Problem Banks Reached the Highest Level In 15 Years
Problem Banks Reached the Highest Level In 15 Years – FDIC said that the problem banks are increasing and reached 416 in the most recent quarter. This is the highest level in 15 years.
According to CNN Money, FDIC also reported that its trust fund decreased by $2.6 billion during the quarter. This is 20% of $10.4 billion. It is also said that FDIC expects roughly $70 billion in losses due to the failure of insured institutions for over the next five years.
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August 29th, 2009
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