Archive for the ‘Nationwide’ tag
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…
Nationwide Mortgage Licensing System Expands to 14 States
The Conference of State Bank Supervisors (CSBS) and
the American Association of Residential Mortgage Regulators (AARMR)
announce that six more states — Connecticut, Louisiana. Mississippi,
North Carolina, New Hampshire and Vermont — will begin using the
Nationwide Mortgage Licensing System (NMLS) beginning
July 1st.
The eight states currently using NMLS are Idaho, Iowa,
Kentucky, Massachusetts, Nebraska, New York, Rhode Island and
Washington.
To date, 42 state agencies representing 40 states have
committed to participate.
Just One Little House, but a Good Indicator of Foreclosed Properties Nationwide
We conducted an unscientific, teeny little survey of foreclosed houses
last week precisely one house but given the figures we quoted earlier
this week about the toll foreclosed homes are taking on cities,
neighborhoods, and individual neighbors we are willing to bet that what
we saw in Darien, Georgia can be extrapolated to portray hundreds of
thousands of foreclosed homes nationwide.
And what we see is how the policies of lenders and
their real estate agents are making the foreclosure situation worse than
it needs to be.