Items Tagged with 'FDIC'

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Tennessee's Trust Company Bank becomes second bank failure of 2016

First FDIC-insured bank failure in state since 2013
The Tennessee Department of Financial Institutions closed Memphis-based Trust Company Bank on Friday, and appointed the Federal Deposit Insurance Corporation as receiver. Trust Company Bank becomes the second FDIC-insured bank to close in 2016, and the first in the state since 2013.
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Monday Morning Cup of Coffee: Should mortgage lenders consider payday loans?

Plus, the most polluted housing market in the country
The same regulators that have driven up mortgage loan origination costs are now training their sights on payday lenders. Payday lending rules proposed by the Consumer Financial Protection Bureau would prevent consumers from re-borrowing to pay the interest on these loans, but has other consequences that hurt both lenders and consumers.
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GE Capital mere days from 'exiting' U.S. banking system

Sells online deposit platform to Goldman Sachs
GE Capital, once a big player in housing finance, is now just a handful of days away from exiting the U.S. banking system after the company completed the sale of its online deposit platform to Goldman Sachs. According to GE Capital, that sale positions the company to terminate its FDIC insurance and "extinguish" its final U.S. bank charter.
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Five major banks fail bailout test, would need taxpayer money in crisis

Bank of America, JPMorgan Chase, Wells Fargo, others must improve 'living wills'
Five of the nation’s largest banks are not prepared for a financial crisis and would need taxpayer bailouts, the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation announced Wednesday.
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Massive Chase mortgage bond first to meet FDIC Safe Harbor rule

$1.88 billion deal is one of largest post-crisis RMBS deals
A new mortgage bond from JPMorgan Chase Bank is not only one of the largest RMBS deals since the housing crisis, the $1.88 billion residential mortgage-backed securitization is also the first RMBS deal that qualifies for the Federal Deposit Insurance Corporation’s Safe Harbor rule, which took effect in 2010.
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Monday Morning Cup of Coffee: Federal Reserve interest rate hike guessing game

Want to recruit Millennials? SXSW is a good place to start
The Federal Reserve meets this week, and the interest rate guessing game is in full swing. The consensus is clearly that the stock market woes in the early part of the year mean the Fed will postpone an interest rate hike. Also, the latest in the New York Federal Reserve bank hack and SXSW.
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FDIC reaches $63M RMBS settlement with Morgan Stanley

Funds distributed between three different receiverships
The Federal Deposit Insurance Corporation announced a $62.95 million settlement with Morgan Stanley & Company resolving claims over residential mortgage-backed securities. Under the agreement, the settlement funds will be distributed among the receiverships for the three failed banks.
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Trending Thursday: Banks make more on mortgages while government steals GSE profits?

Yale legal scholars on #FannieGate
In a scathing essay in National Review, two Yale legal/business scholars issue a pretty damning indictment of the patina of legality smeared atop the taking of shareholder profits from Fannie and Freddie. Plus, homeownership hits a half-century low while apps grow. Here's everything that's happening.
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