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FDIC to Add Staff as Bank Failures Loom

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moh malekpour

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http://online.wsj.com/article/SB120398607404892133.html

The Federal Deposit Insurance Corp. is taking steps to brace for an increase in failed financial institutions as the nation's housing and credit markets continue to worsen.

The FDIC is looking to bring back 25 retirees from its division of resolutions and receiverships. Many of these agency veterans likely worked for the FDIC during the late 1980s and early 1990s, when more than 1,000 financial institutions failed amid the savings-and-loan crisis.

"Regulators are bracing for well over 100 bank failures in the next 12 to 24 months, with concentrations in Rust Belt states like Michigan and Ohio, and the states that are suffering severe housing-market problems like California, Florida, and Georgia," said Jaret Seiberg, Washington policy analyst for financial-services firm Stanford Group.

In job postings on its Web site, the FDIC said it is looking for people with "skill in performing duties associated with a financial-institution closing, such as receivership management, resolutions and/or asset disposition; knowledge of the resolutions process as it relates to complex financial institutions." Such positions would require "very frequent overnight travel," the posting said, and would pay up to $180,770.
 
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It's getting ugly in a hurry. Some of those banks are going to be the big ones.:fiddle: :sad:
 

Randolph Kinney

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It looks like they are sugar coating the problem:
"Regulators are bracing for well over 100 bank failures in the next 12 to 24 months...
 

Terrel L. Shields

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Locally, I have a short list of 4 banks that I think are "going down"...blub blub blub
 

moh malekpour

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http://us.ft.com/ftgateway/superpage.ft?news_id=fto022820081734010606

Bernanke predicts failures in banking sector

By Krishna Guha in Washington
Thursday Feb 28 2008 17:25
Some small US banks are likely to fail in the months ahead, Ben Bernanke said on Thursday, warning that his country faced a more difficult situation today than in the aftermath of the dotcom bust in 2001.

"There will probably be some bank failures," the Fed chairman told the Senate banking committee in his second day of biannual testimony to Congress.

He said the banks at risk were "small and in many cases de novo [new] banks that are heavily invested in real estate in localities where prices have fallen".
 

Randolph Kinney

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http://us.ft.com/ftgateway/superpage.ft?news_id=fto022820081734010606

Bernanke predicts failures in banking sector

By Krishna Guha in Washington
Thursday Feb 28 2008 17:25
Some small US banks are likely to fail in the months ahead, Ben Bernanke said on Thursday, warning that his country faced a more difficult situation today than in the aftermath of the dotcom bust in 2001.

"There will probably be some bank failures," the Fed chairman told the Senate banking committee in his second day of biannual testimony to Congress.

He said the banks at risk were "small and in many cases de novo [new] banks that are heavily invested in real estate in localities where prices have fallen".
Did Bernanke's tongue split as he said that?

I guess he considers Countrywide and Indymac new and small.
 

mwbode

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Saw the chair of FDIC on Larry Kudlow last night saying everything is FINE. :~) Just purchased some puts on a major lender based on the stock technicals and the volume of REO work I have been getting from them.
 
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