From Deseret News archives:

Banks battered by foreclosures, tight credit, falling home prices

Published: Wednesday, Aug. 27, 2008 12:24 a.m. MDT
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Troubled banks, plunging profits: The number of troubled U.S. banks jumped to the highest level since mid-2003 in the second quarter while industry profits plunged, according to the Federal Deposit Insurance Corp.

What happened: Tighter credit, tumbling home prices and rising foreclosures battered the bottom lines of banks and thrifts nationwide. They set aside a record $50.2 billion to cover losses from bad mortgages and other loans.

What's next: Nine federally insured banks have failed so far this year, and more are expected as 117 are now on the troubled list. The FDIC is raising premiums on banks and thrifts to replenish the insurance fund.

Recent comments

Tom Joad, you are right about CNBC. Think of how many books Lou...

lost in DC | Aug. 27, 2008 at 12:05 p.m.

Now at the bottom of the article print:
"RINSE THEN REPEAT"

This...

Tom Joad | Aug. 27, 2008 at 3:23 a.m.

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