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Tracking the failed banks list and how it can grow your REO business

I have not heard this topic brought up much when taking REO courses and online discussions on how to grow your businees. I have read talks of failed banks on post and names of banks along with a direct link to US Treasury in various places but not how it relates to growing your REO business. I have to think there are numerous ways to use this list to help to gain new listings after all these banks have assets they are holding and if the bank is closing this would most likely direct you to think they may be toxic assets.

 

 

FDIC: Failed Bank List  here is a link to find the official list.


 

The FDIC has released the financial statistics on the banking industry for the of 2011 to date 116 .

 

As of May 20, 2011, the FDIC has participated in the closing of 116 banks this year.

With the first two quarter results now available we can observe the actual shrinkage in the number of banks in the United States.

On March 31, 2011 there were 6,453 banks in the United States, 77 less than existed on December 31, 2010.

There were 6,773 banks in existence a year earlier.

 

At the start of the recession in December 2009, there were 7,284 banks in the banking system.

 

The largest drop in banks in the first quarter was in the smallest institutions: there were 51 fewer banks with assets of less than $100 million at the end of the quarter than at the end of 2010.

Banks between $100 million in asset size and $1.0 billion in asset size dropped in number by 34 units.

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Comment by Brandon Jordan on July 29, 2011 at 4:21pm

That is a good point.

 

Thanks for sharing that.

Comment by CJ Oliver on July 26, 2011 at 8:18pm
Any REO agent should be doing this. Better y et - follow the local banks on Bank Rate.com. 1 star banks with low deposits and assets are prime for the picking and the newer banks that are absorbing them after closure have assets to dispose of. Contrary to some thought, the FDIC doesn't just keep the bad assets, they often work a deal to absorb some of the loss. Frequently, much of it. See which banks regionally are becoming players in the game and target their special assets departments. You may be surprised at what you find.

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