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Tag Archives: FDIC

Federal Reserve and Other Agencies Release New Appraisal Guidelines

Federal regulatory agencies issued guidelines Thursday on sound practices by financial institutions for real estate appraisals and evaluations. The guidelines explain the agencies' minimum standards for appraisals and incorporate the agencies' recent supervisory issuances on appraisal practices. The 70-page document will replace the former guidelines which were written in 1994, and officials say it will ensure consistency in the application and enforcement of appraisal regulations.

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Three More Community-Based Lenders Closed by Regulators

State and federal regulators stepped in to close the doors on three community banks this weekend, in Florida, Pennsylvania, and Wisconsin. They bring the number of insured institutions on the FDIC's failed bank list to 149 for the year. By comparison, in all of 2009 there were 140 banks shuttered. First Banking Center in Burlington, Wisconsin, was the largest of this weekend's closings, with $664.8 million in deposits and $750.7 million in assets.

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Servicers with Widespread Paperwork Errors May Face Regulatory Fines

Federal banking regulators are in the process of conducting an in-depth review of foreclosure practices at the nation's largest mortgage servicers, which includes on-site evaluations and examinations of loan files. Officials say in cases where problems are found, regulators will require lenders and servicers to correct not only the faulty documents but the faulty systems that allowed them to occur. One Federal Reserve governor says institutions with ""widespread problems"" could also be subject to fees and penalties.

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Regulators Shut Down Georgia and Arizona Banks

Three community-based lenders were shut down by their regulators over the weekend - two in Georgia and one in Arizona. The number of institutions on the FDIC's failed bank list has hit 146 for the 2010 calendar year. The annual tally has already surpassed the 140 failures seen through the full 12 months of 2009. FDIC Chairman Sheila Bair has said she expects the number of bank collapses to peak in 2010.

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FDIC Proposes New Fee Structure Based on Banks’ Assets

The FDIC has approved a proposal that would change the way it determines how much banks pay for the agency's deposit insurance coverage. Since 1935, individual institutions' premiums have been based on the amount of their domestic deposits. The FDIC wants to amend the assessment scheme so that it is based on the bank's assets instead. JPMorgan Chase, Bank of America, and Citigroup could together hand over an estimated $1 billion annually in additional fees under the new structure.

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HAMP-Bashing Persists from Watchdogs and Regulators

Treasury's latest report on the administration's Home Affordable Modification Program (HAMP) shows that over half of the trial plans started have been canceled and 11 percent of borrowers have re-defaulted on their new loan. The TARP special inspector general told Congress that HAMP is ""failing to meet its goal of preserving homeownership"" and risks igniting public anger and mistrust. A Fed economist says HAMP is a reflection of the Obama administration's ""failed policies,"" and the government must be prepared to ""pay lenders a lot of money"" to modify loans.

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Regulators Close the Doors on Seven Community-Based Lenders

State and federal regulators stepped in to shut down the operations of seven financial institutions over the weekend -- two in Florida, two in Georgia, and one each in Illinois, Kansas, and Arizona. This latest round of closings brings the FDIC's failed-bank tally for the year to 139. In all of 2009, the FDIC counted 140 bank failures. With two months left in 2010, this year is on pace to be the worst for institutional closings since the savings and loan crisis of the early 1990s.

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Regulators Shut Down Three Midwest Lenders

After a short-lived quiet period the weekend before, state and federal regulators stepped in on Friday to shut down the operations of one community-based lender in Kansas and two in Missouri. Together, the three closings are expected to cost the FDIC more than $500 million and bring the 2010 failed-bank tally to 132.

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Regulators Close Operations of Florida and Washington Banks

State and federal regulators closed the doors on two community banks over the weekend - Wakulla Bank in Crawfordville, Florida, and Shoreline Bank in Shoreline, Washington. The two lenders' closings bring the number of names on the FDIC's failed-bank list to 129 so far for the 2010 calendar year. The real estate and financial crises have been dire for the nation's banking system. Some analysts have estimated that the United States could lose as much as a third of its banks when all is said and done.

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Financial Stability Oversight Council to Hold First Meeting

Tomorrow, Friday, October 1, Treasury Secretary Tim Geithner will host the Financial Stability Oversight Council's first meeting at the U.S. Department of the Treasury. Geithner is the chairperson of the Council. The meeting will include both a closed session and an open session, which begins at 2:30 p.m. EDT and will be streamed live on the Treasury's Web site.

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