Search for: "Guaranty Bank"
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27 Aug 11:19 am
Last Friday, the Office of Thrift Supervision (OTS) closed Guaranty Bank, Austin, TX, and appointed
FDIC Receiver. This is the 10th largest failure in U.S. history. Cost to the deposit insurance fund is estimated at $3 Billion. BBVA Compass, headquarted...
24 Aug 2:26 am
... banks to 18. Friday's closures also included Austin, Texas-based Guaranty Bank, the tenth
largest bank failure in U.S. history. For more about Guaranty's closure, refer here. Though this
year's round of bank failures ... " and packaged into "so-called collateralized-debt obligations" for which "many of the buyers were small and
regional banks." The outcome of what one commentator called "this wonderful chain of stupidity" is that the "consequences are cascading down on the banks that bought these
...
23 Aug 11:48 am
... and spiking unemployment have done in another 4 banks. The failure of Austin, TX based Guaranty bank, which was announced on Friday, along with failure of three small ... Georgia and Alabama Friday, brought the 2009 grand tally of U.S. bank failures to 81 compared to 0 structured settlement annuity issuers being taken over ... state insurance regulators With more 4 months to go, the number
of bank failures is the highest number in a year since 1992 at the height of the savings and loan crisis; it is more ...
15 Jun, 2006 3:12 pm
... $410,000 some 11 years after a foreclosure sale of property. The court summarized the law as follows: [. . .] Analysis of the guaranties as contracts. Common-law precedent,
as well as the Uniform Commercial Code, establish that (apart from designated and limited exceptions ... and other personal guaranties, which exception and difference, it is
submitted by Cadle, should bring the enforcement of a guaranty to a bank within the twenty-year
period of limitations established in G. L. c. 260, § 1. To ...
21 Mar 11:01 am
... " according to Paul Kedrosky. AIG/United Guaranty Corporation is partially owned by (80%) and was bailed out ($173 billion) by the federal
government and Countrywide and Bank of America were also bailed out by the ... complaint alleges that Countrywide misrepresented the
underwriting standards upon which it obtained private mortgage insurance from United Guaranty Mortgage. The allegations include assertions that
mortgages were underwritten in violation of Countrywide's own guidelines, were missing ...
5 Feb, 2008 5:25 am
... right to raise a statute of limitations or laches defense in any action to which the bank was a party. When Sterling later filed suit
alleging breach of the guaranty, the New York County Supreme Court dismissed Biaggi's affirmative defenses and counterclaims, ... the
bank's motion for partial summary judgment as to liability. On appeal, the Appellate Division, First Department, found the guaranty's language valid and enforceable and affirmed the outcome. Even without the waiver language, the AD1 ...
6 Jan, 2008 6:24 am
STRIKER GOLD CO., INC. V. FIRST SECURITY BANK OF LEXINGTON BUSINESS LAW: LOAN GUARANTY AND
DISPOSITION OF ASSETS 2005-CA-000271 PUBLISHED: AFFIRMING PANEL: ... bank's claim for a deficiency judgment against Jones resulting from his
execution of two guaranty agreements for the security of Striker Golf's debt obligations. Jones had executed two ... in which he assumed
personal liability for Striker's liabilities to First Security Bank up to a "maximum aggregate liability"of $36,000 and $72,000. Striker's ...
24 Feb 7:30 am
... regulators have a longstanding difference of approach in advertising the existence of protection in the event of default by a regulated institution. Banks have clear notices
of FDIC protection of deposits and with the recent increases in protection limits, those ... settlement annuities could not lawfully use a trade association brochure stating: "state
insurance guaranty associations provide an additional level of protection for future structured settlement recipients." The Department's
position ...
15 Jul, 2007 8:37 am
... and Investment on the case of Blue Hills Office Park LLC v. J.P. Morgan Chase Bank, as Trustee for the Registered Holders of Credit Suisse
First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through ... loan. Therefore, the borrower and principals transferred a portion of the collateral in violation of the
loan documents. As drafted, the bad boy guaranty made the principals liable for the full amount of the debt in the case of an unauthorized
transfer of any portion of the collateral. ...
26 Aug 5:01 am
... cycle (which Calculated Risk believes is too low an estimate). The current pace of bank failures is causing some strain to the FDICs
deposit insurance fund and to the financial ... failures this year -- BankUnited Financial Corp in May, and Colonial BancGroup Inc, Guaranty
Financial Group Inc in August -- collectively cost the fund roughly $10.7 ... billion. The fund had $13 billion at the end of March. Regulators closed Guaranty's banking unit on Friday and sold assets of the Texas-based lender to Banco ...
