Sheila Bair, Former FDIC Chairman Shares Thoughts on Financial Failures

Sheila Bair, former chairman of the Federal Deposit Insurance Corp., shares her thoughts about on what went wrong in the banking industry and how to prevent financial collapse in the future. In this video she talks about how bankruptcy is now the strategy to deal with future banking failures, why over borrowing was a critical … Read more

Attorney Sentenced In $50 Million Bank Fraud

Kevin Harold Lewis was sentenced to 121 months incarceration to be followed by three years of supervised release for bank fraud. Lewis was also ordered to pay $33,826,326 in restitution. An additional amount of restitution will be considered after briefs are filed regarding the loss to Centennial Bank of Cabot, Arkansas. Lewis was ordered to … Read more

Mortgage Industry Hates Borrowers. Not Worth Helping.

by Lois Beckett, ProPublica, Outgoing Federal Deposit Insurance Corporation Chairwoman Sheila C. Bair’s revealing exit interview by the New York Times’ Joe Nocera has generated plenty of buzz. But while the interview provided a comprehensive look at Bair’s role from 2006 to 2011, what caught our attention was her characterization of the foreclosure crisis. Bair … Read more

Thank You For Your Compassionate Help You Provide Others. – Barbara

“Steve, Thank you for the compassionate help you provide to your readers. Your extensive knowledge of financial matters and the integrity and honesty with which you answer readers, telling it like it is with no beating around the bush, is a rare commodity. Keep up the good work! I have read your website extensively and … Read more

Rocky Mountain Bank & Trust / Global Client Solutions – FDIC SHOCKER!

Here is an event I totally missed but thanks to a recent suit against debt settlement company GHS Solutions the FDIC action against Rocky Mountain Bank & Trust which operates in conjunction with Global Client Solutions can be reveled. Apparently the Federal Deposit Insurance Corporation (FDIC) felt the relationship between Rocky Mountain National Bank & … Read more

81,312 Foreclosures in September. More Than Just a Number.

Well the September foreclosure figures are out from RealtyTrac. And while we can look at the big, really big number and compare it to foreclosures a year ago that does not give a real understanding of the fear and loss experienced by over 81,000 families that month. Maybe there is some hope headed down the … Read more

Just Because Your Bank Modified Your Mortgage Doesn’t Mean It Will Stick

A very interesting article on the Mortgage law Network appeared that you should be aware of. And banks are failing at an alarming rate. When a bank is taken over by the FDIC, the FDIC is protected by law from “side deals” made with borrowers which might tend to reduce the value of your loan … Read more

I Was Laid Off and Burned Through My Savings. – Tom

Tom “Dear Steve, I was laid off last year and out of work for 5 months. That burned through my savings. I got a one year contract position which has now ended. I have $45K of unsecured credit and a $6K balance on a secured auto loan. Since I am out of work, I contacted … Read more