but it s notable. jamie dimon, now leading the bank buying up most of the assets is the whouone who picke the phone and called the other bankers and said let s try to rescue first republic, i wonder why it didn t work. i think it didn t work because deposits kept leaving first republic. basically what happened here is the after the failure of silicon valley bank, a lot of depositors decided they didn t want their money at medium-sized banks and they moved that money either to the very largest banks like j.p. morgan or bank of america or to money market funds. and first republic in recent weeks lost almost all of the deposits. and what happens is they had to replace those deposits with a higher cost in loans from the federal home loan bank board and from the fed. if you have the deposits at
on his record. the most concern thing according to the sheriff is there were repeated calls about him firing his weapon on his property, and ultimately it appears to have catalyzed the tragedy we find ourselves standing in. this is the third full day of this man hunt, and continuing. so far no look in finding oropesa. really just absolutely disgusting and horrible and there are no words. sam, thank you. coming up, first republic is now j.p. morgan chase, is this the last big bank to fail. what economists are watching for. and if he doesn t do it, i will, what house speaker kevin mccarthy said about the prime minister of israel. kevin mccarthy said about the prime minister of israel (vo) when it comes to safety, who has more iihs top safety pick plus awards, the highest level of safety you can earn? subaru. when it comes to longevity, who has the highest percentage of its vehicles still on the road after ten years? subaru. and when it comes to value, which brand has the lowest cost
he thinks the banking system is solid but expects to see more consolidation. a number of analysts are wondering if it will impact the rate hike decision by the fed this week. washington mute rail was bought by j.p. morgan and stearns was bought in 2008. the big banks are getting bigger is the takeaway. bill: nice to see you back in california. dana: the biden administration s very controversial mortgage rule takes effect today. it forces home buyers with a high credit score to pay more in order to subsidize riskier borrowers. some say it s nothing more than a middle class tax hike. co-host of the ramsey show jade is here. let s put up the board for everybody to see. if you have a fair credit score, not the great credit score, you used to have to pay $5 thousand over the course of the loan. after that rule change goes into
but at the same time, you have j.p. morgan chase paying about $10.6 billion to the fdic to close this deal. caitlyn? yeah. j.p. morgan was already the nation s largest bank. they got even bigger. that s going to get a lot more scrutiny from washington. we ll check in with you this morning. thank you. yeah. it will get scrutiny, that s for sure. when i sat down with jamie dimon last moshgs i asked him about the string of bank failures. would there be more? here s what he said then. this is not 2008. this is much more limited. there are only a handful of banks with this particular problem. they ll be resolved one way or another. people should take a deep breath n a week or two, a lot of banks are reporting earnings. i think they ll be pretty good. what we subsequently learned as we bring in roger altman, former deputy secretary of the streshry and founder and senior chairman of evercor. what we learned is how much money fled from first republic in the first quarter.
march. how safe is your money, america? federal regulators seizing first republic bank after it collapsed. j.p. morgan chase will take on all deposits on the majority of their assets. kelly o grady is home in l.a. with more on this. nice to see you in new york last week. good morning. always great to see you both. what a story to hit the ground running on coming back to l.a. like you said i want to provide context. this is the second largest bank failure in history. there was an intense bidding process over the weekend of who would take over. you mentioned the j.p. morgan chase won out. they shared on a call earlier today they were approached by the fdic, they did not pursue the acquisition from the beginning. they will take over $173 billion in loans, 92 billion in deposits and insure there will be no losses to customers. that s very important. they will also share in any loan