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UPDATE 1-Big California bank fails, has China branches
Reuters ^
| 11/6/09
Posted on 11/06/2009 9:25:33 PM PST by Kartographer
United Commercial Bank, a big San Francisco bank with branches in China, was closed by state regulators on Friday and its banking operations were acquired by East West Bancorp Inc, also active in both nations.
East West (EWBC.O) said the transaction made it the second-largest independent bank in California. Based in Pasadena, East West has 137 U.S. branches, including offices in New York, Atlanta, Boston and Seattle, and four in China.
(Excerpt) Read more at reuters.com ...
TOPICS: Business/Economy; Government; US: California
KEYWORDS: bankfailure
I wonder if China will try and reposses Califorina soon? :-)
To: Kartographer
Maybe this deal will be coming with China: they offer to pay off our national debt if we give them California?
Maybe we can give them San Franfreako and Berzerkley (towns already more communist than most of China), but I think we should keep the rest of the state.
2
posted on
11/07/2009 12:18:09 AM PST
by
hawkeye101
(Electing lawyers to political office is like hiring a raging alcoholic to run your bar!)
To: Kartographer
A couple weeks ago, a local bank in Michigan was shut down by the FDIC. One of the folks that works with me was notified that he had 60 days to completely re-do his mortgage on his new home.
No impact to the little folks, eh?
3
posted on
11/07/2009 6:02:36 AM PST
by
ODC-GIRL
(We live in interesting times)
To: Kartographer
4
posted on
11/07/2009 8:02:29 AM PST
by
Oldeconomybuyer
(The problem with socialism is that you eventually run out of other people's money.)
To: wafflehouse; Leisler; PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; ...
*Ping!*
5
posted on
11/07/2009 9:08:50 AM PST
by
rabscuttle385
(Purge the RINOs! * http://restoretheconstitution.ning.com/)
To: ODC-GIRL
One of the folks that works with me was notified that he had 60 days to completely re-do his mortgage on his new home.Or what? They 'call' the loan?
6
posted on
11/07/2009 9:39:22 AM PST
by
DuncanWaring
(The Lord uses the good ones; the bad ones use the Lord.)
To: DuncanWaring; ODC-GIRL
One of the folks that works with me was notified that he had 60 days to completely re-do his mortgage on his new home.
Or what? They 'call' the loan?
This brings up some interesting legal ramifications. The mortgage is a contract. If the homeowner quits paying, the bank gets the home. If the bank renigs on their deal, shouldn't the homeowner get the house as well? I mean, if the bank can no longer handle their end of the contract, they need to handle it themselves (selling it to another bank), not expect the homeowner to take care of it - at their expense with more fees.
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