Word: fdic
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...Observers expect hundreds of banks to fail in the next few years, giving the agency plenty to do. The FDIC also plans to do more monitoring of lending practices. Last week the FDIC said it wants the 5,000 banks it regulates to provide more data on what they are doing with the billions of dollars the institutions recently received in federal aid. Bair is pushing the banks to use more of the money to make loans or help homeowners facing foreclosure...
...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...
...think the FDIC and Sheila Bair for the most part have done a pretty good job," says Dean Baker, co-director of the Center for Economic and Policy Research. "They haven't had great results so far, particularly with loan modifications, but they have been focused on the right things...
...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...