Editor’s Note: Home sales will continue to drop, home prices will continue to drop, banks will continue to fail until principal reduction is recognized as the reality of the situation. More than 11 million homeowners are reportedly under water. The real number is closer to 20 million. see Modifications Pushing More Homes Underwater. Our economy cannot …
More Bank failures, More Foreclosures, More Homes Under Water Read More »
Editor’s Note: Nobody wants to hear it. The housing market is dragging the government and the economic future of this country down the drain. For decades the FDIC has followed a model of dismantling failed banks by letting healthy banks take over the assets. Despite the calls from Sheila Bair at FDIC, we are clearly …
Head in the Sand: 4 Big Mortgage Backers Swim in Ocean of Debt Read More »
Sheila Bair has finally let the trial balloon out of the bag. Just watch what Wall Street does to position Bair as some kind of kook. In truth, she ought to be running the financial part of this recovery although the FDIC is supposed to insure deposits, not necessarily write offs of bad loans. Bottomline, …
FDIC Weighs Loan Principal Cuts to Fight Foreclosure Read More »
Press Releases SunTrust Bank Acquires the Insured Deposits of First Priority Bank, Bradenton, Florida FOR IMMEDIATE RELEASE August 1, 2008 Media Contacts: Andrew Gray (Cell: 202-494-1049) David Barr (Cell: 703-622-4790; Office: 202-898-6992) First Priority Bank, Bradenton, Florida, was closed today by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance …
