Home › Forums › Financial Markets/Economics › Tomorrow is Friday, which bank will the FDIC close?
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davelj.
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July 26, 2009 at 9:07 AM #437612July 26, 2009 at 9:12 AM #436863
davelj
Participant[quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.
In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.
July 26, 2009 at 9:12 AM #437066Participant[quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.
In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.
July 26, 2009 at 9:12 AM #437379Participant[quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.
In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.
July 26, 2009 at 9:12 AM #437452Participant[quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.
In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.
July 26, 2009 at 9:12 AM #437617Participant[quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.
In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.
July 26, 2009 at 9:41 PM #437248drboom
Participant[quote=davelj][quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.[/quote]
Yes, but having the FDIC swoop in can’t do good things to the escrow timeline–and the timeline was pretty inflexible in this case. SDNB almost never hangs on to residential loans, AFAIK, so I wasn’t concerned with that.
[quote]In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.[/quote]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
It’s kind of fun to think about the Good Olde Days of escrow. After taking possession yesterday, I promptly started ripping 1960s vintage paneling off the walls, demolishing a built-in TV cabinet, and generally persuading things with my FUBAR. I’m a littlle sore. It’s like an episode of “This Old House” … except for the fact that it’s not a cool old Cape Cod, there’s no possible historical or achitectural significance, it’s a generic stucco box in 92020, and I have a very small budget. 😛
July 26, 2009 at 9:41 PM #437448Participant[quote=davelj][quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.[/quote]
Yes, but having the FDIC swoop in can’t do good things to the escrow timeline–and the timeline was pretty inflexible in this case. SDNB almost never hangs on to residential loans, AFAIK, so I wasn’t concerned with that.
[quote]In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.[/quote]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
It’s kind of fun to think about the Good Olde Days of escrow. After taking possession yesterday, I promptly started ripping 1960s vintage paneling off the walls, demolishing a built-in TV cabinet, and generally persuading things with my FUBAR. I’m a littlle sore. It’s like an episode of “This Old House” … except for the fact that it’s not a cool old Cape Cod, there’s no possible historical or achitectural significance, it’s a generic stucco box in 92020, and I have a very small budget. 😛
July 26, 2009 at 9:41 PM #437760Participant[quote=davelj][quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.[/quote]
Yes, but having the FDIC swoop in can’t do good things to the escrow timeline–and the timeline was pretty inflexible in this case. SDNB almost never hangs on to residential loans, AFAIK, so I wasn’t concerned with that.
[quote]In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.[/quote]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
It’s kind of fun to think about the Good Olde Days of escrow. After taking possession yesterday, I promptly started ripping 1960s vintage paneling off the walls, demolishing a built-in TV cabinet, and generally persuading things with my FUBAR. I’m a littlle sore. It’s like an episode of “This Old House” … except for the fact that it’s not a cool old Cape Cod, there’s no possible historical or achitectural significance, it’s a generic stucco box in 92020, and I have a very small budget. 😛
July 26, 2009 at 9:41 PM #437833Participant[quote=davelj][quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.[/quote]
Yes, but having the FDIC swoop in can’t do good things to the escrow timeline–and the timeline was pretty inflexible in this case. SDNB almost never hangs on to residential loans, AFAIK, so I wasn’t concerned with that.
[quote]In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.[/quote]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
It’s kind of fun to think about the Good Olde Days of escrow. After taking possession yesterday, I promptly started ripping 1960s vintage paneling off the walls, demolishing a built-in TV cabinet, and generally persuading things with my FUBAR. I’m a littlle sore. It’s like an episode of “This Old House” … except for the fact that it’s not a cool old Cape Cod, there’s no possible historical or achitectural significance, it’s a generic stucco box in 92020, and I have a very small budget. 😛
July 26, 2009 at 9:41 PM #438002Participant[quote=davelj][quote=drboom]We got a better deal from a one branch bank in Atlanta (friend of a friend of a friend kind of thing), so we went with them. One day after making the choice, the Chicago Tribune ran a story that JPMorgan had filed suit against FBOP for defaulting on a $246MM note. This made me feel better about my choice, to say the least. 🙂
[/quote]SDNB wouldn’t have held onto your loan – it would have been sold to Fannie/Freddie or someone else in all likelihood. So, SDNB’s performance – or lack thereof – wouldn’t have had any effect on you.[/quote]
Yes, but having the FDIC swoop in can’t do good things to the escrow timeline–and the timeline was pretty inflexible in this case. SDNB almost never hangs on to residential loans, AFAIK, so I wasn’t concerned with that.
