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executivesuite.blogs.nytimes.com - 11/24/2008
What Securitization Problem? The F.D.I.C. Weighs In
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I got a call on Monday from Sheila Bair, the chairman of the Federal Deposit Insurance Corporation, and Michael H. Krimminger, the F.D.I.C.'s special adviser to the chairman for policy. They had a point they wanted to make. Contrary to what I have heard - and written - in their opinion, whatever ...
bloomberg.com - 11/25/2008
‘Problem’ Banks Rose 46% in Third Quarter, FDIC Says (Update1)
— bloomberg.com — Nov. 25 (Bloomberg) -- The Federal Deposit Insurance Corp. said banks categorized as “problem” institutions increased 46... percent in the third quarter to the highest level in 13 years as the credit crisis battered the financial industry. The FDIC ... (more) ‘Problem’ Banks Rose 46% in Third Quarter, FDIC Says ...

Comments vote down naked capitalism found this 11/25/2008found this
fdic.gov - 11/25/2008
Press Releases - PR-126-2008 11/25/2008
— fdic.gov — Insured Banks and Thrifts Earned $1.7 Billion in the Third Quarter Provisions for Loan Losses Continue to... Be High, But Capital Levels Remain Strong Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) ... (more) Press Releases - PR-126-2008 11/25/2008

Comments vote down Calculated Risk found this 11/25/2008found this
baselinescenario.com - 11/27/2008
$7.8 Trillion and Counting
— baselinescenario.com — The New York Times has an arresting chart on the government’s new financial commitments made during the... financial crisis. According to the Times, the government has committed $3.1 trillion as an insurer, $3.0 trillion as an investor, and $1.7 ... (more) $7.8 Trillion and Counting

Comments vote down Economist's View found this 11/27/2008found this

Blog Reactions

Angry Bear:  Shiela C, Bair Tries to Save the World--Again

Conglomerate:  The Citi Deal Looks Like Citi-Wachovia

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Blog Reactions

Shiela C, Bair Tries to Save the World--Again
Angry Bear — Via Felix, we discover Joe Nocera at the NYT reporting that securitization professionals are not as stupid as they would have had us believe: What [the FDIC] has discovered, said [Michael H. Krimminger, the F.D.I.C.’s special adviser to the chairman for policy], is that the contracts are rarely as constricting as investors and servicers have been portraying them. They do not allow principal reduction, for sure, but they almost never disallow interest rate reduction — or delaying principal payments for a short time. What’s more, Mr. Krimminger said, the ...

The Citi Deal Looks Like Citi-Wachovia
Conglomerate — ... .  That latter agency in exchange gets Citi participation in its mortgage program - maybe a big thing, if the FDIC is right that securitized mortgages are not so difficult to modify. ...

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