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FDIC Worried about Construction, CRE Defaults.
Washington -- The Federal Deposit Insurance Corp. is re-staffing its resolution and receivership division as it prepares for an increase in bank failures and the retirement of its veteran bank closers.
"We are taking the prudent steps that are necessary to ensure we can meet any challenges," FDIC spokesman Andrew Gray said.
The agency is seeking 138 new hires for 69 permanent and 69 temporary positions in the division that is responsible for closing or merging insolvent banks and thrifts, paying off depositors and selling assets.
These are highly specialized positions and the FDIC is hoping to attract some applicants that worked for the Resolution Trust Corp. during the savings and loan crisis.
Rising defaults on single-family mortgages and construction loans has bank supervisors on edge and anticipating a spike in bank failures this year.
Many builders are struggling financially and non-current one-to-four family construction and development loans nearly doubled during the fourth quarter to $8.7 billion. FDIC economists are concerned the default rate, currently at ...
- Bank failures drain FDIC insurance; Fund in red for only 2nd time.(PAGE ONE)
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...parties that the FDIC minimize its...the losses from bank failures more than the bank failures themselves that...banks and the FDIC, so that it...the number of bank failures declined sharply...in 1993, the FDIC's loss rate...
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...for the bulk of the bank failures this year. The FDIC is obligated to liquidate...reflects a boom in bank failures. Nationally, a...fail in 1986, the FDIC says. As of Aug...failures. There were 79 bank failures in 1984, breaking...
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- News wire article from: AP Worldstream MARCY GORDON September 29, 2009 700+ words
...in the coming years. But the FDIC is fully backed by the government...reflects higher reserves the FDIC has set aside for anticipated bank failures. At the same time, the balance...banks that can be sold by the FDIC remain positive, the agency...
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...hits. "There will be more bank failures, but they'll be along...paid. "Obviously, the FDIC has to build up its coffers for more bank failures down the road," Perry...As of last week, the FDIC said 13 banks had failed...
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- Newspaper article from: The Boston Globe Dave Carpenter October 27, 2009 700+ words
...billion that this year's bank failures have cost the FDIC's federal deposit insurance fund. Bank failures are expected to cost the...As the recent spate of bank failures drained the fund, the FDIC also imposed a special...
- Recent Bank Failures Too Much For FDIC
- Transcript from: NPR Morning Edition STEVE INSKEEP September 30, 2009 700+ words
...30-2009 Recent Bank Failures Too Much For FDIC Host: STEVE INSKEEP...deposits. So as bank failures mount, the FDIC has an idea for...JOHN YDSTIE: The FDIC has upped its estimate of the cost of bank failures through 2013 to...
Source: HighBeam Research, FDIC Worried about Construction, CRE Defaults.