[quote]In fact, the bank in Atlanta that underwrote your loan may not still own it. And if it does – and it made you some kind of “friend’s deal” (which I doubt) – then it’s probably a bad deal for them. That is, they probably under-priced the loan. Not that you should care.[/quote]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
It’s kind of fun to think about the Good Olde Days of escrow. After taking possession yesterday, I promptly started ripping 1960s vintage paneling off the walls, demolishing a built-in TV cabinet, and generally persuading things with my FUBAR. I’m a littlle sore. It’s like an episode of “This Old House” … except for the fact that it’s not a cool old Cape Cod, there’s no possible historical or achitectural significance, it’s a generic stucco box in 92020, and I have a very small budget. 😛
July 26, 2009 at 10:26 PM #437273Participant[quote=drboom]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
[/quote]I know you probably don’t care, but… your WestSide Bank in Hiram, Georgia looks a magnitude worse than SDNB. I’ll be shocked if it survives. 48% of its loans are in construction, almost 10% of the loan portfolio is past due, they lost almost $5 million last year. Horrific deposit base. It’s a total disaster. And things are getting worse. Again, I know you don’t care, but I would expect to see this one seized in the not-too-distant future. Among the worst looking balance sheets I’ve ever seen. Which in a way is not surprising as they have no business doing ANYTHING whatsoever outside of Georgia, much less in California.
July 26, 2009 at 10:26 PM #437472Participant[quote=drboom]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
[/quote]I know you probably don’t care, but… your WestSide Bank in Hiram, Georgia looks a magnitude worse than SDNB. I’ll be shocked if it survives. 48% of its loans are in construction, almost 10% of the loan portfolio is past due, they lost almost $5 million last year. Horrific deposit base. It’s a total disaster. And things are getting worse. Again, I know you don’t care, but I would expect to see this one seized in the not-too-distant future. Among the worst looking balance sheets I’ve ever seen. Which in a way is not surprising as they have no business doing ANYTHING whatsoever outside of Georgia, much less in California.
July 26, 2009 at 10:26 PM #437785Participant[quote=drboom]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
[/quote]I know you probably don’t care, but… your WestSide Bank in Hiram, Georgia looks a magnitude worse than SDNB. I’ll be shocked if it survives. 48% of its loans are in construction, almost 10% of the loan portfolio is past due, they lost almost $5 million last year. Horrific deposit base. It’s a total disaster. And things are getting worse. Again, I know you don’t care, but I would expect to see this one seized in the not-too-distant future. Among the worst looking balance sheets I’ve ever seen. Which in a way is not surprising as they have no business doing ANYTHING whatsoever outside of Georgia, much less in California.
July 26, 2009 at 10:26 PM #437858Participant[quote=drboom]
The “friend” thing is how I wound up in contact with a little bank in Georgia. We didn’t get a “deal” … except that they were amazingly on top of things despite the geography and time difference. My agent had some unkind words for some of the services used in this deal (escrow guys overcharged and were kind of lame, appraiser goofed up, etc.), but he said the lender was “as good as it gets” service-wise. I agree, they were terrific. (Plug: “They” means David Turner at Westside Bank in Hiram, Georgia. He’s done a couple of short sales in California and might welcome more biz from the Land of Tofu.)
The bank was actually just a broker for this loan, so they didn’t fund anything directly.
[/quote]I know you probably don’t care, but… your WestSide Bank in Hiram, Georgia looks a magnitude worse than SDNB. I’ll be shocked if it survives. 48% of its loans are in construction, almost 10% of the loan portfolio is past due, they lost almost $5 million last year. Horrific deposit base. It’s a total disaster. And things are getting worse. Again, I know you don’t care, but I would expect to see this one seized in the not-too-distant future. Among the worst looking balance sheets I’ve ever seen. Which in a way is not surprising as they have no business doing ANYTHING whatsoever outside of Georgia, much less in California.
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