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Bye Bye FDIC

 

Just saw the announcement in Crain's that "The Federal Deposit Insurance Corp. Wednesday announced it will close its temporary Schaumburg office, dedicated to managing the Midwest's numerous bank failures, earlier than it had planned."

So, does that mean there will be no more Chicago bank failures?  No

So, does that mean there will be no more Chicago foreclosures? No

So, does that mean there will be no more Chicago distressed properties? No

What it does mean, is that the heaviest lifting of bank failure workouts is dissipating.  “Based on ongoing workload analysis and in recognition of the signs of the improving health of the banking industry in the Midwest, the FDIC has determined that the current and projected workload of the temporary office can be reabsorbed by staff in permanent FDIC offices,” the agency said in a news release.

 

Michael Hobbs September 16, 2011

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