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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



Mortgage Death Toll Lowest in 6 Years

Recent mortgage-related casualties

Dec. 31, 2012

By Mortgage Daily staff


The final week of the year saw no bank failures, while just one federally insured bank failed during the entire month of December. There were multiple credit union failures for the month, and the industry lost an appraisal firm.

More than a year ago, the National Credit Union Administration seized control of Chetco Federal Credit Union and placed it into conservatorship. As credit unions go -- Chetco's collapse was sizable given its $333 million in assets at the time.

Harbor, Ore.-based Chetco was chartered in 1957 to serve members who live, work or worship in the Oregon counties of Coos and Curry and California's Del Norte County.

Membership, which was 32,435 at the time of it was placed into conservatorship, has fallen to 24,926. Deposits sit at around $259 million.

The NCUA said on Friday that Chetco would be liquidated on Dec. 31. Winning bids to assume the failed institution's remaining assets and shares were awarded to Coast Central Credit Union in Eureka, Calif., and Rogue Federal Credit Union in Medford, Ore.

Olean Tile Employees Federal Credit Union was liquidated by the NCUA on Dec. 17.

The Olean, N.Y., organization had just 550 members and only $0.8 million in assets. It was established in 1936 to serve employees of the Olean Tile Company.

Mortgage Daily tracked the failure of 15 credit unions during 2012 including Olean.

ES Appraisal Services, also known as eValuation Solutions LLC, has ceased operations, according to text of a letter from the bankruptcy law firm of Stutsman Thames & Markey, P.A., that is posted on AppraisersBlogs.com. The letter indicated that the law firm was retained to file a chapter 7 bankruptcy.

The appraisal firm was unable to survive the loss of a major client, according to the letter. Published reports indicate the client was JPMorgan Chase & Co.

"This is a very large case," the letter stated. "It will take our firm a week or two to get the necessary paperwork together. You should be receiving notice of the bankruptcy by mid to late January."

In all, Mortgage Daily tracked the closing or failure of 82 mortgage-related entities this year -- the slowest year since 2006, when just 31 casualties were recorded. This month saw only one bank failure: Community Bank of the Ozarks.


Related
Billion Dollar Bank Goes Bust
Among two banks to fail last week was a nearly $1 billion institution in Virginia. Meanwhile, two events have been scheduled as part of an effort to find buyers for two failed corporate credit unions.

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