FDIC Shuts Down NetBank Due to Defaults

September 29, 2007 By ALAN ZIBEL, AP Business Writer

(AP) -- 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.

Content from The Associated Press expires 15 days after original publication date. For more information about The Associated Press, please visit www.ap.org .

Similar stories from PHYSorg:

Courts OK $1.13B sale of Nortel assets to Ericsson

Jul 28, 2009 | not rated yet | 0

Friday is last day to apply for digital TV coupon

Jul 30, 2009 | 4 / 5 (1) | 0

Group says poker winnings are frozen

Jun 10, 2009 | 1 / 5 (1) | 1

Research: No evidence for 'too big to fail' policies

Apr 24, 2009 | 5 / 5 (6) | 2

Mexico City closes museums to stop flu outbreak

Apr 24, 2009 | 1.7 / 5 (3) | 0

Rate this story - not rated yet

rank
1
2
3
4
5

view popular

Other News

A system of space solar power system (SSPS)

Japan eyes solar station in space as new energy source

Technology / Energy

12 hours ago | 4.6 / 5 (11) | 9

It may sound like a sci-fi vision, but Japan's space agency is dead serious: by 2030 it wants to collect solar power in space and zap it down to Earth, using laser beams or microwaves.

Campaigners are stepping up efforts to curb online tracking

Advertisers face resistance to on-line tracking

Technology / Internet

11 hours ago | 5 / 5 (2) | 0

Campaigners are stepping up efforts to curb online tracking of Internet use by firms that deliver adverts tailored to the specific interests of consumers, as polls reveal widespread unease with the practice.

Software cos. eye key patent case in Supreme Court

Technology / Business

12 hours ago | 5 / 5 (4) | 1

(AP) -- With the technology industry looking on, the Supreme Court on Monday will explore what types of inventions should be eligible for a patent in a pivotal case that could undermine such legal protections ...

Framed for child porn -- by a PC virus

Technology / Internet

4 hours ago | 5 / 5 (3) | 1

(AP) -- Of all the sinister things that Internet viruses do, this might be the worst: They can make you an unsuspecting collector of child pornography.

Sony offers 'Cloudy' early to people with its TVs

Technology / Business

4 hours ago | not rated yet | 0

(AP) -- In a bid to sell living room electronics and spur buzz for "Cloudy with A Chance of Meatballs," Sony Corp. is offering the movie for free to U.S. buyers of its Internet-connected TVs and Blu-ray players starting ...