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Wilbur Ross: 500 More Banks to Fail

Regional Lenders Feel the Heat

By Steve Christ
Thursday, September 3rd, 2009

 

dead mall

 

Here's another interview from CNBC that has burst into the headlines today.

In it, Wilbur Ross predicts, "I think there's going to be at least 500 more banks fail between now and end of next year." The culprit this time says Ross is a brewing disaster in commercial real estate.

"The first wave of the big banks were the securitizations," Ross said. "The regional banks are the ones now going down. They mostly didn't have much in the way of securitization but they all have construction loans, they have development loans, they all have loans on little shopping centers and they've got that kind of portfolio very heavily."

Roll the tape....












 

Related Articles:

The Commercial Real Estate Forecast

The Next Wave of the Crisis

The Trillion Dollar Time Bomb

416 Banks Make the "Problem" List

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