News: FDIC Shuts Down NetBank Due to Defaults
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
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
Comments
If I were trying to figure out where to move my money, I'd compare the states with the highest mortgage fraud rankings, with the banks in that state, spliced with how much mortage business the bank was doing as a percentage of overall business.
It doesn't matter how the bank is chartered: FDIC or a state-chartered bank.