This year has seen a big decline in the number of non-bank mortgage lenders
to close down, but the improvement has been offset by a spike in failed
financial institutions.From January 1 through April 9, 2010, there have been a total of 55
mortgage-related closings, as tracked by Mortgage Graveyard
. At about
the same point last year, 50 closings had been tracked.The increase traces directly to institutional bank failures, which doubled
compared to a year earlier. So far this year, 42 financial institutions have
collapsed. Over the same duration in 2009, bank failures stood at 21.Among the most notable closings of 2010 are California's First Regional Bank
and La Jolla Bank, with expected losses of $826 million and $882 million,
respectively. Georgia's Community Bank and Trust is also at the top of that
list, The FDIC projects an $828 million loss from its collapse.Credit union failures have also risen by half, from four during the first
three months of 2009 to six in the first part of 2010.Non-bank mortgage operations to close, on the other hand, are two-thirds
lower than where they stood at this time last year - seven so far in 2010,
compared to 25 during the same period in 2009.One notable non-bank closing this year was that of Equitable Reverse
Mortgage Co. in Chicago, which claimed to be "the 14th largest reverse
mortgage lender in the nation." Another collapse, Colorado's Assurity
Financial Services LLC, touted its standing as a "top non-imploded" lender
before throwing in the towel."We saw regulatory actions against U.S. financial institutions nearly double
between the first-quarter 2009 and this year, suggesting the acceleration in
bank failures is unlikely to abate," said Sam Garcia, founder and publisher
of MortgageDaily.com , which operates the
Mortgage Graveyard tracking site. "However, a thawing of the market for
mortgage-related assets could help move some institutions out of the
'troubled' category," he said. Promote your business and
services online and offline, find out when our next mixer is.Connect with other successful
womenReal Estate Investing Education,
take advantage of today's real estate marketBuild Your Business-Drive Your Dream Promo
Code: legendwww.TotalSolutionsAlliance.com Connect with me on Facebook
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to close down, but the improvement has been offset by a spike in failed
financial institutions.From January 1 through April 9, 2010, there have been a total of 55
mortgage-related closings, as tracked by Mortgage Graveyard
. At about
the same point last year, 50 closings had been tracked.The increase traces directly to institutional bank failures, which doubled
compared to a year earlier. So far this year, 42 financial institutions have
collapsed. Over the same duration in 2009, bank failures stood at 21.Among the most notable closings of 2010 are California's First Regional Bank
and La Jolla Bank, with expected losses of $826 million and $882 million,
respectively. Georgia's Community Bank and Trust is also at the top of that
list, The FDIC projects an $828 million loss from its collapse.Credit union failures have also risen by half, from four during the first
three months of 2009 to six in the first part of 2010.Non-bank mortgage operations to close, on the other hand, are two-thirds
lower than where they stood at this time last year - seven so far in 2010,
compared to 25 during the same period in 2009.One notable non-bank closing this year was that of Equitable Reverse
Mortgage Co. in Chicago, which claimed to be "the 14th largest reverse
mortgage lender in the nation." Another collapse, Colorado's Assurity
Financial Services LLC, touted its standing as a "top non-imploded" lender
before throwing in the towel."We saw regulatory actions against U.S. financial institutions nearly double
between the first-quarter 2009 and this year, suggesting the acceleration in
bank failures is unlikely to abate," said Sam Garcia, founder and publisher
of MortgageDaily.com , which operates the
Mortgage Graveyard tracking site. "However, a thawing of the market for
mortgage-related assets could help move some institutions out of the
'troubled' category," he said. Promote your business and
services online and offline, find out when our next mixer is.Connect with other successful
womenReal Estate Investing Education,
take advantage of today's real estate marketBuild Your Business-Drive Your Dream Promo
Code: legendwww.TotalSolutionsAlliance.com Connect with me on Facebook
Twitter LinkedIn
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