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Failed Bank list tops 100 - Now at 105 & Counting

By
Industry Observer with NMLS ID: 40831

I have been blogging on a different financial website a lot over the last year, and one of the most popular topics has been what we now call FDIC Friday.  So far, we have seen just about every State lose at least one bank, but there is a special accomplishment for Georgia with 20 of the current 105 bank failures this year occurring in that state.  So far no one I know has been able to come up with a good reason as to why, but there really should be an investigation into how this has come to be.  Anyone care to enlighten us as to what the heck is going on in Georgia?

Bank Blowouts by State

I recently heard a few loan officers here in the Puyallup area lamenting the fact that many of their past clients have been calling them for advice on how to get a loan modification, or negotiate for new terms on what has become an unserviceable loan.  Personally, I know that the vast majority of my clients are happy with their mortgage, and home.  Then again, that is probably because I specialize in 30 year Fixed FHA & VA Loans, and never got into pushing ARM's that put my clients in danger.  Perhaps we should all take a look in the mirror, and ask ourselves if we had anything to do with what is going on?

Comments (2)

David Zablatsky
Avant Realty Group - Needham, MA
Real Estate - Needham, MA

Thank you ROn,

For your posting, very interesting and informative!

 

_David

Oct 23, 2009 12:09 PM
Kathryn Acciari
Central One Federal Credit Union - Shrewsbury, MA
Mortgage Loan Originator

What?  Ron this just gets crazier by the month.  The map in your post is quite revealing.  Thanks for the insight.

Nov 13, 2009 05:38 AM