make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Cooperative got hit with a double-whammy

Not only was their loan portfolio carelessly assembled, but far too high a percentage of their assets were tied to mortgage backed securities. Like the hundreds of other banks that have failed in the past three years, they (along with everyone else)believed that these securities were issued with the full backing of the United States governmnet.

So they were not only part of the problem, they were falling victim to the same problem at the same time.

It's a shame too, because Cooperative was one of Wilmington's shining stars for over one-hundred years. They were a good savings and loan that unfortunately started believing that you really could build a house of cards that would last.

Reply

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

More information about formatting options

To prevent automated spam submissions leave this field empty.
CAPTCHA
Please re-enter the code shown in the image below.