Report: Regulators should have curtailed Security Savings Bank’s high risk practices
Security Savings Bank, a $202 million asset institution in Henderson that the government shut down in February, had been participating in risky acquisition and development loans, investing in low-quality mortgage-backed securities and relying on high-cost deposits sold through brokers, the Inspector General of the Federal Deposit Insurance Corp. said in a report today. Regulators should have taken more forceful action to curtail the high-risk practices, according to the report.
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