The Archives
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12.07.08First Georgia Community Bank failsJackson-based First Georgia Community Bank was closed by the Georgia Department of Banking and Finance on Friday, marking the failure of the 23rd bank in the nation this year and the fourth in the state. The FDIC announced that the bank's four branches will reopen on Monday as part of United Bank of Zebulon. The failed bank recently ranked sixth on a list of Georgia banks with a high Texas ratio, which gauges a financial institution's risk by comparing the level of problem loans to the amount of capital and reserves available to the bank. We’d love to be your real estate closing attorneys ...
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11.26.08Cost of the bailout so far?7.7 trillion dollars. We’d love to be your real estate closing attorneys in Atlanta Georgia. Want to know more? Contact us and we’ll be happy to discuss how Harlan and Associates can be of service to you! Hail the Beggar King, originally uploaded by xylonets.
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11.14.08Freddie posts $25 Billion lossFrom CNN: Freddie Mac reported a $25 billion quarterly loss Friday that forced the mortgage finance giant to tap $100 billion in bailout money set aside by the government. The loss triggered a $13.8 billion Treasury Department investment in Freddie (FRE, Fortune 500). The firm is likely to get the money by the end of the month; Treasury will receive preferred shares in return. A Treasury spokeswoman did not have any immediate comment. Treasury and regulator Federal Home Finance Authority announced on Sept. 7 that they had taken control of Freddie and Fannie Mae, the other giant mortgage finance company, when it became clear ...
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10.25.08Alpha Bank and Trust closesAlpharetta-based Alpha Bank and Trust was closed by the Georgia Department of Banking and Finance on Friday, and the FDIC was named as receiver of the failed bank. Minnesota-based Stearns Bank is assuming all insured deposits under a purchase and assumption agreement. It is the 16th bank failure of the year, and is directly tied to Alpha’s construction and land development loan portfolio. It's also the third bank failure in Georgia since the start of the housing downturn. We’d love to be your real estate closing attorneys in Atlanta Georgia. Want to know more? Contact us and we’ll be happy to discuss how Harlan and Associates ...
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09.29.08House rejects bailoutThe House of Representatives has defeated the $700 billion plan to bail out the U.S. financial system, against the urging of President Bush, Treasury Secretary Paulson, Fed Chairman Bernanke, and others. Stocks plummeted on the news. Yes votes and no votes were bipartisan in nature, with significant votes for and against the bailout coming from the Democratic and Republican aisles. The bill has been wildly unpopular on Main Street. We’d love to be your Real Estate Lawyers in Atlanta. Want to know more? Contact us and we’ll be happy to discuss how Harlan and Associates can be of service to you! Nope, originally uploaded by califboy101.
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09.25.08WaMu shut down by OTS, sold to JPMorgan ChaseWaMu has been shut down by the Office of Thrift Supervision, with the FDIC being named as receiver. The long-troubled lender's banking operations have sold to JPMorgan Chase. The press release from the FDIC is here. Washington Mutual banking customers should see no disruption in services. Woo-Hoo, indeed. We’d love to be your Real Estate Lawyers in Atlanta. Want to know more?Contact us and we’ll be happy to discuss how Harlan and Associates can be of service to you! Ferme - Not Open Shut Closed, originally uploaded by idg.
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09.19.08Bailout!Unless you’ve been living under a rock recently, I’m sure you’re aware that the federal government is working on a massive bailout of Wall Street. This plan is intended finally to cure the financial markets of all problems related to the housing industry, mortgage-backed security issues in the secondary market, and restore confidence to an otherwise shell-shocked marketplace. Read more: CNN | Bloomberg | MarketWatch | The Wall Street Journal. While the details of the plan are still being worked out, there are a number of things I believe that can be predicted with some amount of confidence: The plan will cost the ...
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09.17.08Lehman Brothers Lives!At least on ebay: I'm sure that a piece of toast branded with the initials of both Bear Stearns and Lehman Brothers will make a fine breakfast. You could enjoy eating it with a good cup of coffee. Heading for the links? Don't forget your oversize titanium wedge and some Titleist Pro balls. Of course, as the Lehman stock plummeted, this probably got a good workout. And with everyone fleeing a sinking ship, a personal evacuation kit would probably come in handy! We’d love to be your Georgia Closing Attorneys. Want to know more? Contact us and we’ll be happy to discuss how Harlan and Associates can be of ...
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09.15.08Flameout on Wall StreetIn one weekend: Lehman Brothers: Bankrupt. Merrill Lynch: Sold to Bank of America. AIG: Massive Restructuring. And according to BoA: The financial system is facing unprecedented stress. We’d love to be your Georgia Closing Attorneys. Want to know more? Contact us and we’ll be happy to discuss how Harlan and Associates can be of service to you! 75/366 - Collapse, originally uploaded by Lily 0_0.
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09.08.08Is the Fannie/Freddie bailout the end of real estate woes?With this weekend’s seizure of Fannie Mae and Freddie Mac by the government, many were celebrating the end of the housing crisis. Certainly, the takeover of the two GSEs – who between them have lost around $12 billion since last summer – is an historic move by the government to prop up a housing industry that is weathering its worst downturn since the great depression. And it shows a long-term commitment by the government, and by extension us the taxpayers, to keeping the housing gears going. But it is certainly not a miracle cure for all that is ailing the real estate ...