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More banks on the way ....
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Recommended read:
Bank failures to surge in coming years
IndyMac, Corus, UCBH under pressure as credit crunch slows economy
By Alistair Barr, MarketWatch
Last update: 6:27 p.m. EDT May 23, 2008Comments: 394SAN FRANCISCO (MarketWatch) -- By April, Gary Holloway was almost three years into retirement
http://www.marketwatch.com/news/story/weekend-edition-bank-failures-surge/story.aspx?guid=%7B2FCA4A0C%2D227D%2D48FE%2DB42C%2D8DDF75D838DA%7D
Many more bank failures likely after IndyMac
Sun Jul 13, 2008 5:16pm EDT
By Jonathan Stempel - Analysis
NEW YORK (Reuters) - U.S. banks may fail in far greater numbers following the collapse of the big mortgage lender IndyMac Bancorp Inc (IMB.N: Quote, Profile, Research, Stock Buzz), straining a financial system seeking stability after years of lending excesses.
More than 300 banks could fail in the next three years, said RBC Capital Markets analyst Gerard Cassidy, who had in February estimated no more than 150.
Banks face pressure as credit losses once concentrated in subprime mortgages spread to other home loans and debt once-thought safe. This has also led to investor worries about the stability of mortgage finance companies Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz); IndyMac is not related to either.
While analysts declined to say which banks will fail next, several smaller lenders and one large one, Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz), appear already to have elevated levels of soured loans, relative to their sizes.
"You have to look at companies with the greatest exposure to the highest-risk assets, which include construction loans and exotic mortgages," Cassidy said. "The final nail in the coffin for any depository institution would be a funding crisis where it is unable to gather deposits at reasonable cost, or wholesale funding markets are cut off."
The Federal Deposit Insurance Corp seized IndyMac on Friday after a bank run in which panicked customers withdrew more than $1.3 billion of deposits in 11 business days....
http://www.reuters.com/article/email/idUSN1336701420080713?sp=true |
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