12 Sep, 2008 2:55 am
... is notifying about 1,500 banks in more than 30 states that it will no longer offer bank deposit guaranty bonds. The part of this story that interests me (and, I am guessing, most other people, too) is the Journal's ... . Reading his 1990 remarks some
eighteen years later does suggest that history seems destined to repeat, at least when it comes to banking. From the 1990 shareholders' letter is also clear that part of the
reason Buffett was willing to invest in Wells Fargo then was that, due to ...
17 Apr 2:31 am
... . When financial markets froze last year, the government enacted TARP in order to provide direct financial assistance to banks. But in a separate program administered by
FDIC, the government acts as the guarantor of loans made to banks by cautious ... to Get Out of TARP and Escape Restraints on Government Aid? It appears that banks are
taking advantage of governmental financial programs, such as the FDIC guaranty, in order to abandon TARP and its restrictions. Although the
government has "toughened" ...
1 May, 2007 9:58 pm
... 2004, with its customer Thomas Weisel Partners Group, LLC at [contracts.onecle.com] and the related Unconditional Secured Guaranty at
[contracts.onecle.com]. There is an additional link to the Note at [contracts.onecle.com]. These are private loan documents containing highly sensitive ... you'll find the
above-mentioned Unconditional Secured Guaranty and Note and Revolving Loan Agreement. So, exactly the disclosure of which terms in particular
may cause the bank harm? I also like the gratuitous slam ...
6 Sep 6:59 pm
... the allegations. But that wasn't the end of Rodriguez's troubles. According to this article by Dave Birkett on AnnArbor.com, Nexity Bank
has sued him in federal court in South Carolina for defaulting as a guarantor on a real estate loan. The bank seeks $3. ... Jeffery Greene,
have been sued, this complaint names only Rodriguez as a defendant, and includes the promissory note, the guaranty agreement , and the
bank's demand letter as exhibits. But here's something else that's more interesting. One of ...
2 Apr, 2007 8:19 pm
... have a secure location" to safeguard the checks, Tamiesie said. I'd also suggest that the bank consider drafting a standard form of
guaranty agreement for those cases where its underwriting evaluation indicates that a financially stronger entity or ... sure banks
thoroughly investigate the creditworthiness of businesses using remote deposit. DFI examiners also encourage banks to "spot audit" the businesses, to make sure they are in
compliance with the agreements. Because the technology is relatively ...
22 Dec, 2007 11:31 am
... GRAYSON DATE RENDERED: 11/21/2007 This is an appeal from a summary judgment in favor of Leitchfield Deposit Bank ( the bank) enforcing personal guaranty agreements executed by the Appellants, Arie de Jong, Jr. and Charles Marty Higdon
securing a loan ... circuit court erred in granting summary judgment because genuine issues of material fact exist and because the bank
breached a fiduciary duty of disclosure; was guilty of misrepresentation in inducing them to enter into the transaction; breached an ...
17 Sep 2:34 pm
... that the other party knew or should have known that the transaction would likely be "harmful" to the elder. The result is that our bank
clients are being sued by their older customers and their families to recover the collateral that was pledged to secure ... rash of "elder abuse" claims in response to troubled
commercial and real estate loans made to seniors or guarantied by them. The one consistent factor is that these lawsuits are orchestrated by the heirs of the older person, who
are trying to ...
2 Sep 6:39 pm
... terms for properties that they have taken back in foreclosure) and properties waiting to be foreclosed on. Specifically, houses that the banks own, or will soon own, but
which are not yet on the open market. Literally, the unlisted inventory lurking in ... its foreclosure is to file bankruptcy, specifically, Chapter 7. But that's no longer any
guaranty. It seems that the banks are more concerned about the guaranteed costs of doing SOMETHING, than the speculative costs of doing
NOTHING and waiting. ...
14 Jan, 2008 1:37 pm
... v. Makor Rights, which is why I was excited to find out about the First Circuit's recent decision in ACA Financial Guaranty Corp. v. Avast,
Inc. (Jan. 10, 2008) (available at the First Circuit's web site). As described in more detail ... by the PSLRA. OVERVIEW The plaintiffs alleged that the officers and trustees of
Bradford College (now defunct), and the underwriter investment banking firm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder in failing to
disclose the ...
28 Oct 6:48 pm
Billionaire Carl Icahn has disposed of more than 7 million shares of Guaranty Financial Group, the bankrupt Texas bank whose assets were seized two months ago and sold to Banco Bilbao Vizcaya Argentaria SA.
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