"Feds Seize Colonial Bank, 6th-Largest Failure In U.S. History August 15, 2009
BB&T buys Colonial deposits, branches; four other banks fail "
Colonial Bank was a large mortgage institution, according to CNN this may cause large ripples in the housing market - through any and every bank.
That means interest rates go +++++
This one bank's closing will cost the FDIC 3 billion dollars