Foreclosure Defense Florida

Nationwide Banks Continue to Restrict Lending

An article in today’s Wall Street Journal reports that despite receiving billions in aid from me and you, banks across the country continue to hoard the money, a fact that continues to hamper the long overdue recovery.   This has broad implications for the broader US recovery

  • 7% of US banks insured by FDIC are in trouble
  • The banking industry recorded a net profit of $2.8 billion in the third quarter 2008
  • Banks wrote off $50.8 billion in bad loans third quarter 2008
  • Unemployment is 10.2%, projected to decrease to 9.7% this time next year

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