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United States - WASHINGTON (Reuters) - The head of the Federal Deposit Insurance Corp. said on Friday another wave of U.S. credit stress was coming involving non-mortgage loans.
Bair, in prepared remarks for a Brookings Institution event, said delinquency rates were rising for construction and development lending as well as for commercial and consumer debt. However, U.S. banks are still healthy and in a much stronger position to weather the storm than they were during the savings and loan crisis of the 1980s.
Bair lauded efforts by Democrats and some Republicans in the U.S. Congress to draft a bill offering federal mortgage assistance but said "more proactive intervention" is needed to prevent home foreclosures.