FDIC Faces Mortgage Mess After Running Failed Bank

209455 Resource 199230 199384 199384 1216670701960 1216670701960 Controlled Mortgage Mess

Heavy Lifting

Anyone remember Superior Bank FSB?Superior Bank FSB was a sub-prime lender based in <place /><city />Hinsdale</city />, <state />Illinois</state /></place />.  With only 18 branches, they grew rapidly during the 1990’s by making subprime loans nationwide through a subsidiary, Alliance Funding.   Superior was 50% owned by the Pritzker family of chicago.Superior Bank failed in 2001 and was taken over by the Federal Deposit Insurance Corporation (FDIC).Under FDIC control and supervision, <city /><place />Superior</place /></city /> funded more than 6,700 new subprime loans with a cumulative value in excess of $550M.Some of this portfolio of loans was sold to Beal Bank SSB.  Beal Bank SSB is now suing FDIC claiming many of the loans were made improperly and headed for default.How will the FDIC navigate their takeover of IndyMac Bank?See below for the complete story and form your own opinion."Great Homes @ Great Prices with Expert Guidance Along the Way" TMDon't Miss the Bus! TM© RepoHomeTourChicago.com - All Rights ReservedTrademark & Patent Pending 9 application/xml false beal bank credit crunch fdic fdic lawsuit federal deposit insurance corporation mortgage mess pritzker subprime loans superior bank FDIC Faces Mortgage Mess After Running Failed Bank Subprime Lenders http://online.wsj.com/public/article_print/SB121641296022866029.html Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 2.0.50727; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 wdiehl 72.244.156.49 false true false false true 199303 false false true false false false true 199230 blog blogsite/RepoHomeTourChicago/web