One, Bank Failure, Two, Bank Failure, Three, Bank Failure, 2009 Leaves a big dent.

A short time ago we were going to report to you about the 100th bank failure in ’09 but as the pixels we typed out were just starting to settle the numbers just jumped again. We decided to ride it out and wait even past January (not only due to the changes we experienced with some of our platforms upgrades ) to make sure the dust settled and we could make our count. We ended up at 139 Banks out of the 380 (as reported at http://www.ML-Implode.com as of 2-9-10) that have gone out of business since 2006. With this year set to to see even higher amount of homeowners facing resets that banks have all go their hard hats on and are on the watch to see when the next bank is set to fall. This year alone has already seen its fair share of failures as January is up almost 300% from last year with 15 banks already failing including the likes of Horizon Bank, Evergreen Bank, Charter Bank, First Regional Bank and many others.

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Those expecting this to end in the near future have another thing coming as the Case-Schiller still shows major jumps in the rates of mortgage resetting for the next couple of years. Without these loans finding resolution in some other matter we are really in for a bumpy ride. Be prepared for more loan modifications, short sales and deed in lieus before this is all said in done. On the average year there are 700,000 to 900,000 foreclosures and last year there were over 4.5 Million. As this continues so will the bank failures.

The FDIC is often appointed as receiver for failed banks. The list below includes information on the acquiring bank (if applicable), how your accounts and loans are affected and how vendors can fileclaims against the receivership.

The list below is a compilation of all the 2009′s bank failures with links to the FDICs Failed Bank Information:

In case you do not know what happened to your bank the FDIC provides a Failed Financial Institution Contact Search give it a try.

Loss Mitigation Advocates @ Absolute Consultant Group

MLReport.com started in the Loss Mitigation industry in early 2000's. We worked for the one of the largest loan servicers in the US in their loss mitigation/foreclosure department. Speaking with approximately a work flow of several thousand cases a month and several years of experience they created an organization dedicated to helping homeowners. Our Goal here is to increase the accuracy and awareness of loss mitigation information found on the internet while creating a forum for homeowners and professionals alike to find the information on up to date mortgage servicer/lender guidelines. — MLReport Management Have a question? Call us 888-934-3444

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