Bank of Bonifay closed

Not surprising to hear it. They'd been on assorted 'circling the drain' lists of banks for a while now. And Beach Community Bank is now operating under a consent degree- FDIC required that bank owners find a fresh infusion of capital in order to balance out a whole bunch of SoWal and Bay County mortgages that went bad.

From the FDIC: another 702 banks nationally are on that list. The Brown Kaufman bill was the first of 3 bills with consumer protection from Wall Street and other banking and financial institutions questionable practices.

There is a bill on derivatives, CDO's and credit default swaps and another on fees on mtgs., credit cards and the like.

I hope people would read Matt Taibbi's blog on Rolling Stone, as well as comments daily from Elizabeth Warren, Brooksley Born and and the Tarp cop Barownosky, as well as Simon Johnson.

Senator Nelson's comments about why he joined the no vote on BK makes no sense to me, comparing goldman sachs to a local orthodontists?

Meanwhile as posted by someone earlier Florida still leads the nation in mortgage fraud. What consumer protection is there that Mr. Nelson might vote for?

From the FDIC: another 702 banks nationally are on that list. The Brown Kaufman
Senator Nelson's comments about why he joined the no vote on BK makes no sense to me, comparing goldman sachs to a local orthodontists?

Meanwhile as posted by someone earlier Florida still leads the nation in mortgage fraud. What consumer protection is there that Mr. Nelson might vote for?

Correct, it's a bummer Senator Nelson joined Senator Lemiuex and every other Republican senator in voting against the Kauffman bill.

There is a chance Nelson may support some other pro-consumer amendments, maybe he will. With Lemiuex OTOH there is no chance.

Unfortunately, this is happening everywhere. Larger banks will get larger. Last year Regions was buying assets of failed banks, but not liabilities.......wonder what this type of transaction means to the little people who bailed them out.

Some think the toxic assets will end up in Fannie and Freddie. One of the 2 just asked for another 10+ billion for first quarter losses.

Think back to when Hank Paulson first asked for the 700 billion to buy up toxic mortgages, then funnelled the cash to the top 6 banks and AIG.

At that time they still had the bad debts on the books valued at notional value and had just been bailed out in some cases for 100 cents on the dollar.

So where are those toxic CDO's once rated AAA and are in some cases as much as 93% junk? Good question!

Seems like some transparency then some regulation would help.
CNN has a bailout tracker that is pretty good. I think Regions is on there but I think Bonifay was not although I am not absolutely sure of that.

audit the FED.

the culprits!

It was Freddie last week that asked for another $10 billion. Fannie asked for another 8.4 billion to cover 1st quarter losses. They are both making new loans and "modifying" under water loans.

Florida is forecast to have 18% of all it's mortgages more than 60 days past due by end of the year. Another number 1 ranking to go along with leading in cases of mortgage fraud.

At the end of q4 09 12% of Walton County mtgs were more than 90 days past due and around 20% of jumbo loans were in foreclosure.

Median and average lot prices seem to be close to what they were in 2002.

Throw us a bone here Senators. Some banking reform needs to happen.
But hey enjoy those lobbying perks.

My bad the Tarp cops name is Barofsky...sorry Neil. Keep up the good work.

audit the FED.

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

That preserved the broad intent of the plan, which was always aimed at bringing the Fed's shadowy activities during the financial crisis into the daylight. Under the terms of the proposal, the Fed will also be required to make public which companies received upwards of $2 trillion in aide from the Fed, and under what terms.

Senate Adopts Sanders' 'Audit The Fed' Amendment | TPMDC

Senate Adopts Sanders' 'Audit The Fed' Amendment | TPMDC

Thanks for this. I just was just pondering, 'Why not?,' since Fed sets monetary policy! As taxpayers though, we might uncover some items we wished we'd never seen before!

One of the questions they will be asking is who gets to borrow at the discount window? (no interest) Advantage Who?

And what's up with the $1.5 trillion or so "new assets" at the Reserve?

Do banks up reserves when they don't have to? Or is this the funny money?

Also I thinks it good to remember that the Federal Reserve is not governmental but a group of very "lucky banks".

One of the questions they will be asking is who gets to borrow at the discount window? (no interest) Advantage Who?

And what's up with the $1.5 trillion or so "new assets" at the Reserve?

Do banks up reserves when they don't have to? Or is this the funny money?

Also I thinks it good to remember that the Federal Reserve is not governmental but a group of very "lucky banks".

...with the ability to create american currency with a few clicks of the mouse.

[ame="http://www.youtube.com/watch?v=pE3oiKuU8UI"]YouTube - Rep. Alan Grayson: You Own the Red Roof Inn, Thanks to the Fed[/ame]

thanks for putting that post of Alan Grayson. A self made man before becoming a politician. He and Ron Paul deserve much credit for the audit the Federal Reserve vote.

It was reported today that the Federal Reserve will maintain supervision of small banks through their 12 regional branches, instead up perhaps putting some of the smaller local banks ,under certain billion in assets, uner FDIC.

I wonder what the old employees at bank of Bonifay think about that?

It was also noted that Citigroup Inc. Bank of America, JP Morgan chase and Goldman Sachs all had perfect 2010 1st quarters in their trading meaning 0 days of losses on any days trade. It helps when you can dump your losing trades into the Federal Reserve. (buyer of last resort/tax payer)

I wonder what the losers at Lehman Bear Stearns and Merrill Lynch think about that?

Also reported the Federal Reserve "bought" $1.25 trillion of home loan securities off of Fannie Freddie and Ginnie Mae.

Grayson stated after the vote to audit the fed how watered down it will be. No audit of the toxic assets (cdo's/credit default swaps) transactions or of the FEDS hundreds of billions of foreign currency swaps with other central banks.

They get to look at TALF.

Able to leap governments with a single bound!