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The Federal Deposit Insurance Corporation
By James Tam on October 1st, 2007
Georgia-based NetBank suffered severe losses in the year 2006 primarily from mortgage defaults, a lack of proper risk controls and fewer home loan originations, according to a bankruptcy court filing. It follows the rescue of British mortgage lender Northern Rock earlier in September by the Bank of England after the UK bank could not access affordable finance to fund its business. The Federal Deposit Insurance Corporation (FDIC), a scheme set up to offer compensation to US savers, said NetBank clients with insured deposits would simply have their accounts transferred to ING, which they would be able to access normally using online services on Sunday evening.
Read this entire article on news.bbc.co.uk
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