Foreclosure Looms for McAfee Mansion in Colorado Springs
Bank Stress Tests Show Some Banks Need More Funds
Associated Press
Some of the nation's largest banks will be scrambling to demonstrate that they can raise capital after results of government stress tests leaked out, showing many need more funds. The Treasury Department will officially release results later Thursday. The tests were designed to gauge whether any of the nation's 19 largest banks would need more capital to survive a deeper recession. It turns out many of the banks do: Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. all need billions more, regulators have told them.
Wall Street Journal
Thursday's "stress-test" results will bring fresh scrutiny to the nation's biggest banks. They also are likely to highlight the woes from commercial real-estate loans that are piling up at large and small banks alike. In the worst-case scenario, federal regulators examining the 19 largest U.S. banks are projecting losses of up to 12% on commercial real-estate loans over two years. While regulators have indicated they won't allow the 19 stress-tested banks to fail, that group doesn't include more than 500 banks with assets of less than $1 billion that have too much exposure to commercial real estate and are at the most risk of failing
New Jersey, Utah Banks Shut Down
DS News
Two more community banks – in New Jersey and Utah – have buckled under the pressure of the nation's economic crisis, bringing the total number of failed institutions for the year to 32. Already the number of closings in 2009 has outpaced the 25 banks that were shut down in all of 2008.
Foreclosure Looms for McAfee Mansion in Colorado Springs
Denver Post
One of the Pikes Peak region's most star-studded home sales in recent years — the purchase of the sprawling mountain estate built by software pioneer John McAfee — is in danger of becoming one of its highest-profile foreclosures. Jeffrey "Patrick" Wu, a Chicago commodities trader who bought the property from McAfee at an on-site auction in May 2007, still owes about $3.2 million on a loan he took out to finance the $5.72 million purchase, according to a published notice by the Teller County Public Trustee's Office. A June 3 sale of the 280-acre compound, near Woodland Park, has been scheduled by the Trustee's Office in Cripple Creek, according to the notice.