IPFS News Link • Economy - Economics USA
Bank failures near 100 for year
• MarketwatchThe parade of bank failures continued on Friday as the FDIC took control of the 99th this year after the San Joaquin Bank of Bakersfield, Calif., was closed by state regulators. See story.
So far 99 banks have failed in 2009. See FDIC timeline of 2009's failed banks.
CreditSights' data show that commercial real estate loans made up almost half of all loans at most (80%) of the banks the research firm identified as troubled.
"Another wave of prolonged losses driven by weakness in commercial real estate could prove catastrophic to many of these weakened banks," CreditSights said.
As a result, she said, the number of problem institutions increased significantly, to more than 400 during the second quarter.
Now, with unemployment near 10% and credit card default rates about the same, prime mortgage delinquencies are rising, stoking worries among the nation's banks that despite rising stock markets, fundamental banking industry health remains elusive.
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