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Housing Market Dominates Headlines
After halting four weekly advances in the stock market on Friday, investors are rapidly extending market losses in pre-session trading Monday morning. Dow futures are trading 185 points lower at 9,136, and S&P 500 futures are 2% down, or 22 points lower at 984. Of course, this is all great news for the fixed income market.
Colonial Bank Seized by FDIC. BB&T to Buy Assets
Reuters reports that the Federal Deposit Insurance Corporation (FDIC) will take Colonial Bank Group into receivership and sell the bank’s assets to BB&T Corp. This would be the largest bank failure since Wachovia Bank was put into receivership last September.rn
Colonial Bank to be Seized by FDIC. BB&T to Buy Assets
Reuters reports that the Federal Deposit Insurance Corporation (FDIC) will take Colonial Bank Group into receivership and sell the bank’s assets to BB&T Corp. This would be the largest bank failure since Wachovia Bank was put into receivership last September.rn
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