Banks Bear Brunt of Housing Crisis Losses
Friday, March 20th, 2009
The many local banks that operate in many towns and small cities across the US are facing troubled waters ahead due to their extensive exposure to the housing market crisis, issuing loans to people who didn’t have ample financial might to own homes in the first place. These banks couldn’t have cared less if it were not for the collapse of the housing market which broke up the profitability of such loans, sending the people out of their homes and banks with several homes they have invested in without any buyers taking them out of their hands. (more…)