Large U.S. bank collapse seen ahead

Large U.S. bank collapse seen ahead

www.reuters.com

"We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks," said Rogoff, who is an economics professor at Harvard University and was the International Monetary Fund's chief economist from 2001 to 2004.

(visit the link for the full news article)


Related News Links:
www.reuters.com
www.bloomberg.com

Related AboveTopSecret.com Discussion Threads:
Banks Preparing for Bank Run?
A year after the credit crunch
U.S. Considers Takeover of Two Mortgage Giants
Bank watch megathread

Just another doom and gloom economic prophecy by another conspiracy theorist.

Despite the $800 Billion blank check given to Sec Treasury Paulson, the future of the GSEs are still uncertain. Meanwhile in the Bloomberg article we see this.

From Bloomberg

Ben S. Bernanke is still trying to define which financial institutions it's safe to let fail. The longer it takes him to decide, the tougher the decision becomes.

Things seem to be heating up a bit once again on the "Credit Crisis" front. I'd love to know who this guy thinks it might be. Could it be Lehman, Merryl, Wamu, Wachovia, or maybe someone bigger than those?

www.reuters.com
(visit the link for the full news article)

[edit on 19-8-2008 by jefwane]

[edit on 19-8-2008 by jefwane]

The bank front seems to be moving very quickly. I came across this in today's WSJ.

In private meetings, Federal Deposit Insurance Corp. officials have pushed other agencies to more forcefully downgrade the confidential rating -- which is known only to regulators and bank management -- of troubled financial institutions, according to people familiar with the talks.

From WSJ

It goes on to say that FDIC wants to put more banks on the troubled list and is in a bit of a turf war with the Office of Thrift Supervision. A great article and pretty informative about how the FDIC who has to manage failures isn't getting along to well with another .gov regulatory agency who apparently still isn't doing it's job.

This is how well the OTS is doing it's job.

Of the 90 banks the FDIC listed as "problem" institutions at the end of the first quarter, just 12 were supervised by the OTS. IndyMac Bank, which was regulated by the OTS and failed July 11, wasn't on that list.

[edit on 19-8-2008 by jefwane]

Sounds like plan 2000 in full swing, lets wait and see only time will tell. Thanks for the info

Could it be Lehman, Merryl, Wamu, Wachovia, or maybe someone bigger than those?

Or all of the above?

I've heard concerns about all 4 of them in the last week, and finally admissions from analysts that the financial sector is in serious trouble and it's not over yet.

What we need now is a good war.. if only we could lure Russia into a conflict in the Baltic States.

reply to post by mythatsabigprobe


The next bank to fail will be a sacrifice, much like Bear was..

Personally, I believe it will be Watchovia, but it won't fail, it will be a fire-sale. Indymac, albeit the largest bank failure in American history, in relation to other banks was minuscule.. The Gov would never let Bank of America, Chase, Lehman, or Merryl fail ..

Some banks can be broken down and sold for pennies on the dollar .. actually.. it won't be much of a loss seeing some of the banks stocks.

The other thing is.. when American financial drop .. the stock market drops.. some say this is a good indication of the current state of the economy. However it's not .. because unlike times past (perhaps a minor relation to the Japanese trade war) other countries did not purchase America wholesale..

So when say .. BAC: (Bank of America) on July 15th sold for a mere $18 a share.. Sovereign Wealth Funds purchased mass quantities of the stock, raising the markets over the past month keeping us from the teetering edge of 11,000 which we have been flirting with.. Now it sells for $30, and dropping. From the 15th to the 23rd it was purchased for pennies on the dollar compared to what it was a year ago.

Sad.

It's like a large animal with a grave wound trying to outrun a pack of wolves. Apparently, we won't be surviving them.

Guess all I can do is sit back, pop open a can of Belgian owned, Brazilian controlled, American Budweiser ..

I just realized that I had been hearing very little the past weeks about the looming financial crisis. Thanks for bringing me back to reality.

It seems to me that the media are trying to bury this. We are in a bit of a respite form the worst we had seen (oil prices dropping, fuel prices starting to lower, the dollar making a minor comeback), and even the tax rebate helped out more than I expected it to, but the basic problem is still here: we owe too much money.

I'm gonna S&F this one, simply to thank you for keeping us informed and aware.

TheRedneck

[edit on 19-8-2008 by mybigunit]

I posted this once before, but just to reiterate the fact and for the benefit of those who may hav e missed it -


Here is a list of all of the major banks and mortgage lenders to have closed their doors since January 07



