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If you work in the mortgage industry, the closing down of Bank United should come as no surprise. Back in November, Bank United suspended all mortgage activities and turned their mortgage department into a loan modification division. They were in charge of modifying each and every loan they still owned. Bank United, you see, from about 2004-2007 specialized in a loan known as the Option Arm.

Posted by Karl Denninger in Regulatory at 08:22 They're Still At It: Bank United And FDIC The Government never ceases to amaze me... BankUnited, a newly chartered federal savings bank, acquired the banking operations, including all of the nonbrokered deposits, of BankUnited, FSB, Coral Gables, Florida, in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). As a result of this transaction, BankUnited, FSB, offices and branches will be operated as BankUnited offices and branches. For those who don't follow The Market Ticker closely (or who are new to it and the forum) Tickerforum and Market Ticker readers know...

The Office of Thrift Supervision on Thursday closed BankUnited of Coral Gables and appointed the Federal Deposit Insurance Corporation as receiver. BankUnited was "critically undercapitalized and in an unsafe condition to conduct business," the OTS said in a statement. The bank reported losses of $1.2 billion in 2008. BankUnited had $8.7 billion in deposits and 85 branches, including 23 in Broward County and 16 in Palm Beach County.

Sen. Barack Obama Graces BankUnited on the Day it Fired Over Half its Compliance Staff, Gave New Duties to Regional Manager Recently Arrested for Drug Possession and Possibly Planned to Cancel Quarterly Interest Payments to SeniorsBankUnited is America’s most liberal bank. It may also be America’s nastiest. The bank is well known as a proud and repeated sponsor of South Florida’s Pride Festival, an event for which they pressure employees to volunteer. So it would seem natural that Barack Obama would choose the BankUnited Center for his grand appearance in South Florida last Friday. But given the flurry of negative...