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ALL BUSINESS: More toxic loans could haunt banks
AP/Yahoo News ^ | 7/11/09 | By RACHEL BECK

Posted on 07/13/2009 9:19:09 AM PDT by Kartographer

Japan's economy was paralyzed for a decade as banks failed to deal with their troubled loans. That's why it's nothing short of stunning to discover some U.S. banks are doing the same thing now.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Government
KEYWORDS: recovery; toxicloans
Is a decade long recession in the works?
1 posted on 07/13/2009 9:19:10 AM PDT by Kartographer
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To: Kartographer

Denninger nailed this this weekend with the continuing mortgage time bomb.


2 posted on 07/13/2009 9:27:06 AM PDT by junta (I am the son of Yacub, who for one welcomes my new overlord Obama.)
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To: Kartographer
...add to that higher taxes, higher unemployment, a devaluing currency and inflation, and you've got a real mess.
3 posted on 07/13/2009 9:27:50 AM PDT by americanophile (Sarcasm: satirical wit depending for its effect on bitter, caustic, and often ironic language.)
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To: Kartographer

Our local banks in STL are sitting on alot of foreclosed properties and not even trying to sell them, especially the “nicer” properties...I’m guessing that they think the market will rebound soon...but, I don’t think so.


4 posted on 07/13/2009 9:29:30 AM PDT by demsux
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To: demsux
Some of the ones they own near me are not even cared for, starting to look bad.

They must have some back door deal with the inspectors because if I let my house go even 10% of the neglect they allow I'd be up to my A$$ in fines, etc..

What's up with that?

5 posted on 07/13/2009 9:40:25 AM PDT by norraad ("What light!">Blues Brothers)
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