Word: banke
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...same invitation again. Evidently his application had been lost. Zachery's documents had vanished in a flood of urgent requests for mortgage relief. So he sent his materials a second time, but instead of an answer from the service company, he received a letter from lawyers for the bank. This, too, is typical, said Wagoner. Modifications and foreclosures often proceed simultaneously along separate bureaucratic paths, so that the bank's customer-service face is encouraging even as the legal arm is threatening...
...debt is actually two loans, the larger of which was recently modified from an adjustable rate to a fixed-rate note at 9% interest. The second loan charges over 10%, and the two payments combined are slightly more than $1,400 per month. (Read: "How Stressed Is Your Bank...
...time job - she visits office-supply stores and makes sure that the floor-model printers have enough paper and ink for demonstrations - Stevens found she could pay for food and utilities, or she could pay the mortgage. Not both. After she fell four months behind on her payments, the bank moved to foreclose. Stevens briefly considered letting the bank have the house, but her oldest daughter, Maggie, 28, has a new baby and is enrolled in nursing school. "I just have to get her through that," Stevens explained. So after several sleepless nights, she decided to go see Wagoner...
...vast majority of the nation's banks are still stable. But the report notes that 12 banks failed last quarter and a total of 25 failed last year. That was the highest number since 1993, when 50 failed. More disturbing, an additional 252 banks, representing $159 billion in assets, went on the FDIC's "problem list," up from 76 institutions, worth $22 billion, at the beginning of 2008. That increase is already translating into what could be a record number of bank failures in 2009. Already this year, 19 banks have failed...
...higher rate of bank failures is increasing strain on the FDIC's resources. The agency's insurance-fund balance dropped by almost half in the fourth quarter, from $35 billion to $19 billion. To keep funds from dwindling, the FDIC is going to raise deposit-insurance assessment rates beginning in the second quarter of 2009, adding to the burden that already-troubled banks will have to bear...