And it is about to get much worse


274. Western Residential Mortgage
273. Liberty Home Lending - Wholesale
272. Equipoint Financial Network, Inc.
271. Ideal Mortgage Bankers, Ltd. - Wholesale
270. Silver State Bank - Wholesale
269. Irwin Union Bank & Trust Co. - Wholesale
268. SunTrust Bank Equity Wholesale
267. Wachovia Mortgage, FSB - Wholesale
266. Lehman Brothers SBF
265. IndyMac Bancorp
264. Mortgages Ltd.
263. Wilmington Finance - Wholesale
262. Accredited Home Lenders, Home Funds Direct
261. Assured Lending Corp. - Wholesale
260. Homewide Lending Corporation
259. Vanguard Mortgage & Title, Inc.
258. Chase Home Equity - Wholesale
257. Chase Subprime - Wholesale
256. Evergreen Investment & Carnation Banc
255. Casa Blanca Mortgage/Shearson - Wholesale
254. Guaranty Bank - Correspondent
253. Citi Residential Lending
252. Montgomery Mortgage Capital Company
251. E*Trade Wholesale Lending
250. Shearson Financial Network, Inc.
249. American Bank Mortgage Group - Wholesale
248. AmeriBanc Corp.
247. Washington Mutual - Wholesale
246. Century Bank, F.S.B. - Wholesale
245. Diversified Mortgage, Inc.
244. National Wholesale Funding
243. Centennial Mortgage and Funding, Inc./Award Mortgage
242. Fidelity Home Mortgage Corp. - Wholesale
241. LMI Funding, Inc.
240. Millennium Mortgage - Wholesale
239. Origen Financial, Inc. (Correspondent)
238. CitiMortgage - Home Equity Wholesale
237. Bear Stearns Residential Mortgage
236. East West Mortgage Co. of VA
235. New Vision Residential Lending
234. Washington Savings Bank, F.S.B. - Wholesale
233. Macquarie Mortgages USA Inc.
232. Global Mortgage, Inc.
231. Unique Mortgage Solutions (UMS, LLC)
230. First Franklin - Merrill Lynch
229. First National Mortgage Sources
228. Resource Mortgage (Wholesale)
227. KH Financial
226. Lydian Mortgage
225. OMG Wholesale Lending
224. Saxon Mortgage (Wholesale)
223. Beazer Mortgage Corp.
222. E-Loan (Wholesale)
221. Allpointe Mortgage (Broker Program)
220. Popular Warehouse Lending
219. Allied Lending Corp. (Wholesale)
218. BF Saul Wholesale Lending
217. Community Resource Mortgage
216. Lehman/Aurora Loan Services
215. Residential Mortgage Capital
214. Maverick Residential Mortgage
213. Countrywide Financial Corp.
212. First NLC Financial Services
211. First American Bank (Wholesale)
210. Soma Financial
209. National City Corp. (Wholesale)
208. Heartland Wholesale Funding
207. Homefront Mortgage Inc.
206. PNC Bank H.E.
205. Family First Mortgage Corp.
204. First Fidelity Financial
203. BSM Financial
202. 1st Choice Mortgage
201. Wescom Credit Union
200. Coast Financial Holdings/Coast Bank
199. WaMu (Subprime)
198. First Madison Mortgage
197. Southern Star Mortgage
196. TransLand Financial
195. Secured Bankers Mortgage Company (SBMC)
194. ComUnity Lending
193. Delta Financial Corp
192. BayRock Mortgage
191. Empire Bancorp
190. Option One - H&R Block
189. Citigroup - FCS Warehouse
188. Charter One (Wholesale)
187. Wells Fargo - Home Equity
186. Paul Financial, LLC
185. Webster Bank (Wholesale)
184. Fieldstone Mortgage Company
183. Tribeca Lending Corp. (Wholesale)
182. WAMU Comm. Correspondent
181. Marlin Mortgage Company
180. Countrywide Specialty Lending
179. UBS Home Finance
178. MortgageIT-DB (Retail)
177. Edgewater Lending Group
176. ResMAE Mortgage Corp.
175. Citimortgage Correspondent (2nds)
174. AMC Lending
173. Liberty American Mortgage
172. Exchange Financial (Wholesale)
171. FirstBank Mortgage
170. Bank of America (Wholesale)
169. Diablo Funding Group Inc.
168. Honor State Bank
167. Spectrum Financial Group
166. Priority Funding Mortgage Bankers
165. BrooksAmerica Mortgage Corp.
164. Valley Vista Mortgage
163. New State Mortgage Company
162. Summit Mortgage Company
161. WMC
160. Paragon Home Lending
159. First Mariner Wholesale
158. The Lending Connection
157. Foxtons, Inc.
156. SCME Mortage Bankers
155. Aapex Mortgage (Apex Financial Group)
154. Wells Fargo (various Correspondent and Non-prime divisions)
153. Nationstar Mortgage
152. Decision One (HSBC)
151. Impac Lending Group
150. Long Beach (WaMu Warehouse/Correspondent)
149. Expanded Mortgage Credit Wholesale
148. The Mortgage Store Financial
147. C & G Financial
146. CFIC Home Mortgage
145. All Fund Mortgage
144. LownHome Financial
143. Sea Breeze Financial Services
142. Castle Point Mortgage
141. Premium Funding Corp
140. Group One Lending
139. Allstate Home Loans / Allstate Funding
138. Home Loan Specialists (HLS)
137. Transnational Finance Wholesale
136. CIT Home Lending
135. Capital Six Funding
134. Mortgage Investors Group (MIG) - Wholesale
133. Amstar Mortgage Corp
132. Quality Home Loans
