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Loan Modification

: Mortgage Lender Implode-o-Meter

Politics and bank regulation don?t mix

By Implode-Explode Heavy Industries

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``Ohio Congressman Steven LaTourette and Cleveland mayor Frank Jackson convinced Treasury and the White House to keep the regulators at bay. Bythe time FDIC finally seized AmTrust on Dec. 4, its tangible common equity ? the capital it has to withstand loan losses ? had fallen to $276 million from $943 million the year before. The cost of the bank?s failure to FDIC: $2 billion.''

Full post as published by Mortgage Lender Implode-o-Meter on December 08, 2009 (boomark / email).

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