Burdened by sour loans, 775 banks are in trouble

05/21/2010 | Wall Street Journal, The

A report by the Federal Deposit Insurance Corp. finds that 775 financial institutions -- most of which are community banks -- are on the agency's list of "problem" institutions. Poor loan performance on commercial real estate is the main problem for many of these banks. "There is a lot of credit distress still in the mortgage-portfolio area," FDIC Chief Economist Richard Brown says.

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