This week has seen another four bank closures across US, including one each in Illinois and Utah. The cumulative number of bank closures in US in the year 2010 till date, has risen to 26 banks. And it is important to note that the continuing weakness in housing sector is resulting in massive loan defaults on housing and commercial property loans.
And most of the banks that have been closed down in the last 18 months have been pulled down badly by mounting housing bad debts. Now the US government seems to be left with very little option to pull up the ailing housing sector. Even the continued financial aid up to 8000 US dollars for the first time home buyers does not seem to be working on expected lines.
Four more banks closed down in US
March - 6 - 2010 - Saturday
