The Obama - Clinton Disaster Message Board

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Politics : The Obama - Clinton Disaster

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To: longnshort who wrote (18024)	8/27/2009 6:46:23 PM
From: DuckTapeSunroof	Read Replies (1) of 103300

Search for "Colonial Bank" --- the largest bank failure of 2009 to date, and the sixth largest bank failure in American history. Colonial was a significant player in the sector of the business known as "mortgage warehouse" lending, which provides financing needed by mortgage brokers and non-bank lenders to make home loans. Expansion into the hot Florida market (near it's peak) precipitated Colonial's collapse and seizure. "The bank rode the wave of this decade’s housing boom, especially in Florida, where it had most of its business. In the last two years, even as housing prices began to slip, Colonial kept buying Florida banks at a premium. Its share price, above $25 in 2007, had dipped below $4 by mid-2008." dealbook.blogs.nytimes.com "Legal problems: MacDonald said that Colonial is also unusual because of the allegations of criminal wrongdoing at the bank. Colonial disclosed on Aug. 4 that federal agents had executed a search warrant at its mortgage warehouse lending offices in Orlando, Fla. It also had been forced to sign a cease and desist order with the Federal Reserve and regulators at the end of last month related to its accounting practices and recognition of losses, which limited its abilities to make dividends or other payments to investors. The agents who searched its offices came from the Special Inspector General for the Troubled Asset Relief Program, even though Colonial never received TARP funds." money.cnn.com birmingham.bizjournals.com reuters.com seekingalpha.com Accounting fraud: seekingalpha.com consumerist.com Mortgage Lender Implode-O-Meter ml-implode.com Judge Rules for BofA Against Colonial Bank, New Cease & Desist Disclosed calculatedriskblog.com etc.

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