Friday, September 11, 2009

Report: Down Goes Corus!

by Calculated Risk on 9/11/2009 05:14:00 PM

Corus Mortgage Pig Click on photo for larger image in new window.

Reader Eric wearing the proper attire at Corus Bank today ...

From Crain's ChicagoBusiness: MB Financial to take over Corus Bank branches

MB Financial Inc. will assume the branches and deposits of Corus Bank ... will be seized at the end of business Friday by federal regulators, according to a person familiar with the matter.

Most of the assets of Corus, made up primarily of delinquent condo loans spread throughout the U.S., will be sold by the Federal Deposit Insurance Corp. in the next few weeks, according to this person. Several private-equity firms and real estate outfits are lined up to bid for those assets, according to numerous published reports.
No word from the FDIC yet ...