The investors have received preliminary clearance from the federal Office of Thrift Supervision to run the bank as a federal savings association. A final decision is expected in the coming weeks. Thrifts have been the most troubled regulated institutions during the financial crisis and among the most spectacular failures. By law, they must have at least 65 percent of their lending in mortgages and other consumer loans — making them particularly vulnerable to the housing downturn.
FDIC officials noted that private equity firms have bought up failed institutions before. Flowers, who launched, then dropped, a bid to buy student lender Sallie Mae last year, also is a former Goldman Sachs partner. Some property owners are still struggling to fulfill deals they made with their banks to stay in their homes, he said. Ten years down the road, and housing prices are again high. You cannot afford the property taxes.
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