List of nearly insolvent banks? IndyMac was one, who else is out there?

[KurtNYC]

I hear that analysts have lists of banks which are near or next on the list to be seized by the Fed. Has anyone seen such a list?

I talked with my financial advisor yesterday who told me to have less than $100,000 in any given bank (the FDIC limit for protection) -- that is easy since I don't have anywhere close to 100K. Also said that credit unions would seem to be a safer option. I recently opened an account at Washington Mutual only to see them plummet on the market this week (down 25% on Monday). Also note that Wachovia's prospect were called "bleak" by an analyst yesterday.

Bank stocks take another hit:
http://www.nytimes.com/2008/07/16/business/16bank.html?em&ex=1216353600&en=50825ece920be147&ei=5087%0A

FDIC halts foreclosure on IndyMac mortgages: Bair
http://www.reuters.com/article/topNews/idUSDIS46075020080714?ref=patrick.net

[Auggie]

1. 'Who Is Next' lists 7 banks in 'danger zone'

S.F. CHRONICLE, 7-15-08

On Saturday, banking analyst Dick Bove of Ladenburg Thalmann & Co., released a report entitled "Who Is Next?"

<snip>

Bove ranked the 107 banks and thrifts with more than $5 billion in assets by two measures of risk. (There are almost 8,500 U.S. banks and thrifts, but these 107 represent about 79 percent of industry assets.)

The first measure looked at each bank's nonperforming assets as a percentage of its loans at the end of the first quarter. Nonperforming assets include nonperforming loans, foreclosed assets and loans that are more than 90 days past due. Bove said a ratio over 5 percent "represents danger." Yet only seven of the 107 institutions were over the 5 percent threshold.

The institutions (and their ratios) were Downey Financial (13.9 percent), Corus Bankshares (13.2 percent), Doral Financial (12.8 percent), IndyMac Bancorp (10.5 percent), FirstFed Financial (6.7 percent), Oriental Financial Group (6.12 percent) and Bank United Financial (5.4 percent).

link: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/16/BUNK11PLV9.DTL&tsp=1

[Warpy]

2. Take a look at this one

http://ml-implode.com/

266 are in some stage of bankruptcy. 17 are being watched.

[KurtNYC]

4. thanks for that n/t

[fasttense]

3. You may want to make sure the Federal government insures your bank,

Credit Union or Savings and Loan. Institutions can purchase insurance from other sources and if those sources are not viable, then you are really not insured.