US regulators seize two more banks

[TexasDevilDog]

WASHINGTON, July 25 (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch.

the Office of the Comptroller of the Currency said it closed First National Bank of Nevada and First Heritage Bank NA of California.
http://www.reuters.com/article/bondsNews/idUSN2540487120080726

[kangol]

That's why I keep all of my money in an old beer stein from Berlin, buried in the McCrackin's backyard.

[Mustangman_2000]

Sad financial news.

[2165 Turbo Rail]

I just carry mine on me at all times... you should see me when I have a couple mil on me.. man I'm sweatin every move :p

[slow99]

That's why I keep all of my money in an old beer stein from Berlin, buried in the McCrackin's backyard.

Hell, I keep mine in the McCracken's...wonder if they're related?

[ayzo]

Wamu may be next, this one should be interesting considering they have $150 billion in deposits which may be too much for the FDIC's $50 billion :cool:

http://mrmortgage.ml-implode.com/2008/07/27/wamu-what-options-do-they-really-have/

[PeeWeeC5]

Wamu may be next, this one should be interesting considering they have $150 billion in deposits which may be too much for the FDIC's $50 billion :cool:

http://mrmortgage.ml-implode.com/2008/07/27/wamu-what-options-do-they-really-have/
Do you honestly think that the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com /><st1:country-region w:st=<ST1:pUnited States</ST1:place</st1:country-region> 6th largest bank is going to fold? Could it get worse, definitely, is it going to fold, I bet not. If Wamu goes under I think that things are going to get really bad.

[aggie97]

Wamu may be next, this one should be interesting considering they have $150 billion in deposits which may be too much for the FDIC's $50 billion :cool:

http://mrmortgage.ml-implode.com/2008/07/27/wamu-what-options-do-they-really-have/

The FDIC would allow a run on the bank so the deposits left in the bank wouldn't be anywhere near $150B... the question would be how much cash is left after the run!

[cannonball996]

I think there is a very good chance that Wamu could fail

[PeeWeeC5]

I think there is a very good chance that Wamu could fail
That's a broad statement, what do you base your opinion on? :confused:

[AL P]

Run for the hills Ma Barker

[01WhiteCobra]

That's a broad statement, what do you base your opinion on? :confused:

If I was a bettin' man, oh wait I am, I'd say WAMU has the best chance of failure of the majors.

[PeeWeeC5]

If I was a bettin' man, oh wait I am, I'd say WAMU has the best chance of failure of the majors.

I would totally agree with that statement but do you think they are GOING to fail? Also, if they fail what implications do you for see with the rest of the banking industry?

[01WhiteCobra]

I would totally agree with that statement but do you think they are GOING to fail? Also, if they fail what implications do you for see with the rest of the banking industry?

Don't know if they do or not. I did read on Bloomberg this morning whereas they shipped some mortgages to the brother and sister (Fannie and Freddie) and supposedly they are at 50 B in liquidity.

WAMU is an interesting one in that I hope it doesn't fail as it has been my bank for many years. Although I slowly switched many of my accounts around to get under the insured threshold. No reason to take the risk.

I say interesting because at the moment it is below $3 a share and 25% of the shares are short at the moment... like 275 million shares. If WAMU does recover the short covering rally will propel this bad boy to $30 in no time.

But, I also think WAMU is one or two bad rumors away from a run on their bank. If that happens they have no other option than to shutter up.

Being the largest savings and loan outfit I'd say the implications are tremendous in terms of confidence in the banking era.

I hope they don't as it's the best bank I've ever had in terms of customer service and its always a pain the ass to setup new accounts. But at the moment only my checking is there.

[Casper]

I hope they don't as it's the best bank I've ever had in terms of customer service and its always a pain the ass to setup new accounts. But at the moment only my checking is there.

x2222

Do you think the insured caps are safe for a day-to-day checking account? I never get anywhere near that, it is more like a revolving account. But it can have a good chunk in it at any given time.

[Gripenfelter]

http://research.stlouisfed.org/fred2/data/BORROW_Max_630_378.png

[ayzo]

http://research.stlouisfed.org/fred2/data/BORROW_Max_630_378.png

LOL yea we're beyond fucked.