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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!
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From: ravenseye10/1/2007 4:38:57 PM
   of 5673
 
Monday, October 1, 2007 - 12:08 PM EDT
Regulators shut down parent company of Market Street Mortgage
Tampa Bay Business Journal
The Office of Thrift Supervision closed NetBank, an Atlanta-based Internet bank that is the parent company of Market Street Mortgage in Clearwater.

The Federal Deposit Insurance Corp., which was named as receiver, approved the assumption of NetBank's insured deposits by ING Bank fsb in Wilmington, Del. Depositors of NetBank automatically will become deposits of ING Bank, according to a release from the FDIC.

NetBank sustained significant losses in 2006 primarily due to early payment defaults on loans sold, weak underwriting, poor documentation, a lack of proper controls and failed business strategies, according to a release from the OTS....
bizjournals.com
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