Items Tagged with 'Montgomery'

ARTICLES

  • FDIC Puts Colonial's Costly Issues to Rest, $2.8bn Later

    Troubles appear to be winding down to an end for Montgomery, Ala.-based Colonial Bank after it agreed to an order to cease and desist and then saw its mortgage warehouse lending facility come under close inspection by federal agents. The Alabama State Banking Department on Friday closed Colonial Bank, which the Federal Deposit Insurance Corp. (FDIC) estimates will cost $2.8bn to its deposit insurance fund, HousingWire first covered this weekend.
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  • Monday Morning Cup of Coffee

    A look at the stories on HousingWire’s weekend desk…with more coverage to come on bigger issues: Regulators shut down five banks Friday, including beleaguered Colonial Bank. So far, 77 banks have been shut down in 2009. The Federal Deposit Insurance Corporation (FDIC) estimates the latest closings will cost nearly $3.7bn.
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  • BofA Sues Colonial for $1bn

    The drama continues to unwind at Montgomery, Ala.-based Colonial BancGroup [stock CNB][/stock] after an investigation of its warehouse lending division last week. Charlotte, N.C.-based Bank of America [stock BAC][/stock] is suing Colonial for more than $1bn in cash and loans, according to industry reports. BofA alleges Colonial is holding the cash and loans as a custodian for commercial-paper vehicle Ocala Funding, which receives funding from Colonial.
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  • House Passes FHA Reform Bill in Landslide; Would Move Maximum Lending Limit to $730K

    The so-called Expanding American Homeownership Act of 2007, otherwise known as H.R. 1852, passed the House of Representatives today in a 348-72 vote -- a landslide approval for FHA reform. Lawmakers also approved by voice vote an amendment offered by Reps. Barney Frank (D-MA), Gary Miller (R-CA) and Dennis Cardoza (D-CA) that would hike the FHA lending limit to $730,000 in high-cost metropolitan markets. The Bush administration had originally proposed increasing the FHA limit from $362,790 to the $417,000 conforming limit.
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