Home >> Tag Archives: Bank Failure (page 12)

Tag Archives: Bank Failure

House Passes Bank Failures Bill to Investigate FDIC

On Friday the House of Representatives put largely partisan weight behind a bill that would require the FDIC to investigate the 382 bank failures it has corralled with shutdowns since 2008. If reconciled with a similar bill passed by the Senate, H.R. 2056 could require the FDIC's inspector general to examine whether the current regulatory climate crimps lending for community banks. A House Financial Services Committee statement cites some 140 bank failures over 2009 and 157 over 2010, claiming their concentration in only 10 states.

Read More »

Bank Failures Top 61, Costing FDIC $253.4M

Total bank failures leveled out at 61 over last week as three more financial institutions faced closure and acquisition by other banks. The failures and acquisitions left the FDIC with a total $253.4 million tab.

Read More »

Industry Leaders: Reverse Mortgage Rules Too Much

In a prepared statement that it submitted to the Senate Financial Institutions Subcommittee, the American Bankers Association aired concerns about a dry-up in risk in the financial markets, an increasingly serious dilemma that it blamed on Congress for trying to prevent past mistakes from occurring again. The ABA delivered the statement in response to a new loan officer compensation law, a voluminous text with multiple rules and regulations that drove up costs and lost hours for brokers.

Read More »

Another Taylor Bean Exec Lands in Jail

The saga of a nearly $3-billion fraudulent scheme that resulted in two bank failures, billions of dollars in losses, and the loss of over 2,000 jobs came to a close on Wednesday when courts found the culprits guilty on counts of fraud and false statements, among other charges. The sentencing follows several other convictions in a case authorities bill one of the largest instances of bank fraud in U.S. history.

Read More »

Industry Insiders Respond to CFPB’s Nonbank Rule

On Thursday Consumer Financial Protection Bureau nominee Elizabeth Warren attended a virtual press conference, delineating six groups of nonbank companies that may soon fall under the agency's broad scope of authority. The agency is responsible for ensuring that both banks and nonbanks comply with consumer financial protection and fair lending laws, Warren said, reading from a prepared statement.

Read More »

Nearing Exit, Bair Shapes Legacy

Nearing the conclusion of her tumultuous five-year term, outgoing FDIC chairman Sheila Bair made moves to shape the legacy she leaves behind in July, making the case for sounder policies needed to head off the potential for a replay of the 2008 financial crisis as markets and industries move forward. Meanwhile, analysts fault a mixed legacy for Bair, citing the major roles she played in expanding the FDIC's power and passing crucial language in the Dodd-Frank Act. Bair is set to leave her post as FDIC chairman on July 8.

Read More »

FDIC Goes After Mortgage Broker for Fraud

The FDIC has filed a complaint with a California federal court against the owner of mortgage broker Amerifund Financial, Inc., seeking $1 million in damages based on civil fraud allegations. The suit alleges that the defendant, Eric Matthew Anderson, and several others submitted $2.4 million in fraudulent loans to the Downey Savings and Loan Association. The FDIC says Downey S&L later filed for Chapter 7 bankruptcy after incurring $1.2 million in losses directly related to the Amerifund loans.

Read More »

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.