I believe this is grave foreshadowing of things to come. Banks can pretend all they want with valuations, but when defaults happen, pretend valuation is no longer the ruling metric.
I know that the regulators are attempting to get the banks and credit unions to stop foreclosures altogether for an unspecified timeframe. There have been "Memos" from regulators stating this explicitly. As you can imagine, there is resistance. We will see if it becomes an "Enforceable Mandate". All efforts by the Government are attempting to put banking in stasis for a "Slow Thaw".
Very Few Things That Become "Frozen" Survive.
Friday April 24,2009 Stats:
26. American Southern Bank of Kennesaw, Ga.
- American Southern Bank had assets of about $112.3 million and total deposits of $104.3 million.
27. Michigan Heritage Bank of Farmington Hills, Mich
- Michigan Heritage had total assets of about $184.6 million and total deposits of $151.7 million.
28. First Bank of Beverly Hills of Calabasas, Ca
- First Bank of Beverly Hills had $1.5 billion in assets as of Dec. 31, the FDIC said, and $1 billion in deposits. The FDIC estimated the bank had $179,000 in uninsured deposits. The FDIC said, "an assuming institution could not be located" for the failed bank's deposits and assets.
29. First Bank of Idaho of Ketchum, Idaho
- First Bank of Idaho had $374 million in deposits as of Dec. 31, the FDIC said.
$1,630,000,000 estimated deposits for the 4 banks.
29 Banks closed so far in 2009.
54 Total Bank Closings since the beginning of the "Recession".
Is It The End Of The Bear Market Rally or The Beginning Of "Beyond The Call Of Duty" For The Presidents Working Group On Financial Markets Come Monday?
Safety Is A Function Of Awareness.
Those That Do Not Consider Much, Know Little.
Disclosure: Heavily Involved In Distressed Real-estate; Governmental, Banking, and Private.