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Wilbur Ross: 500 More Banks to Fail

Written By Brian Hicks

Posted September 3, 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….


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