“If you have no interest in banking, you are not a loan.” (Best said out loud to a 6th grader.) Cutting edge humor aside, this morning I head to Orlando for the FAMP event, in a state where there are a total of 186 banks operating with 4162 branches. Some of the conversation will be about Freddie Mac earning $2.9 billion in the 2nd quarter (how’d your company do?). Banks… Last Friday we saw something we haven’t seen for a while: a bank closure. “Heartland Tri-State Bank of Elkhart, Kansas, was closed by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver… the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas…” While we’re on Agency and government news, the Federal Reserve's quarterly Senior Loan Officer Opinion Survey found that banks have tightened credit standards for both business and consumer clients, and they expect to tighten further through the rest of the year. "…a less favorable or more uncertain economic outlook, an expected deterioration in collateral values, and an expected deterioration in credit quality of [commercial real estate] and other loans." (Today’s podcast can be found here and is sponsored by Candor. Candor’s patented automated underwriting decision engine, CogniTech, is a state-of-the-art, 100 percent machine platform that can handle infinite loan scenarios. Listen to an interview with Polunsky Beitel Green attorney Andy Duane on recent capital rules plans changes by U.S. bank regulators.)
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