Another two depression-era financial institutions succumbed to the Great Recession. The latest bank failure was in Illinois. An additional institution was thrown into liquidation. The Illinois Department of Financial and Professional Regulation closed down Waukegan Savings Bank on Friday. brThe Waukegan, Ill., bank was established in 1924. As of the end of the first quarter, [...]
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2 Depression-Era Institutions Succumb to Great Recession
August 6th, 2012 
davidguide California Congressman Caught in Countrywide VIP Web
January 23rd, 2012 davidguide A California congressman was caught off guard when he learned he was among a group of legislators who received a home-equity loan at special terms from Countrywide Financial Corp. VIP program. Rep. Elton Gallegly (R-Calif.) closed on a $77,000 HEL eight years ago at a rate of 5.75 percent. The first mortgage in the transaction [...]
Posted in Business Loans 
Tags: california congressman, countrywide financial corp, elton gallegly, Financial, home equity loan, Loan, Mortgage, percent, program rep, transaction, VIP 
Comments OffBankruptcy Trustee Sues FDIC, Irwin Executives
September 25th, 2011 davidguide In addition to a lawsuit filed against Irwin Financial Corp. executives, the company’s bankruptcy trustee also sued the Federal Deposit Insurance Corp. In the action against the executives, Irwin’s former chairman, chief financial officer and an executive vice president were named as defendants. The lawsuit against the FDIC seeks nearly $200 million. View full post [...]
Posted in Business Loans Tags: bankruptcy, bankruptcy trustee, Chairman, FDIC, federal deposit insurance, federal deposit insurance corp, Financial, irwin financial corp, President, trustee Comments OffExpanded Investor Program
August 16th, 2011 davidguide New Penn Financial LLC already had a nonconforming portfolio mortgage program. Now the company has expanded its guidelines for investor properties. New Penn originates through mortgage brokers, loan correspondents and a retail channel. View full post on Mortgage Stories
Posted in Business Loans Tags: Financial, financial llc, investor program, investor properties, Loan, mortgage program, New, new penn, Penn, Portfolio, post Comments OffTop-10 FHA Lender Announces Acquisition
May 24th, 2011 davidguide An announcement from Shore Financial Services Inc. indicated that Hall Financial Corp. will be integrated into Shore. In addition, Hall Financial’s founder was hired as president of Shore’s retail mortgage division. Shore claims to be “one of the top 10 FHA lenders in the entire nation.” View full post on Mortgage Stories
Posted in Business Loans Tags: announcement, Announces, fha lender, fha lenders, Financial, Mortgage, mortgage division, President, retail mortgage, shore financial services, Top Comments OffBoA CEO Addresses Mortgage Business
May 12th, 2011 davidguide Bank of America Corp.’s chief executive officer faced complaints at the company’s annual shareholder meeting about the bank’s handling of foreclosures. In his opening remarks, he worked to distinguish the successful parts of the company from the struggling mortgage business. He clearly laid the blame on the 2008 purchase of tottering mortgage lender Countrywide Financial [...]
Posted in Business Loans Tags: bank, bank of america corp, Business, chief executive officer, countrywide financial, countrywide financial corp, Financial, handling, mortgage business, Purchase, Shareholder Comments OffMostly Good PNC Results
April 22nd, 2011 davidguide Residential originations were down 9 percent at The PNC Financial Services Group Inc. The company managed a 2 percent quarterly increase in its servicing portfolio, though its mortgage assets declined. Home-loan delinquency, meanwhile, improved 3 basis points during the quarter. View full post on Mortgage Stories
Posted in Business Loans Tags: basis, Financial, financial services group, Good, loan delinquency, percent, pnc financial services, pnc financial services group, pnc financial services group inc, post, Residential Comments OffCapital One shares up 6%, extend gains for year
April 21st, 2011 davidguide SAN FRANCISCO (MarketWatch) — Capital One Financial shot up 6% to $53.53 in early afternoon trades Thursday after the credit-card issuer outpaced Wall Street’s profit and sales targets for the first quarter. Capital One shares have been on a tear, rising 25% so far in 2011, outpacing most other financial-services stocks, such as rival American [...]
Posted in Business Structures Tags: afternoon, capital one, capital one financial, credit card issuer, credit-card, Financial, news, Profit, sales targets, SPDR, spdr etf Comments OffReport IDs Financial Crisis Culprits
April 14th, 2011 davidguide A report by the Senate’s Permanent Subcommittee on Investigations outlines the findings of a two-year probe. Among the findings were that Goldman Sachs profited from the financial crisis by betting billions against the subprime mortgage market, then deceived investors and Congress about its conduct. Other culprits cited by the panel are Washington Mutual, the Office [...]
Posted in Business Loans Tags: Congress, Culprits, Financial, goldman sachs, office of thrift supervision, panel, permanent subcommittee on investigations, report, Sachs, subprime mortgage market Comments Off3 Deceased Institutions
April 10th, 2011 davidguide Western Springs National Bank and Trust was shut down by the Office of the Comptroller of the Currency on Friday. After that, the Nevada Financial Institutions Division took over Nevada Commerce Bank. Also on Friday, the National Credit Union Administration reported that Mission San Francisco Federal Credit Union was placed into liquidation. View full post [...]
