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FDIC says bad property debt threatens banks
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Published: October 15, 2009
WASHINGTON - Rising losses on commercial real estate loans will continue to hurt U.S. banks in coming months and pose the biggest challenge for many financial institutions and overseers, regulators said Wednesday.
Real estate loans will continue to be "the most prominent area of risk" for banks over the next several quarters, Federal Deposit Insurance Corp. Chairwoman Sheila Bair told lawmakers in testimony prepared for a Senate hearing.
Ninety-eight U.S. banks have failed this year, many succumbing to the weight of failed real estate loans.
Experts say up to 400 more banks could fail in the next couple of years.
The Associated Press
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