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New crisis threatens healthy banks

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posted on Jun, 24 2008 @ 05:18 AM
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New crisis threatens healthy banks


www.blacklistednews.com

The institutions most at risk in this new phase of the credit crisis are regional and local banks, many of which stayed away from subprime mortgages. These firms are key drivers of economic activity in communities across the country. Without them, consumers would lose a source of personal loans. Small businesses would struggle to stay afloat. Construction companies often can't finance local projects without these banks.
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posted on Jun, 24 2008 @ 05:18 AM
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It sounds like this second wave will be damaging for communities. I also however think these banks peddle there loans like a fix to a drug addict. I have little sympathy for them. Another way to look at it is when these home equity loans start getting fore closed the small community banks could start making out like bandits. The are allowed to put all sorts of fees and charges on the process of foreclosure. So despite what the source says the banks in the end will still most likely be the only winners.

www.blacklistednews.com
(visit the link for the full news article)



posted on Jun, 24 2008 @ 05:22 AM
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reply to post by RedGolem
 


as far as the foreclosures go and the costs associated with them....all these adjustable rate mortgages come with penalties if they are refinanced before a certain time frame. so, everytime someone does refinance these loans before that time span, the bank is getting an extra couple thousand or so.

just another aspect of the great scheme.



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