Monday Morning Cup of Coffee

A look at stories across HousingWire’s weekend desk…with more coverage to come on bigger issues:

Regulators closed seven banks Friday, at a cost of more than $7.33bn to the Federal Deposit Insurance Corp. (FDIC) Deposit Insurance Fund (DIF). That brings the 2010 total of bank closing through the first four months of the year to 64. In 2009, there were 29 bank closings from January through April.

The Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed three banks. As HousingWire previously reported, analytics firm Trepp believes the FDIC is focusing its resources toward one problematic region at a time. Last week it was Illinois, and as Trepp partner Foresight Analytics projected, this week it was Puerto Rico. The three bank closures there accounted for $5.28bn of the DIF cost.

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