Monday, April 12, 2010
According to MortgageDaily.com more than twice many federally insured banks have failed this year. Around 42 banks have had the fate compared to 21 that went belly up by this time last year.
From January 1st to April 9th, the mortgage-related closings totaled 55, including non-bank lenders, banks, and credit unions. At the same time last year, 50 closings had been tracked.
The losses were projected at $353 million for notable institutions like Florida Community Bank and Horizon Bank projected to lose $539 million. The FDIC expects Appalachian Community Bank to lose $539 million.
The MortgageDaily.com publisher Sam Garcia says that they saw regulatory actions against U.S. financial institutions nearly double between the first-quarter 2009 and this year, suggesting the acceleration in bank failures is unlikely to abate. "However, a thawing of the market for mortgage-related assets could help move some institutions out of the 'troubled' category.", Sam Garcia added.
From January 1st to April 9th, the mortgage-related closings totaled 55, including non-bank lenders, banks, and credit unions. At the same time last year, 50 closings had been tracked.
The losses were projected at $353 million for notable institutions like Florida Community Bank and Horizon Bank projected to lose $539 million. The FDIC expects Appalachian Community Bank to lose $539 million.
The MortgageDaily.com publisher Sam Garcia says that they saw regulatory actions against U.S. financial institutions nearly double between the first-quarter 2009 and this year, suggesting the acceleration in bank failures is unlikely to abate. "However, a thawing of the market for mortgage-related assets could help move some institutions out of the 'troubled' category.", Sam Garcia added.
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posted by Real Estate Investing @ 10:09 PM
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