According to Bureau of Labor Statistics data, mortgage industry jobs are down 50% in the past five years. The industry hit a peak in early 2006 at 505,000 but is now at 248,000. Granted, many who shouldn’t have been in the business have left and there was excess manpower 5 years ago, but the stat [...]

Banks foreclosing on borrowers too hastily were told by the FDIC yesterday what they may be facing. The gist of the FDIC’s enforcement order is excerpted below. Over time, it looks like all servicers will need to conform to these standards. But in the near term, the risk is that this framework is one more [...]

The pace of bank failures has slowed relative to late-2010 but still 28 banks have failed year to date, including two on Friday. Western Springs National Bank and Trust (IL) was closed Friday by the OCC, which in turn appointed the FDIC as receiver, which, in turn, entered into a purchase and assumption agreement with [...]

Twenty-six banks have failed in 2011. Friday the FDIC closed Advantage National Bank Group (IL) assuming all the deposits (liabilities) of the Bank of Commerce (IL). Which brings up the question, “Do regulators see trends in problem banks?” Generally speaking, regulators see some key characteristics they frequently find in these institutions, none of which be [...]

Missed this from Simpsons Sunday, thanks to JW for sending. Reminds us that Fox media figures can still make sensical use of a chalkboard (yes that’s a Glenn Beck rip).

More FDIC Dealing On Failed Banks This week, the FDIC closed sales of 40% equity interest in three limited liability companies it set up to hold commercial and residential assets of 26 failed banks. $620 million in unpaid principal on these portfolios was sold for roughly $198 million, less than one-third of the face amount. [...]

Can You Spot A Scam? Take This FDIC Quiz We all love con artists in the movies, but if you’re scammed in real life it’s anything but entertaining. Yet it happens every day. So you should take the FDIC’s Can You Spot A Scam Quiz to make sure you know how to avoid losing your [...]

Drastic Home Vacancies In U.S. The Census bureau just released its 3Q2010 home ownership survey. There are about 131m housing units in the U.S., 112m are occupied and 19m are vacant, 75m are owner occupied, and 37m are renter occupied. Census defines a housing unit as a house, apartment, group of rooms, or a single [...]

I should have listened to my mom and become a lawyer. As WaMu was collapsing in 2008, the FDIC brokered a good deal whereby they seized WaMu then JP Morgan Chase bought it for $1.9b. But the speedy two-day deal now leaves a giant question: who should cover billions in WaMu legal liabilities? Chase says [...]

The FDIC shut down 7 more banks Friday, bringing the 2010 failed bank total to 139. Below is a snapshot of the Friday failures, click the picture to see acquiring institutions for each. Here’s why bank failures are a bonanza for healthy banks.