FDIC Shuts Down NetBank Because of 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." -- We had them listed as a shuttered lender back in May. Note that the deal to sell off assets to Everbank also fell through. Note also that $109 million of NetBank was not FDIC-insured--ouch!