Archive for the ‘Insurance’ tag
Tuesday’s Events: OFHEO Housing Index; Fed’s Plosser
Canadian retail sales and employment insurance data tops the economic
news for the day as U.S. markets will receive the OFHEO’s housing
market index, along with the Richmond Fed’s manufacturing index
and comments from Treasury Secretary Henry Paulson and Philly Fed
President Charles Plosser (voter).
Could FDIC also be a "Predatory lender?"
The Wall Street Journal reported Monday morning that the Federal
Deposit Insurance Corporation (FDIC,) rather than being
part of the solution to the subprime mortgage crisis, was actually
among those institutions that caused it.
Superior Bank was, in the early 2000s, a leading subprime lender and
that operation continued, under FDIC supervision, for months. During this
time, according to the Journal, Superior funded more than…
Regulators Hasten to Assure Depositors that their Money is Secure as IndyMac is put into Receivership
Federal regulators and Bush Administration officials spent the weekend
reassuring bank depositors nationwide that their
deposits are secure and, as the ads say, insured by the Federal Deposit
Insurance Corporation (FDIC).
The public information campaign was launched to quiet fears that were
stoked by the failure of California-based IndyMac late
Friday. IndyMac, with total assets of $32 billion, became the third
largest bank to fail in U.S. history and its collapse is expected to
cost the bank insurance fund between $4 billion and $8 billion.
Regulators fear that depositors concern about their money will
spread to other banks hard-hit by the mortgage
crisis…