You may have heard the old saying: a recession is when your neighbor loses his job, a depression is when you lose your job.

Bad news, the mortgage loan debacle is no longer happening to other people… my bank has been hit by it and may be about to go out of business.

NetBank Agrees to Sell Assets at a Loss to EverBank

Not to worry, their retail accounts are being sold to Everbank. The changes are primarily bad for investors, not for account holders. The accounts are FDIC insured, though I’m sure it would have sucked to have to collect on the insurance if someone like Everbank hadn’t stepped up to buy the accounts.