FDIC’s Failed Bank List

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  1. Douglas Watts commented on Jul 14

    Phil Spector did it.

    With a bullet.

  2. Steve Barry commented on Jul 14

    Great list…now if we could only see the list of banks currently being monitored for failure. I have heard on various shows that the list exists.

  3. Mich(^IXIC1881) commented on Jul 14

    ehh, I am long UYG as of lunch break.

    Mich – the new cinefoz

  4. bsneath commented on Jul 14

    Instead of waiting for costly foreclosures and taxpayer bailouts of an insolvent mortgage financing system, we should have been focusing on measures to stimulate additional housing demand and help homeowners keep their homes and continue to make mortgage payments into the system. Had we done this, it would have cost the taxpayers much less in the long run and it would have helped many individuals remain in their homes, maintain their credit ratings and continue to make monthly mortgage payments into the system. Professor Friedman’s proposal was an example of what could have been done and probably could still be accomplished if the “absolutists” were able to envision the bigger picture rather than engage in reactionary myopia. Heck, if you don’t like Harvard Professor Fieldstein’s plan, then at least establish a program to give every active war veteran a $20,000 home equity voucher so he or she can either buy a new house or refinance an existing one. Besides being the right thing to do – to repay those who have put their lives on the line for our country – it would also stimulate housing sales (demand) and reduce foreclosure costs (4X the national average for Vets), in turn bolstering housing prices and lowering mortgage banking losses. Yes housing prices will still fall, but not as much. Yes banks will still fail, but not as many. So you don’t like Professor Feldstein’s plan or this one? Then come up with other creative alternatives to fix the problem on the front end by stimulating demand and reducing costs and stop reacting to the carnage after it has become too late!

  5. johnnyvee commented on Jul 14

    I see that WaMu’s stock is way down. What other banks are taking a beating–times like this it is best to pull your money out, rather than beg for it back later.

  6. UrbanDigs commented on Jul 14

    Im with you Mic – doh! Im playing with gains from my shorts, but eroding quickly these past 2 weeks. Didnt think this would be the downrun that kept, well, going down.

    Thought we would bounce by now giving more shorting opps.

  7. wally commented on Jul 14

    bsneath,
    The fundamental problem in the housing bubble was that prices got way too high. Nothing you are suggesting seems to address that and until the prices are back in line with incomes, there will be no housing market in the U.S.

  8. catman commented on Jul 14

    bsneath – Never give a sucker an even break – WC Fields.

  9. bsneath commented on Jul 14

    Wally – The housing market is not homogeneous. Not every area in the country has prices that exceed homeowners incomes. Further, not everyone is in the same position when it comes to their ability to make monthly payments.

    Any program that reduces foreclosures will reduce pressures by banks to sell homes at any price. Any program that increases the purchase of homes will reduce the inventory of unsold homes and accelerate the period of recovery. Any program that helps people avoid foreclosure will reduce ultimate costs to the financial system and lessen risks in the number of bank failures and the total losses to the financial system.

    Your comments are exactly the challenge faced in addressing this problem. Folks look at the housing crisis with black and white tunnel vision and do not understand that it is a market place.

  10. bsneath commented on Jul 14

    Catman – per chance do you live in NYC?

  11. Mark E Hoffer commented on Jul 14

    When the RRs upgraded their Rails, from iron to steel, things seemed to run better.

    Maybe, we need to do similiar with our term: “Irony” ..

    Dollar Savings Bank, Closing Information

  12. Mich(^IXIC1881) commented on Jul 14

    Urban,
    At the comment thread in March(http://bigpicture.typepad.com/comments/2008/03/volatility-spik.html), I made a comment regarding picking bottoms:

    “…Further, I would bet a dollar that Cramerica will be canceled before we hit THE bottom, no two ways around it in my mind.

    Is FNM, FRE nationalized yet? No? Then we are not at the bottom….”

    Well, today I saw on a blog about Cramer’s NYTimes piece (http://dprogram.wordpress.com/2008/07/14/cramer-cnbc-stocks-are-doomed-sell-now/)

    Add that to the FNM/FRE bailout over the weekend, and I thought “this is as good a bottom indicator, at least for financials as any”. Add that the UYG was way down, I said “the hell with it, I can lose some of the winning”.. So I am going to date UYG till next Tuesday to see if she is a good date (or till she cheats by hitting 15) then I am out..

    I had to try it when people were running for exits (if it was that bad, the markets should have been down 3+%, but it was just financials. I think the financials will stop leading now, and let others take indexes lower)

    P.S. As I said last Friday I am also long Turkcell since:
    1- I believe US markets is in for a bounce which effects all world markets
    2- Turkey is too big too fail on political instability, so I think things will settle soon
    3- Turkcell has tons of cash and a very solid company
    4- They are at ridiculous PE
    5- I expect USD, with all this bailouts, to depreciate which is good for the ADR since they make their money in TL.

