News: FDIC Shuts Down NetBank Due to Defaults

[EastSider]

FDIC Shuts Down NetBank Because of Excessive Level of Mortgage Defaults


WASHINGTON (AP) -- NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.
It was the largest savings and loan failure since the tail end of the industry's crisis more than 14 years ago. Federal regulators appointed the Federal Deposit Insurance Corp. as a receiver for Alpharetta, Ga.-based NetBank.

http://biz.yahoo.com/ap/070928/netbank_ ... html?.v=14

[jillayne]