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IPFS News Link • Economy - Economics USA

Commercial Real Estate Pushes $7.4 billion in FDIC Losses in One Day

05-03-2010 • MyBudget360.com

On Friday, the FDIC closed down 7 banks at a stunning cost of $7.4 billion to the FDIC. As we have mentioned, the FDIC deposit insurance fund (DIF) is already depleted yet the FDIC has front-loaded premiums to make sure they have a buffer to combat the continuing bank collapses. The Friday bank failures will cost the FDIC the most since the collapse of IndyMac almost two years ago. IndyMac collapsed because of toxic residential loans including option ARMs. Many of the banks collapsing now are deep in the commercial real estate game and that is the next thing to go bust. Commercial real estate prices have fallen a stunning 42 percent from their peak only a few years ago:

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Reported By Jack Gregson

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