    All IMHO of course

  13. techy commented on Jul 14

    OFF TOPIC:

    excuse me for this Off topic question, i am just taking a shot since very smart people visit this blog.

    why are people betting that BUD may go above $70 between jan 2009 and Jan 2010??

    looking at options, i see that strike 70 call for Jan 2010 has bids for $55. (.55/contract)

    this will be only profitable if BUD goes up above $70.55.

    anyone know what the catch maybe? (since the fact is that BUD has settled for $70).

    the odd thing is that jan 2009 strike 70 call is selling for just around $15.

  14. Vermont Trader commented on Jul 14

    Ah yes.. Netbank.

    That brings back the memories.

  15. RW commented on Jul 14

    About the only thing I’m sure of is that the list will become much, much longer: A more interesting speculation might be whether names will be added that are even bigger than Indymac; C anyone?

    OT: “why are people betting that BUD may go above $70 …”

    Just guessing but it might have something to do with the way the InBev takeover offer is structured and what kind of premium the major players are angling for; e.g., http://tinyurl.com/5jc3te

  16. surferdude commented on Jul 14

    the failure of IMB is absolutely embrassing for the ots & fdic. IMB failed without being under any formal action nor did it appear on the fdic’s problem bank list. as far as the fdic goes, they did not exercise any of their powers — back-up exam authority, diasagreeing with the ots over the rating of IMB, or by raising the deposit premium charge from the lowest bucket.

    now, the fdic is having its coo bovenzi running IMB, which is a major mistake as this guy contributed greatly to the morale problems within the fdic staff (exactly what are his qualifications to run an option-arm thrift this large?) also, bailout bair has put a freeze on all forclosure actions at IMB. talk about a way to destroy franchise value. it looks like the loss on this shop will be on the high side of the $4-8b estimate.

  17. DC commented on Jul 14

    I’m all for a jumbo order of Schadenfreude but I lived through the S&L debacle and I don’t remember a whole helluvalot of good that came out of blowing them up. NCC, FHN, WB — what did they ever do to me? Don’t they each have employees with families and bills to pay, to say nothing of nervous depositors?

    I’m largely in line with bsneath — focus on clearing the housing inventory for one thing. I hear Diana Olick wring her hands about “no housing starts” as if that’s bad (though things can never be black enough for Di!). Hey, how about let’s disassemble a few and sell ’em for parts?

    The one thing I would advocate putting a bullet into is the “American Dream” of owning a home. Mobility is critical to modern life. There is no job security, period, and part of our current problem is that folks can’t sell their houses to move to where they might find a job. And with gas prices climbing the new job doesn’t have to be all that far away to be impractical.

  18. BilloFoxnews commented on Jul 14

    Equity markets have recently lost over $2 trillion in the U.S. and even more globally — many times the likely amount of mortgage and corporate debt losses in the foreseeable future. This is in part a correction from the sharp global equity run-up through mid-July. Current prices still signal growth ahead

    Will the dow Retest 5,000?

    large caps into small and mid, it has longer-term bullish implications and doesn’t bode very well for the masses who seem to be looking for 1300 on the S&P.

    I noticed even the bullish Carl Fu

  19. Don davis commented on Jul 15

    We have a very basic problem,, well more than one.
    Greed,, every stock holder wants a return on their dollar, but they don’t want to pay the higher prices. Investors run when things look bad, they run others run, soon everyone is running.

    We would sell our mothers if we could see a profit, and that’s not only corporate America, it’s most Americans.

    Things cannot be equal, so quit using tax dollars to uplift the “poor”,,if they are poor 90% of them are poor because they don’t want to work and give up the handout.

    For every underprivlidged child there is a pair of underachieving parents.

    Finally, change the mindset “ask not how I can get a free ride, but how can I mend the tracks?

  20. CJ commented on Jul 15

    Quite the chart … but did no banks at all fail in 2005 or 2006? Am I reading that right? That seems amazing.

  21. Mich(^IXIC1881) commented on Jul 15

    UYG: What a lousy first date! I had to dump her after cheating me right after our first night.

  22. B Bowles commented on Jul 15

    Could someone tell me where the FDIC list of troubled banks is listed.I have no problem finding the failed list. Thanks

  23. L.Rossow commented on Jul 15

    I am also looking for the FDIC list of troubled banks. I was watching Fox News this evening and the guest stated that this list can be seen on-line.

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