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Central Missouri | This is a must read imo.
http://jsmineset.com/2010/01/25/study-of-key-fdic-enforcement-actio...
"There is a huge wave of resets of pay option ARMs coming in 2010-2011 that will likely cause a new wave of defaults and foreclosures rivaling that of subprime;
The true jobless rate in the U.S. may be as high as 22%, and any turn-around in the employment picture is likely to be slow and protracted;
Credit card charge-offs are at record highs of 12.56%, with no relief in sight;
The rate of U.S. office vacancies has just reached a new15-year high;
U.S. commercial property default rates are soaring; and
A huge number of balloon payments on loans for commercial real estate are coming due in 2010 and 2011, while the values of the properties securing these loans have plummeted well below the remaining loan balance.
Common sense dictates that in the current environment, banks that have been found to be in a precarious financial condition are not likely to improve any time soon.The true jobless rate in the U.S. may be as high as 22%, and any turn-around in the employment picture is likely to be slow and protracted;
Edited by ehoff 1/26/2010 00:26
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True state of the banking system