131. BNC Mortgage (Lehman)
130. First National Bank of Arizona
129. Chevy Chase Bank Correspondent
128. GreenPoint Mortgage - Capital One Wholesale
127. NovaStar, Homeview Lending
126. Quick Loan Funding
125. Calusa Investments
124. Mercantile Mortgage
123. First Magnus
122. First Indiana Wholesale
121. GEM Loans / Pacific American Mortgage (PAMCO)
120. Kirkwood Financial Corporation
119. Lexington Lending
118. Express Capital Lending
117. Deutsche Bank Correspondent Lending Group (CLG)
116. MLSG
115. Trump Mortgage
114. HomeBanc Mortgage Corporation
113. Mylor Financial
112. Aegis
111. Alternative Financing Corp (AFC) Wholesale
110. Winstar Mortgage
109. American Home Mortgage / American Brokers Conduit
108. Optima Funding
107. Equity Funding Group
106. Sunset Mortgage
105. Nations Home Lending
104. Entrust Mortgage
103. Alera Financial (Wholesale)
102. Flick Mortgage/Mortgage Simple
101. Dollar Mortgage Corporation
100. Alliance Bancorp
99. Choice Capital Funding
98. Premier Mortgage Funding
97. Stone Creek Funding
96. FlexPoint Funding (Wholesale & Retail)
95. Starpointe Mortgage
94. Unlimited Loan Resources (ULR)
93. Freestand Financial
92. Steward Financial
91. Bridge Capital Corporation
90. Altivus Financial
89. ACT Mortgage
88. Alliance Mortgage Banking Corp (AMBC)
87. Concord Mortgage Wholesale
86. Heartwell Mortgage
85. Oak Street Mortgage
84. The Mortgage Warehouse
83. First Street Financial
82. Right-Away Mortgage
81. Heritage Plaza Mortgage
80. Horizon Bank Wholesale Lending Group
79. Lancaster Mortgage Bank (LMB)
78. Bryco (Wholesale)
77. No Red Tape Mortgage
76. The Lending Group (TLG)
75. Pro 30 Funding
74. NetBank Funding, Market Street Mortgage
73. Columbia Home Loans, LLC
72. Mortgage Tree Lending
71. Homeland Capital Group
70. Nation One Mortgage
69. Dana Capital Group
68. Millenium Funding Group
67. MILA
66. Home Equity of America
65. Opteum (Wholesale, Conduit)
64. Innovative Mortgage Capital
63. Home Capital, Inc.
62. Home 123 Mortgage
61. Homefield Financial
60. First Horizon Subprime, Equity Lending
59. Platinum Capital Group (Wholesale)
58. First Source Funding Group (FSFG)
57. Alterna Mortgage
56. Solutions Funding
55. People's Mortgage
54. LowerMyPayment.com
53. Zone Funding
52. First Consolidated (Subprime Wholesale)
51. EquiFirst
50. SouthStar Funding
49. Warehouse USA
48. H&R Block Mortgage
47. Madison Equity Loans
46. HSBC Mortgage Services (correspondent div.)
45. Sunset Direct Lending
44. Kellner Mortgage Investments
43. LoanCity
42. CoreStar Financial Group
41. Ameriquest, ACC Wholesale
40. Investaid Corp.
39. People's Choice Financial Corp.
38. Master Financial
37. Maribella Mortgage
36. FMF Capital LLC
35. New Century Financial Corp.
34. Wachovia Mortgage (Correspondent div.)
33. Ameritrust Mortgage Company (Subprime Wholesale)
32. Trojan Lending (Wholesale)
31. Fremont General Corporation
30. DomesticBank (Wholesale Lending Division)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ECC Capital/Encore Credit
24. Lender's Direct Capital Corporation (wholesale division)
23. Concorde Acceptance
22. DeepGreen Financial
21. American Freedom Mortgage, Inc.
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial

Scary.

This morning as I had my Espresso I was reading the Globe and Mail.

It contained an article asking " Are you prepared to run"...??!!

It spoke of sewing cash into a duffle bag, having gold, sleeping bag and camping gear!

I thought..."what the heck kind of article is this...what is the Canadian MSM trying to say"....

Either they are trying to scare us into flight or fight neuro circuit or something is up!?

Looking at the finacial pages I began to wonder if I should get myself and my family prepared to run.

The words of Jesus Christ came to mind.."and let him who is in the field not go back to get his clothes." Mat. 24:18

[edit on 19-8-2008 by whiteraven]

reply to post by BlackOps719


I've noticed that Irwin Union Bank and Trust is on the list, however I'm not sure about the time frame these banks are going to close. You said they should have close their doors in 07, but they haven't yet. What's up with that? Are they still on the verge? Just concerned about a local bank who has a lot to do with my community.

that imploded lenders list is currently at 329
source - www.ml-implode.com
if you have a mortgage with an imploded bank - you can track down their contact info- if they no longer have a website @ www.bankapedia.com / www.bankapedia.com...

reply to post by BlackOps719


Why do Americans fear a National banking system

Here is a list of Canadian banks failed in same time period



.zero.