MGM Mirage rises after firm says it will cut prices on condo units when buyers close dealsOctober 6th, 2009 MGM Mirage climbs following condo unit discountNEW YORK — MGM Mirage shares surged Tuesday after the casino operator said it would cut prices by 30 percent on some condos when already lined up buyers close on deals at its $8.5 billion CityCenter development in Las Vegas. MGM Mirage said Monday that CityCenter will start closing on the nearly 2,400 units at the lowered prices in January.
FDIC sells 40 percent stake in $4.5 billion worth of Corus Bank assets to Starwood-led groupOctober 6th, 2009 FDIC sells stake in Corus Bank assetsWASHINGTON — The Federal Deposit Insurance Corp. has agreed to sell a 40 percent stake in a portfolio of Corus Bank assets for $554.4 million to a private-equity consortium led by Starwood Capital Group.
FDIC names first winning bidder in program to back private buys of toxic mortgage assetsSeptember 16th, 2009 FDIC names first winner in toxic asset programWASHINGTON — The Federal Deposit Insurance Corp. on Wednesday named the first winning bidder under a test of the government's program to back private purchases of toxic mortgage assets and get them off banks' balance sheets.
FDIC may extend debt guarantee program by 6 months for banks with emergenciesSeptember 9th, 2009 FDIC may extend debt guarantee program for banksWASHINGTON — Federal regulators may offer a limited emergency extension of a temporary rescue program that guarantees hundreds of billions of dollars in U.S. banks' debt.
FDIC lengthens tougher capital, exam requirements for newer banks to 7 yearsAugust 28th, 2009 FDIC lengthens requirements for newer banksWASHINGTON — Federal banking officials worried about rising bank failures will require new banks to meet stricter regulatory standards for seven years rather than the previous three-year requirement. The new rules, outlined in a letter Friday from the U.S.
Senators want to give FDIC power to dismantle bank holding companiesJuly 31st, 2009 Senators' proposal would empower FDICWASHINGTON — Two senators are pushing legislation that would give the Federal Deposit Insurance Corp. unilateral power to dismantle bank holding companies on the brink of collapse but not take them over on behalf of the government.
Regulators shutter small Wyoming bank, bringing this year's failed bank tally to 53July 11th, 2009 Regulators shut small Wyoming bankNEW YORK — Regulators on Friday shut Bank of Wyoming, marking the 53rd failure this year of a federally insured bank. The Federal Deposit Insurance Corp.
2 more banks fail as FDIC seeks stronger rules for buyers of failed banksJuly 2nd, 2009 2 more banks fail as FDIC mulls rules for salesWASHINGTON — Two Illinois banks were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks. Regulators shut down John Warner Bank of Clinton, Ill., and First State Bank of Winchester in Winchester, Ill., bringing to 47 the number of U.S.
FDIC proposes new rules for sale of failed banks as it seeks private equity buyersJuly 2nd, 2009 FDIC seeks stronger rules for sale of failed banksWASHINGTON — Two Illinois banks were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks. Regulators shut down John Warner Bank of Clinton, Ill., and First State Bank of Winchester in Winchester, Ill., bringing to 47 the number of U.S.
FDIC looks for ways to draw private equity buyers into auctions for failed banksJuly 2nd, 2009 FDIC seeks more investor interest in failed banksWASHINGTON — The Federal Deposit Insurance Corp. proposed new guidelines Thursday for potential buyers of failed banks as the government seeks to sell a growing number of closed financial institutions.
Government foreclosure relief for 'underwater' homeowners expands to those deeper in debtJuly 1st, 2009 Gov't foreclosure help will reach more homeownersWASHINGTON — The Obama administration is expanding a program to stave off foreclosure for borrowers who owe more than their homes are worth. Housing secretary Shaun Donovan says borrowers who owe up 25 percent more than their home's market value will qualify for government help refinancing their mortgages.
FDIC halts efforts to sell failed Silverton Bank; 'bridge bank' shut downJune 5th, 2009 FDIC stops efforts to sell failed Silverton BankWASHINGTON — Federal regulators have abandoned efforts to sell failed Silverton Bank in Georgia to investors and are shutting the temporary "bridge bank" they set up to replace it last month. Atlanta-based Silverton, which operated as a sort of wholesale bank, fell victim to large losses on real estate construction and development loans, and was closed by regulators on May 1.
More US banks face survival struggleMay 27th, 2009 WASHINGTON - The number of US banks facing collapse jumped dramatically in the first quarter with a 21 percent increase in "problem" lenders, a US government agency said Wednesday. The Federal Deposit Insurance Corporation's head Sheila Bair said the increase - reportedly the worst change in 15 years - showed "the banking industry still faces tremendous challenges".
Westsound Bank of Wash. becomes 33rd bank to fail in 2009; Kitsap Bank will take over depositsMay 9th, 2009 US regulators shut down 33rd bank this yearNEW YORK — Federal regulators on Friday shut down Westsound Bank of Bremerton, Wash., making it the 33rd bank to fail this year. The Federal Deposit Insurance Corp.
Failed US home loans bank IndyMac sold for $14 bnJanuary 2nd, 2009 WASHINGTON - A group of private investors has agreed to buy for nearly $14 billion the collapsed home loans specialist IndyMac Bank, the third-largest bank to fail since the US government began insuring deposits in 1934. The group is headed by Steven Mnuchin, chairman of Dune Capital Management, who will serve as chairman and chief executive of a holding company for IndyMac, the Federal Deposit Insurance Corp.
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