Banks Profit Up...Lending Down

Interesting data from the FDIC; The year ending March 2011 shows that bank deposits rose by $300,000,000,000 (300 Billion)....assets grew by $80 Billion and profits were up $12 Billion.

Loan Volume fell $260,000,000,000 ($260 Billion)

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The existing loan limits are set to expire on September 30th unless Congress extends the current limits. What will this do? According to the National Association of Realtors if the limits revert to the previous lower FHA limits 612 counties in 40 states will be impacted and the average loan limit will reduce by $50,000.

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Sometimes I feel bad because I did not "manage well or save well". Then I realize that the state of California has all the financial experts with their degrees, etc and the state has a $20 Billion Dollar deficit.


Doug Jones
Mortgage Magic NMLS 286668