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<blockquote data-quote="Babagounj" data-source="post: 744725" data-attributes="member: 12952">Re: Obamanomics<a href="http://www.usatoday.com/money/industries/banking/2010-06-19-bank-failure-pace-tops-2009_N.htm" target="_blank">http://www.usatoday.com/money/industries/banking/2010-06-19-bank-failure-pace-tops-2009_N.htm</a>Bank failure is&nbsp; 83rd in &#039;10; pace more than&nbsp; double last year&#039;s.WASHINGTON (AP)&nbsp; The&nbsp; 83 closures&nbsp; so far this year&nbsp; is more than double the pace set in&nbsp; all of&nbsp; 2009, which was itself&nbsp; a brisk year for shutdowns. By this time&nbsp; last year, regulators had closed 40 banks. The pace has accelerated as&nbsp; banks&#039; losses mount on loans made for commercial property and&nbsp; development.The number of bank failures is expected to peak&nbsp; this year and be slightly higher than the 140 that fell in 2009. That&nbsp; was the highest annual tally since 1992, at the height of the savings&nbsp; and loan crisis. The 2009 failures cost the insurance fund more than $30&nbsp; billion. Twenty-five banks failed in 2008, the year the financial&nbsp; crisis struck with force, and only three succumbed in 2007.&nbsp;As losses have mounted on loans made for&nbsp; commercial property and development, the growing bank failures have&nbsp; sapped billions of dollars out of the deposit insurance fund. It fell&nbsp; into the red last year, and its deficit stood at $20.7 billion as of&nbsp; March 31.&nbsp;The number of banks on the FDIC&#039;s confidential&nbsp; &quot;problem&quot; list jumped to 775 in the first quarter from 702 three months&nbsp; earlier, even as the industry as a whole had its best quarter in two&nbsp; years.</blockquote>

[QUOTE="Babagounj, post: 744725, member: 12952"] [b]Re: Obamanomics[/b] [url]http://www.usatoday.com/money/industries/banking/2010-06-19-bank-failure-pace-tops-2009_N.htm[/url] Bank failure is 83rd in '10; pace more than double last year's. WASHINGTON (AP) The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks' losses mount on loans made for commercial property and development. The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force, and only three succumbed in 2007. As losses have mounted on loans made for commercial property and development, the growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, and its deficit stood at $20.7 billion as of March 31. The number of banks on the FDIC's confidential "problem" list jumped to 775 in the first quarter from 702 three months earlier, even as the industry as a whole had its best quarter in two years. [/QUOTE]

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