So far in 2009 95 Banks have failed in the US due to various types of Irresponsible lending. You might be wondering why this is a good thing for local economies. Just imagine the value added by enterprising college students (and unemployed mortgage brokers) when they discover the mysterious and shockingly crappy auctioneer websites that are being used by the FDIC to auction off the spoils, buy them from the FDIC for almost nothing, and then flip them on ebay / craigslist!
Is it possible that the FDIC is worse at liquidaton than it is at regulation?!?!
For your browsing pleasure:
http://www.tranzon.com/OnLineAuctions.aspx
https://ricklevin.nextlot.com/public
http://www.worleyauctioneers.com/index.php
Disclaimer: I realize that a few exotic cars and desk chairs are completely insignificant when compared to the Billions in bad (loan) assets, but it is interesting none the less.
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