My Way News - 2 more banks fail, lifting this year's tally to 23: "NEW YORK (AP) - Federal regulators shut down two more banks Friday, raising the number of bank failures so far this year to 23.
The first bank was Cape Fear Bank in Wilmington, N.C., the first North Carolina bank to fail in nearly 16 years. The other bank was New Frontier Bank of Greeley, Colo., the second Colorado bank this year to collapse.
The Federal Deposit Insurance Corp. took over both banks Friday after their respective state regulators closed them down."
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4 comments:
There is a lot of information concerning Cape Fear bank, in Wilmington, NC, as you can see from this info from The Star News, Wilmington, NC. The next bank, in this southeartern county, of North Carolina projected to fail is Cooperative Bank.
Cape Fear Bank to reopen Monday under new name
http://www.starnewsonline.com/article/20090410/ARTICLES/904109970/1004?Title=Cape-Fear-Bank-to-reopen-Monday-under-new-name
Cape Fear Bank casts doubt on its survival
Cooperative Bank expects greater losses
Cooperative Bank must raise $25 million
Agreement with FDIC to force Cape Fear Bank to increase reserves
External Links:
FDIC's Failed Bank Information for Cape Fear Bank, Wilmington, NC
"This American Life" radio show 377, "Scenes From a Recession," describes what it really looks like when a bank fails and is taken over by the FDIC.
Oh, by the way, "foreclosing," as this paper is calling the process, is apparently now extending to the aircraft industry.
Foreclosing on a Plane, Then Flying It Away
Ken Hill, who tracks down and repossesses aircraft for banks, is one of the busiest airplane repo men. Published March 14, 2009 http://www.starnewsonline.com/article/20090314/ZNYT01/903143012
This must be a boom year for repo men. Cars, boats, and now airplanes...
Yes, repossession is one thing. The outright STEALING of homes in CID's by board member(s)and their associates, is another.
I have listened and listened to an "expert," in home foreclosure, and reverse mortgages from this area of the country, by the name of Peggy Workman, who is with Bank of America. Ms. Workman states time and time again "reverse mortgages are foreclosure proof." I have seen the emails sent to her by others, asking her to rethink this advice, as nothing is foreclosure proof, in a Homeowner/Condo/Town Home Association, as I understand the predatorial, illegal and unethical actions of some of these abusive groups. Look at the segment of the population who would qualify for a reverse mortgage! Are they sitting "prey"?
Are there "deadbeats who don't pay their bills"? Maybe, but those who have been targeted, or set-up, for abuse utilizing some form of monetary extortion, created conflict, etc., by one of these groups and their associates, are innocent victims. If there is going to be a "push," for comsumer education in foreclosure, lets make sure homeowners are getting good, accurate, honest, legally responsible/accountable information.
What are your thoughts on this, Dr. McKenzie?
Ms. Workman's email address is:
peggy.t.workman@bankofamerica.com
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