couple of FHFA's goals for this year.

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February Adds 236K Jobs, Unemployment Rate at 7.7%

Unemployment

The economy added 236,000 jobs in February and the unemployment rate slipped to 7.7 percent, its lowest level since December 2008, the Bureau of Labor Statistics (BLS) reported Friday. Economists had forecast payrolls would grow by 160,000 and that the unemployment rate would remain at 7.8 percent.

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