|
| |
bank failures: 81 Bank Failures...And Surging - 08/23/09 04:16 PM
On July 3rd, more than half-way through the year, I wrote a post that the number oif bank failures had reached 52. Now here we are, less than two months later and that number has exploded to 81. We have had nearly 30 bank failures in less than two months. That is a pace of nearly one every other day.
The most notable of the bank failures this weekend was Guaranty Bank, it was the third largest this year.
The systemic cause of these failures is falling asset prices, specifically residential and commercial real estate. The problem is that despite aggressive monetary efforts by the government, asset values are … (5 comments)
|
bank failures: Bank Failures Surge to 77 - 08/16/09 08:28 AM
Colonial Bank became the biggest bank failure this year, the 6th biggest of all time, and the largest since Washington Mutual, as the FDIC took over the company on Friday, according to an article written by Alison Vekshin, David Mildenberg and Dakin Campbell in Bloomberg.com
Additionally, four more banks were taken over this weekend, bringing the total this year to 77.
This is more than triple the number of bank failures that we saw in 2008 when there were only 25, and we still have over four months left to the year.
The reason why the number of bank failures are escalating is because of the number … (4 comments)
|
bank failures: Bank Failures Surge To 69 In 2009 - 08/01/09 11:47 AM
CNNMoney.com is reporting that five more banks failed on Friday bringing the total to 69 for 2009. According to the article it is estimated that the failures will cost the FDIC $912 million.
As recently as July 10th there were "only" 53 bank failures, meaning that the pace of bank failures has escalated in recent weeks.
There was a total of 25 bank failures in 2008.
The reason for the deterioration of the banking system is falling asset values, specifically commercial and residential real estate.
The solution is found in repealing or reforming an obscure tax code that dates back to 1986.
… (6 comments)
|
bank failures: Bank Failures Jump to 52 in 2009 - 07/03/09 03:58 PM
According to CNNMoney.com writer Catherine Clifford, the number of failed banks in 2009 jumped to 52 as the FDIC took over seven more banks on Thursday. The total cost to the FDIC has been $12.3 billion this year. In 2008 there were a total of 25 bank failures at a cost of $17.6 billion, the article states. In other words, we are on pace to see the number of bank failures quadruple year over year.
While the escalation of bank failures in 2009 has yet to reach the blistering pace that we saw in 1989 when there were over 500 due to the savings … (4 comments)
|
|
|
|
|
|
Mark MacKenzie
Phoenix,
AZ
More about me…
Mark MacKenzie Real Estate Planning
Office Phone: (480) 600-0330
Email Me
 Links
Archives
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)