Posted
9/29/2007 05:02:00 PM
by Douglas
How much sub-prime lending did
your bank sink your money into? Might wanna
find out.NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.
It was the largest savings and loan failure since the tail end of the industry's crisis more than 14 years ago. Federal regulators appointed the Federal Deposit Insurance Corp. as a receiver for Alpharetta, Ga.-based NetBank.
Looks like it's time to start investing in metals. Like steel, brass and lead.