Quote:
Originally Posted by pocketkangaroo
So the banks might hurt temporarily, but long term the government will step in and fix their problems. They have no risk unlike the people taking out mortgages.
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On January 25, 2008, Douglass National Bank, Kansas City, MO was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
On October 4, 2007, Miami Valley Bank, Lakeview, Ohio was closed by the Ohio Department of Commerce, Division of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
On September 28, 2007, NetBank, Alpharetta, Georgia was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All insured depositors are now customers of ING Bank, fsb (ING DIRECT), member FDIC. No advance notice is given to the public when a financial institution is closed.
On February 2, 2007, Metropolitan Savings Bank, Pittsburgh, Pennsylvania was closed by the State of Pennsylvania, Department of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
NEW YORK (MarketWatch) -- March 26, 2008. Federal banking regulators will hire 140 new employees in an effort to reassure the public they are well-positioned to deal with a possible increase in bank failures over the next year, the Federal Deposit Insurance Corp. said Tuesday.
** Federal Reserve Chairman Ben Bernanke raised some eyebrows last month when he suggested during congressional testimony that the U.S. will likely see some banks fail in upcoming months due to increasing writedowns and a tightening credit climate.