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· The third one is a doozy. It turns out that because of the mortgages being sold and sliced and sold, the ownership of the original mortgage is often in doubt. It took Mamie Ruth Palmer in Atlanta, Georgia to bust this one open, in a court case that has just ended a six year saga.
The FDIC then sold most of Washington Mutual Bank’s assets, including the branch network, to JPMorgan Chase for .9 billion. jpmorgan chase agreed to assume the bank’s secured debts and liabilities to depositors. The transaction did not require any fdic insurance funds. Normally, bank seizures take place after the close of business on Fridays.
· Fdic, as colonial’s receiver, sued units of credit suisse, deutsche bank, first horizon, hsbc, rbs, ubs and wells fargo u.s. Judge dismisses some fdic claims against several banks over.
The Federal Insurance Deposit Corp. was sued. Bank of America Corp. over $1.75 billion in investor losses stemming from an alleged fraud by failed lender Taylor Bean & Whitaker Mortgage Corp. The.
Questions about the Colonial Bank seizure? Call the FDIC from 9 a.m. to 6 p.m. at 1-800-405-8739 or visit www.fdic.gov. The fdic sold montgomery. Later that week, the mortgage firm collapsed. Bank.
More money market fund changes in offing.. but fund investments aren’t insured by the Federal Deposit Insurance Corp., unlike bank money market accounts, which are FDIC.
US DoJ sues Barclays over sale of risky mortgage bonds december 23rd 2016 | United States | Banking | Barclays. On December 22nd the US Department of Justice (DoJ) said that it was suing Barclays Plc for allegedly selling risky residential mortgage-backed securities in the years leading up to the 2008-09 financial crisis.
· Big Banks on the Loose. balked at providing an explicit subsidy to an insolvent bank. The FDIC subsequently took over Penn Square, which was not a large bank.
Since 2013, the FDIC has reached $1.83 billion of settlements over mortgage securities sold to banks it took into receivership. Guaranty Bank had roughly $13 billion of assets and $12 billion of.