Mortgage Mess Hits Home
The mortgage meltdown has started to put small and midsize home builders in a rather difficult position. Developers, through the aid of banks, are ablle to provide developments. But when the market turns cold, guess who’s stuck holding the bag.
As a result, builders’ problems are now threatening losses for many small and medium-size regional banks. And after being pushed out of the mortgage business by large national lenders, a lot of these banks flocked to construction lending as the housing market boomed.
Word from the Federal Reserve is it’s expected some small U.S. banks to fail due to the housing stress. It’s expected that many as 150 banks could fail over the next three years.
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