Omni National, with $980 million in assets, was shut by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. was named receiver, the OCC said today in a statement. The Federal Reserve on March 17 ordered the bank to bolster its capital and make improvements in accounting controls within 30 days.
Restoring trust and confidence in any system is a slow methodical process. Restoring confidence in the United States financial system is even more difficult, but not impossible.
Unfortunately more people are singing the mortgage blues as foreclosure filings increased 81 percent. Some people looked over the edge and recovered, because the statistics mean that homeowners received at least one foreclosure notice. Some homeowners may have recovered, but the news is grim. Statistics show the worst economic fallout since the great depression.
Earlier we wrote the article “F-rated Saxon Mortgage and calls from 800-594-8422 annoy homeowner” as seen here. Even after talking to Saxon Mortgage and parent company Morgan Stanley, Saxon Mortgage continues to call homeowners, even after the house payment was made. The company claims they are again offering a service. Specifically Saxon is giving the homeowner the ability to pay by Western Union. I’m not sure about Saxon, their attention to detail, or their ability to act like a professional organization as opposed to a predatory mortgage servicer.
There was a time when predatory lending laws at the state level were dismissed at the federal level by federally regulated banks. No any more! Even troubled Fannie Mae and Freddie Mac are leaving New York in a lurch. They are exiting the subprime market in New York, citing a new state law that could make all those involved in lending deemed to be “predatory” legally liable, including those buying such loans on the secondary market.