So far 5 Green Shoots Guests for FDIC Friday. Signs of “Recovery” !
By Daniel at 15 August, 2009, 1:04 am
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“The Federal Deposit Insurance Corp. was appointed receiver of the banks: Montgomery, Ala.-based Colonial, with about $25 billion in assets; Community Bank of Arizona, based in Phoenix; Union Bank, based in Gilbert, Ariz.; Community Bank of Nevada, based in Las Vegas; and Dwelling House Savings and Loan Association, located in Pittsburgh.
…While losses on home mortgages may be leveling off, delinquencies on commercial real estate loans remain a hot spot of potential trouble, FDIC officials say. If the recession deepens, defaults on the high-risk loans could spike. Many regional banks hold large numbers of them.
…The number of banks on the FDIC’s list of problem institutions leaped to 305 in the first quarter — the highest number since 1994 during the savings and loan crisis — from 252 in the fourth quarter. The FDIC expects U.S. bank failures to cost the insurance fund around $70 billion through 2013.”
http://news.yahoo.com/s/ap/20090815/ap_on_bi_ge/us_bank_closures
Yep, the “Recession” is over. Now comes the Depression
Jasmine
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