Canadian Mortgages, Insurance, Investment, Tax Planning

CRA Media Room

Revenu Québec - Tax News

XE Forex News

Canadian Mortgage Broker news

Monday, January 25, 2010

Canadian Mortgage Broker News - More U.S. banks seized as real estate foreclosures continue their damage

Canadian Mortgage Broker News - More U.S. banks seized as real estate foreclosures continue their damage

More U.S. banks seized as real estate foreclosures continue their damage


The Federal Deposit Insurance Corp. (FDIC) seized three more U.S. banks last week, bringing the total to 133. A weak real estate market has been blamed.

Hundreds of more banks are on the problem list for next year, so more failures could be on the way. The 133 bank failures in 2009 are the largest number of seized banks since the 181 the fell in 1992 from the consequences of the savings-and-loan debacle.

The FDIC most recently seized banks in Florida, Kansas and Arizona. The 133 bank failures this year is the largest since 1992, when 181 were seized following the savings-and-loan scandal. Florida's daily newspaper called it a "Friday ritual," as the bank closings have become so commonplace there in one of the leading states for foreclosed properties.

RealtyTrac, an online marketplace for foreclosures, reported that Florida posted the nation's second highest state foreclosure rate in November, with one in every 165 properties receiving a foreclosure filing during the month. Nevada ranked first, and California third.