Posts Tagged ‘foreclosures’

“Georgia’s Banks Continue To Fail”

Unbelievably, two more banks fail in Georgia!

On Friday, five more banks failed and were taken over bringing the year’s total to 38 closures by the FDIC.

The five closed last Friday brought July’s total to seven equalling June’s total. This is only the second time in 2012 that five banks were seized in a single week.

But the big news was the loss of two more Georgia banks, the seventh and eighth this year and the 83rd failure in Georgia since the crisis began in 2008.

Georgia’s the worst, but others are not far behind.

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“The FDIC Again Wields It’s Sword”

On Friday the FDIC closed five more banks!

That’s the most banks closed in one week since April 29, 2011 — one full year ago.

Bank foreclosures had slowed dramatically in the past six months. Only one was closed in April until Friday’s foreclosures. Only five were closed in March and four in February.

So what has changed?

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“Bank Foreclosures Take A Holiday!”

Until Friday there had been no foreclosures in over a month.

On Friday the FDIC closed three banks, the first to be closed in 2012.

Notably, the three banks seized on Friday included number 75 in Georgia and number 54 in Florida. The First State Bank in Georgia cost the Deposit Insurance Fund $216 million. The cost of the other two were of little significance comparatively.

The year ended with the loss of 92 banks, less than each of the previous two years. Since the crisis began in January, 2008, 417 banks have fallen including the three new ones on Friday.

But the question is, as we start a new year of foreclosures, how many banks can Georgia and Florida lose before it becomes an extreme crisis in each state? How much money should be poured into these failed banking systems from the Fund, and eventually taxpayers, before the bleeding is stopped.

Another question is where would we be if there were no FDIC; a government created safety net established by the Glass Steagall Act in 1933? The legislation separated the banks into two types — commercial banks (safe depositories) and investment banks (risk elevated) which protected the banking system and responsible Americans for more than 68 years.

The third question — why haven’t any of these shady bank executives gone to prison?

These are questions the American people should be asking.

Maybe the time has come to Occupy the FDIC?

I’m just saying.

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“More Georgia Banks Succumb”

Two more Georgia banks failed on Friday!

With the failure of the 72nd and 73rd banks since the banking crisis began Georgia’s banking system remains extremely vulnerable.

Florida lost another bank, the 12th this year and number 52 since the crisis began. Florida remains 2nd to Georgia in bank foreclosures.

A total of 406 U.S. banks have been taken over by the FDIC, and the four lost last week cost the DIF nearly $360 million.

But, the problem brewing in Europe may far exceed our crisis here in the United States.

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“Over 400 Banks Have Fallen”

Since 2008 over 400 banks have been closed by the FDIC!

On Friday, another Georgia Bank was shuttered by the Federal Deposit Insurance Corporation along with three others, including another in Illinois.

What began with the closure of Douglass National Bank in Kansas City, Missouri on January 25th of 2008 has now spread to over 40 states and 402 banks.

The 400th bank to be seized was Blue Ridge Savings Bank in Asheville, North Carolina. It was also the 78th of the 80 closed this year. Country Bank in Aledo, Illinois was the 80th and the 41st in Illinois since the crisis began.

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Quick Hit: “Move Your Money”

Are small banks and credit unions safer than big banks?

Big banks and Wall Street caused the financial meltdown, were bailed out by the taxpayers, and are operating under the same destructive model that caused our financial problems. By remaining with any one of the top 20 banks you are helping create another financial crash that will be even worse for the global economy.

Occupy Wall Street has brought the collusion of  big banks and Wall Street into focus as the main cause of our declining economy. It has served, in growing numbers, to expose their collusion and calls for Congressional action.

But, the next move can be yours!

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Posted in Banking, Quick Hits, Rebalancing America, Too Big to Bail | Comments Off

“Defining Occupy Wall Street”

The right-wing attempts to define the Occupy Wall Street movement!

Maybe the Occupy movement — rapidly spreading to a city near you — defies explanation. But the one thing that can be said, unequivocally, is that it grows daily fueled by the growing frustration at the decline of this great nation and the number of egregious issues that must be addressed.

It is an unrest and dissatisfaction of a Congress that is not listening to the many while supporting the few; a Congress that has been deaf to the voice of justice and fairness.

They are the cadre of hard-working Americans disenfranchised by the system and declaring the causes, individually and collectively, which impel them to express their grievances. And, like the Opressions listed by our 56 signators of the Declaration of Independence, those grievances and usurpations are listed below for all to see and understand, conceding that these will not be the sum of their grievances.

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Posted in Economy, Occupy, Politics, Wall Street | 2 Comments »

“Overcoming the Stigma of Bankruptcy!”

Millions of hard-working Americans are filing bankruptcy every year.

In 2010 more than a million and a half individuals and families filed for bankruptcy — exceeded only in 2003 and 2005.

It’s predicted that bankruptcies could decrease in 2011 after returning to the pre-2005 levels the past two years. But, if the economy slows bankruptcies will climb. More than 3.7 million Americans have filed for bankruptcy in the last five years.

With so many Americans in financial trouble bankruptcy no longer carries the stigma it once did. The need to file bankruptcy has touched not only the poor, but a wide spectrum of Americans who are struggling to make ends meet.

When will the financial struggle for hard-working American’s end?

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“Bank of the Commonwealth Closes In Virginia”

Cantor’s state loses its second bank this year!

The Bank of the Commonwealth, Norfolk, Virginia was closed by the FDIC on Friday. It was only the second bank closed in Virginia this year and the 72nd bank closed in 2011.

But, the Virginia bank will cost the Deposit Insurance Fund (DIF) $268.3 million. And, the FDIC entered into a loss-share agreement with Southern Bank and Trust, the acquiring bank, of $798.2 million dollars.

Only 12 banks have been seized in August and so far in September, but there is one week left in the month.

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“Georgia Loses 67th Bank”

Two more Georgia banks failed last Friday!

Since banking crisis began in January of 2008, the FDIC has taken over 377 banks.

Besides the two Georgia banks closed on Friday, the FDIC shuttered another bank in Florida and one in Arizona, the 55th bank closed this year. The two banks were the 15th and 16th closed in Georgia this year and the 67th since the crisis began.

The cost to the Deposit Insurance Fund this week was only $129.3 million which isn’t too bad, but every week the Fund gets hit depletes it.

Losing seven banks, compared to last year’s losses, doesn’t seem to bad. The improvement is welcome bu, seven in the first two weeks of July is just short of the losses for May and June.

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