2 more banks failed today.

[Pale Blue Dot]

First Heritage Bank, NA, Newport Beach, CA

http://www.fdic.gov/bank/individual/failed/heritage.html

First National Bank of Nevada, Reno, NV

http://www.fdic.gov/bank/individual/failed/fnbnv.html


But don't worry, the world isn't going to end!

[Ichingcarpenter]

1. You ought to cross post in GD

Not many look at this forum

I do

[Pale Blue Dot]

5. I actually posted there first.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3678319

[marmar]

2. Two of many more to come.....

It's going to be like watching dominoes.....

[DemReadingDU]

14. lots more, 900 troubled banks?

7/24/08 Why wasn't IndyMac on FDIC problem list?

<snippet>

Christopher Whalen, managing director of Institutional Risk Analytics, says "everyone expects regulators to be ahead of the curve, but they never are. It's hard for regulators to be proactive. If the FDIC was beating the hell out of IndyMac a year ago, the congressmen that represent IndyMac would have been all over them."

Whalen says the problem list understates the number of troubled banks. Of about 9,000 institutions, "we have identified about 10 percent that are in significant distress and another 10 to 15 percent headed in that direction," he says.

Whalen says the problem list should be closer to 900 companies instead of 90.


more about Why wasn't IndyMac on FDIC problem list? ...
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/23/BU9A11TUKC.DTL

[Demeter]

3. Mind If I Crosspost to Weekend Economist?

[Pale Blue Dot]

6. Not at all!

I caught this because DemReadingDU posted it in the SMW thread.

[Hugin]

10. When does it go up, Demeter?

Huh? :)

[Demeter]

13. I Started Early

Look under Editorials....

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x372981

[Bozita]

4. Top 4 states for home foreclosures are CA, NV, AZ, and FL.

Coincidence?

[Esra Star]

7. When the Chinese offer to help.

That's when the party will be over.

[mopinko]

9. no, when the chinese stop helping, the party will be over.

that's who is buying up a lot of our paper.

[DemReadingDU]

8. Thanks for posting in a separate thread.

Lots of additional info at the link for each bank.

edit to add:
Check out this link, there is a drop-down box for a list of the most recent failed banks for people to inquire about their accounts.
http://www4.fdic.gov/dip/index.asp

[my2sense]

12. Thanks

It's scary that there is actually a site to help customers for bank failures......but I'm thankful for it.

[Champion Jack]

11. KICKED for later

[AnneD]

15. This is not surprising...

The S&L crisis in the 80's was brought about by bad RE loans. The IndyMac bank was startling because of it's size, but it was in Ca. Look for banks in the really badly hit RE markets to start going. It's like popcorn-once the heat hits, they really start popping.

The word to the wise is don't go over your FDIC insurance limits on accounts.