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Anorak | A Bair In A Bear Market

A Bair In A Bear Market

by | 22nd, November 2008

LET’S hear it for the Federal Deposit Insurance Corporation, in general, and its’ Chair Sheila C. Bair in particular; the FDIC insures deposits at all 8,451 banks and savings associations in the US.

It was 8,454 yesterday , of course, but the FDIC seized Downey Savings & Loan Association and PFF Bank & Trust and sold the worthwhile bits to U.S. Bancorp.

The good news for Joe the plumber is that U.S. Bancorp also agreed as a condition of the deal to offer loan modifications to Downey and PFF customers under an FDIC formula,

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Posted: 22nd, November 2008 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink