Guaranty Bank closed by US Authorities
Posted by admin . Published on 22 August 2009, Received
The bank closures are continuing and this week the largest Texas mortgage lender, Guaranty bank, has been closed down by the US authorities. The bank has been adding too much of bad debts in mortgage loans due to the plunging home prices and also due to the massive job losses.
The bank has been sold to a Spanish bank , and will continue to honor all the deposits worth over 12 billion dollars. The US FDIC is estimated to lose around three billion dollars due to this bank closure.
