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The FDIC also said on Tuesday the decline in the insurance fund's balance caused the reserve ratio to fall to 1.01 percent as of June 30, from 1.19 percent the prior quarter.
Because the reserve ratio -- the fund's balance divided by the insured deposits -- fell below 1.15 percent, the FDIC is forced to develop a restoration plan to replenish the fund.
The FDIC will consider such a plan in early October, it said, which will likely force banks that engage in riskier activities to pay more into the fund than other U.S. banks.
The willingness and ability of Americans to come back into the housing market over the next few months will determine whether the U.S. economy experiences a mild downturn or the deepest recession in 30 years.
Many economists say that home prices have another 10 percent to fall to bring them into balance with rents and incomes. A fall of that magnitude would elicit a huge sigh of relief from Wall Street and Washington.
But it wouldn't take much - a further clampdown by private lenders or a meltdown at mortgage finance companies Fannie Mae and Freddie Mac - to push home prices down much more severely, perhaps more than 20 percent.