NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an 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.
This isn't good. I really know very little about economics but I have been reading a lot about the economy lately (mostly, thanks to bonddads diaries). Is this start of some more serious failures down the road?