Bair: Bank Charge Offs Related to CRE Higher in 2010
January 22, 2010
The Chairwoman of the FDIC, Sheila Bair, indicated that the charge-offs will continue.
Federal Deposit Insurance Corp. Chairman Sheila Bair said in a speech that regulators expect banks to report higher delinquencies and charge-off rates for commercial real estate properties in the first three months of 2010. Speaking to the Commercial Mortgage Securities Association, Bair said [...]
Investors Jostling for FDIC Assets
December 23, 2009
The FDIC has received over a dozen bids for a $1.1B pool of mortgage assets made by now-failed banks. This would mark the second largest sale of FDIC assets since Starwood’s acquisition of Corus Bank assets back in October. No word on how that deal is going, but the deals the FDIC is structuring only [...]
Read More >>FDIC Property Sales Approaching 90’s Levels
November 17, 2009
In 1994, the FDIC unloaded about $1.16B worth of land and buildings. In the first nine months of this year, the FDIC unloaded about $727M. 112 of the 1,706 properties sold so far this year have been in California, with a lion’s share taking place in Georgia where the FDIC has sold some 900 properties.
The [...]
Banks Quick to Adopt New FDIC Guidelines
November 11, 2009
WSJ is reporting that banks are being quick to adopt new FDIC guidelines which allow them to reclassify the type of debt they have on their books from performing to non-performing by meeting less stringent requirements.
The new policy statement recently issued by the FDIC recently gives banks the ability to restructure loans without hurting the [...]
United Commercial Bank Goes Down
November 6, 2009
United Commercial Bank of San Francisco has bitten the dust. The FDIC took over UCB on Friday. United Commercial Bank got into a lot of trouble with its commercial real estate loan portfolio recently, taking hits on loans made on assets such as Vietnam Town, and Cupertino Square/Vallco Mall. It has significant assets however, including [...]
Read More >>FDIC Adopts Policy Statement on CRE Loans to Help Banks
November 2, 2009
The FDIC has adopted a new policy which essentially gives a pass to banks with CRE portfolios that have diminished in value, but that are performing.
The Federal Deposit Insurance Corporation (FDIC), in coordination with the other member Agencies of the Federal Financial Institutions Examination Council (FFIEC), adopted a policy statement today supporting prudent [...]
CRE Dominoes: FDIC Takes Over Three California Banks
October 30, 2009
The FDIC has shut down three California banks: Pacific National Bank, California National Bank, and San Diego National Bank.
The three banks all were invested heavily in commercial real estate. Pacific National, as it was mentioned in The Registry article as being a lender on Moffett Towers (phase 2), was also involved in other development deals [...]
Starwood Gets Corus; Pays 60 Cents on the Dollar
October 7, 2009
A group led by Starwood Capital and TPG Partners officially won the auction for the Corus Bank assets. It was reported that the group paid about $500M more than the nearest competitor for the deal, which raised some eyebrows.
The deal has investors putting in about $550M for a 40% stake in a company that the [...]
Starwood Reportedly Winner of Corus Bank Assets
October 2, 2009
The WSJ is reporting that a group led by Starwood Capital is the likely winner of the auction for Corus Bank’s commercial real estate assets. The “face” value of the assets is about $5 Billion according to the article, and the deal is far from done. Starwood recently raised a big chunk of change through [...]
Read More >>Tamalpais Bank in Hot Water
September 22, 2009
The Business Journal is reporting that the FDIC has issued a C&D letter to San Rafael-based Tamalpais Bank. This is one of the first steps the FDIC takes generally as it chases the bank to either repair its capital base, sell itself, or get taken over.
The bank was a very active player in multi-family loans [...]
