Most banks still losing money on bad loans, analysis shows
Friday, June 19th, 2009Author : Biz2Credit Advisor
New data shows the recession is far from over, especially for the nation’s banks.
In the first quarter of 2009, six out of every 10 banks in the U.S. were less well prepared to withstand possible loan losses than they had been at the end of 2008, according to a new analysis by msnbc.com and the Investigative Reporting Workshop at American University in Washington.
Overall, bad real estate loans rose another 22 percent in the quarter, according to the report.
The country’s 10 largest banks made $10.2 billion — the vast majority of reported bank earnings this quarter. The more than 8,000 remaining banks lost $2.6 billion, according to the analysis.
You can get information about more than 8,000 of the country’s banks at Banktracker.investigativereportingworkshop.org.
This article was submitted by Katie Kapler, Director of Online Strategy for Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to katie.kapler@biz2credit.com.
Tags: American University, banks, Investigative Reporting Workshop, real estate loans, recession
