by Calculated Risk on 12/19/2009 08:40:00 AM

The Senate passed another extension of unemployment benefits and Cobra insurance premiums this morning as part of the Defense spending bill. This bill had already passed the House.

In addition to the defense spending, the bill contained an extension of the date for qualification for existing tiers of unemployment benefits to Feb. 28th 2010 (previously only those losing benefits by Dec 31, 2009 qualified). Also the Cobra insurance premium subsidy was extended for two months.

This issue will be revisited early next year for those losing benefits after February.

From the WSJ: Senate Sends Defense Bill to Obama

by Calculated Risk on 12/19/2009 12:11:00 AM

From the WSJ: Down-Payment Standards Eased

Earlier this month, MGIC removed New Orleans, Dover, Del., Akron, Ohio, and four other areas in Ohio from its list of restricted markets. ...

Under the looser requirements, a borrower with a credit score of 680 or higher in New Orleans, for instance, can finance up to 95% of a home's value. Before the change, a borrower who wanted to finance that much of a home's value would have needed a credit score of at least 700.

In September, Genworth Financial Inc. winnowed its list of declining and distressed markets to five states: Arizona, California, Florida, Michigan and Nevada.

The changes are small. As the article notes, this is due to slightly improved markets and an attempt to regain market share from the FHA.

I wonder if this is related - just two weeks ago: Wisconsin Regulator Approves MGIC Regulatory Cap Waiver Thru 2011 (ht jb)

Mortgage insurance giant MGIC Investment Corp. (MTG) announced, Thursday, that the Office of the Commissioner of Insurance for the State of Wisconsin approved the company’s revised business plan and agreed to waive minimum regulatory capital requirements until Dec. 31, 2011.

by Calculated Risk on 12/18/2009 09:30:00 PM

This is an unofficial list of Problem Banks compiled only from public sources.

NOTE: This was compiled prior to the bank failures today.

Changes and comments from surferdude808:

The OCC released its actions for November, which contributed to an increase in the number of institutions and aggregate assets on the Unofficial Problem Bank List. The list includes 551 institutions with aggregate assets of $305 billion, up from 539 institutions with assets of $298 billion last week.

Removals this week include the three failures Friday – SolutionsBank ($511 million), Republic Federal Bank National Association ($433 million), and Valley Capital Bank, National Association ($40 million).

This week, 15 institutions with total assets of $8.1 billion were added to Unofficial Problem Bank List. Large additions include Riverside National Bank of Florida, Fort Pierce, FL ($3.5 billion); First Community Bank, National Association, Sugar Land, TX ($855 million); Beach First National Bank, Myrtle Beach, SC ($646 million); and First Bank Richmond, National Association, Richmond, IN ($637 million).

Two weeks ago, we removed Riverside National Bank, First National Bank of the Rockies, and First National Bank of Griffin and, last week, we removed Beach First National Bank, when the OCC terminated their Formal Agreements. As mentioned then, the OCC may replace the terminated Formal Agreement with another action; hence, this week these four banks come back on the list as they are now under a Consent Agreement.

The list is compiled from regulator press releases or from public news sources (see Enforcement Action Type link for source). The FDIC data is released monthly with a delay, and the Fed and OTC data is more timely. The OCC data is a little lagged. Credit: surferdude808.

Note: The FDIC announced there were 552 bank on the official Problem Bank list at the end of Q3. The difference is a mostly a matter of timing - some enforcement actions haven't been announced yet, and others may be pending.

See description below table for Class and Cert (and a link to FDIC ID system).

For a full screen version of the table click here.

The table is wide - use scroll bars to see all information!

NOTE: Columns are sortable - click on column header (Assets, State, Bank Name, Date, etc.)





Class: from FDIC

The FDIC assigns classification codes indicating an institution's charter type (commercial bank, savings bank, or savings association), its chartering agent (state or federal government), its Federal Reserve membership status (member or nonmember), and its primary federal regulator (state-chartered institutions are subject to both federal and state supervision). These codes are:

N National chartered commercial bank supervised by the Office of the Comptroller of the Currency

SM State charter Fed member commercial bank supervised by the Federal Reserve

NM State charter Fed nonmember commercial bank supervised by the FDIC

SA State or federal charter savings association supervised by the Office of Thrift Supervision

SB State charter savings bank supervised by the FDIC

Cert: This is the certificate number assigned by the FDIC used to identify institutions and for the issuance of insurance certificates. Click on the number and the Institution Directory (ID) system "will provide the last demographic and financial data filed by the selected institution".

by Calculated Risk on 12/18/2009 08:04:00 PM

One Forty arrives
Sun sets on First Federal
Death by Option ARMs
by Soylent Green is People
From the FDIC: OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of First Federal Bank of California, Santa Monica, California

First Federal Bank of California, a Federal Savings Bank, Santa Monica, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of September 30, 2009, First Federal Bank of California had approximately $6.1 billion in total assets and $4.5 billion in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $146.3 million. ... First Federal Bank of California is the 140th FDIC-insured institution to fail in the nation this year, and the seventeenth in California. The last FDIC-insured institution to be closed in the state was Imperial Capital Bank, La Jolla, earlier today.

That makes seven today ...

by Calculated Risk on 12/18/2009 07:46:00 PM

Zero capital
Imperial imperiled
Taxpayers rescue
by Soylent Green is People
From the FDIC: City National Bank, Los Angeles, California, Assumes All of the Deposits of Imperial Capital Bank, La Jolla, California

Imperial Capital Bank, La Jolla, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Imperial Capital Bank had approximately $4.0 billion in total assets and $2.8 billion in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $619.2 million. .... Imperial Capital Bank is the 139th FDIC-insured institution to fail in the nation this year, and the sixteenth in California. The last FDIC-insured institution closed in the state was Pacific Coast National Bank, San Clemente, on November 13, 2009.