Tag: Bank FailuresSort
The government's list of troubled banks hit its highest level since 1992 during the second quarter, although the pace of growth continued to slow, according to a government report released Tuesday.
The number of banks at risk of failing rose by almost 7% to reach 829, the Federal Deposit Insurance Corporation said in its quarterly survey of the nation's banking system.
The collapse of the housing market, and the increase in mortgage delinquencies and home foreclosures, coupled with the credit crisis have all led to a dramatic increase in bank failures over the past few years. When banks fail, the FDIC is appointed as receiver. Depositors are protected up to the FDIC insurance limit.
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The Federal Deposit Insurance Corporation (FDIC) announced very quietly the failure of a bank in Missouri called Hume Bank.
As I have said before, this will be the first of many failures over the next year. The Hume Bank was founded in 1909, and survived the Great Depression, but apparently not the “Great Deleveraging.”