Bank of Bonifay closed

[Busta Hustle]

one of 68 banks so far this year to be closed by FDIC. (just reported by bloomberg) Some assets held for later sale and some sold to bank from Lake City, First Federal Bank of Florida. Very sad to see local banks go.

Meanwhile Senator Nelson voted against Kaufman bill to reduce size of the 6 largest banks that were considered to big to fail.

 

[beachmouse]

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.

 

[Busta Hustle]

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?

 

[beachFool]

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.

 

[Lynnie]

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.

 

[Busta Hustle]

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.

 

[30ashopper]

audit the FED.

 

[Bob]

the culprits!

 

[Busta Hustle]

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.

 

[Busta Hustle]

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