Word: bankes
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...FDIC stepped up to the challenges it faced in 2008," says Robert Hartheimer, former director of the Division of Resolutions at the FDIC and a banking consultant in Washington. "I am encouraged going into 2009 that they will effectively perform their mission in what is likely to be a very busy year for failures and bank weakness...
...same time that the FDIC is drawing kudos for advocating for troubled borrowers, it is struggling with the higher expenses of doing business as the nation's bank dealer of last resort. And the rising cost of failures puts ever more pressure on the FDIC's insurance fund. In the first nine months of 2008, the fund had to pay out nearly $18 billion to depositors of failed institutions. At the end of the third quarter, the fund stood at $34.6 billion, down 34% from the end of 2007 to its lowest level since...
...FDIC knows how to do deals," says Kevin Stein, a former senior official at the FDIC and a managing director at investment bank FBR Capital Markets. "But there is a storm right now in the banking businesses, and the FDIC is being asked to sell assets nobody wants...
...FDIC's chief job is to provide insurance on bank deposits. That means when a bank fails, it is up to the FDIC to guarantee that you'll get at least that much of the money you had in your checking account or savings account or certificate of deposit. It does this by seizing a bank when it fails and selling it off whole or in pieces, typically to another bank, for as much as it can get. The difference between what the bank sells for and how much is still owed depositors is the FDIC loss and comes...
...Selling failed banks is never a profitable business. But recently, as the credit crunch has gotten crunchier, the cost of cotton-balling kaput countinghouses has gotten a lot costlier. The FDIC had an average loss (based on deposits) of nearly 30% for the 23 bank deals it did in 2008, for which the FDIC released details, according to financial industry consulting firm Ely & Co. That is more than double the average loss of 13% the agency registered on bank rescues in the 17 years prior...