On Friday, the Washington Department of Financial Institutions closed Rainier Pacific Bank, headquartered in Tacoma, Washington, and the FDIC was named receiver.

The collection of foreclosure and bankruptcy-related fees in Chapter 13 bankruptcy cases has been the cause of much grief for mortgage servicers of late. Learning how to do it right on the front end of a bankruptcy is the remedy. Unfortunately, the law varies to a wide degree depending upon the state where the borrower resides. This leaves mortgage lenders and servicers with little ability to streamline activities on a nationwide basis.

On Friday, the Nevada Department of Business and Industry, Financial Institutions Division closed Carson River Community Bank, headquartered in Carson City, Nevada, and the FDIC was named receiver.

In 2009, there were 140 failed banks. So far this year, 16 more banks have been seized by the FDIC. There are 702 banks currently on the FDIC's troubled banks list, and regulators and analysts predict that several hundred of those likely will fail over the next two years.

George Miller, the Chapter 7 Trustee in the HomeBanc Mortgage bankruptcy, recently filed approximately 400 preference actions against various defendants under section 547 of the Bankruptcy Code. According to a Summons filed in one of the adversary actions, the first pre-trial conference is scheduled in the United States Bankruptcy Court for the District of Delaware on April 21, 2010. The HomeBanc bankruptcy, along with these adversary actions, are before the Honorable Kevin J.

Today, the Florida Office of Financial Regulation, Division of Financial Institutions closed Old Southern Bank, headquartered in Orlando, Florida, and the FDIC was named receiver.

Today, the New York State Banking Department closed The Park Avenue Bank, headquartered in New York, New York, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Valley National Bank, headquartered in Wayne, New Jersey, to assume all of the deposits of The Park Avenue Bank.

Today, the Louisiana Office of Financial Institutions closed Statewide Bank, headquartered in Covington, Louisiana, and the FDIC was named receiver.

On Friday, OTS closed Waterfield Bank, headquartered in Germantown, Maryland and appointed the FDIC as receiver. As receiver, the FDIC created Waterfield Bank, FA, a new depository institution chartered by the OTS and insured by the FDIC, to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010, “to allow depositors access to their insured funds and time to move accounts to other insured institutions.”

On Friday, the Illinois Department of Financial Professional Regulation – Division of Banking closed Bank of Illinois, headquartered in Normal, Illinois, and the FDIC was named receiver.