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


Bank Failures Double

DALLAS -- (April 12, 2010) /PRNewswire/ This year has seen a big decline in the number of non-bank mortgage lenders to close down, according to the Mortgage Graveyard from But the improvement was more than offset by a spike in failed financial institutions. More than twice as many federally insured banks have failed compared to the same point in 2009.

From Jan. 1 through April 9, tracked 55 mortgage related closings. At about the same point last year, 50 closings had been tracked.

The increase was fueled by bank failures, which doubled compared to a year earlier.

Among the most notable bank failures were Florida Community Bank, with losses from its collapse projected at $353 million; Appalachian Community Bank, which the FDIC expects to lose $419 million on; and Horizon Bank, where Deposit Insurance Fund costs are estimated at $539 million.

Even more significant were the closings of First Regional Bank, with expected losses of $826 million; Community Bank and Trust, which the FDIC expects to lose $828 million from; and La Jolla Bank, FSB, where $882 million in losses are projected.

Credit union failures jumped by half from 2009.

But non-bank mortgage operations to close were two-thirds lower than where they stood at the same point last year. One notable non-bank closing was that of Equitable Reverse Mortgage Co., which claimed to be "the 14th largest reverse mortgage lender in the nation." Another company, Assurity Financial Services LLC, touted its standing as a "Top Non-Imploded" lender before throwing in the towel.

"We saw regulatory actions against U.S. financial institutions nearly double between the first-quarter 2009 and this year, suggesting the acceleration in bank failures is unlikely to abate," said Founder and Publisher Sam Garcia. "However, a thawing of the market for mortgage-related assets could help move some institutions out of the 'troubled' category."

Type Through 4/12/10 Through 4/6/09 Full-year
Nonbank 7 25 69
Banks 42 21 140
Credit Unions 6 4 20
Total 55 50 229

Complete details about all failed companies are available at:

Founded in 1998, is a dominant online source of mortgage news for the mortgage industry. Around 1 million news pages are viewed monthly at and affiliated publications.

3811-700 Turtle Creek Blvd.
Dallas, TX 75219


Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

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Closer Look at Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This 16-page summary looks at various provisions of the new law that will affect how the residential mortgage industry operates for the foreseeable future.

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