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Banks' Loss Reserves Top $50 Billion.(Financial report)
Byline: Brian Collins
Washington-Banks and thrifts set aside $50 billion in loan loss reserves during the second quarter as the downturn in the housing market shows few signs of bottoming and institutions face higher charge offs on single-family and residential construction loans going forward.
The Federal Deposit Insurance Corp. reported last week that earnings at banks and thrifts fell 87% to $5 billion in the second quarter, compared to $36.8 billion in the second quarter a year ago.
Commercial banks reported $10.2 billion in net income for the second quarter, down from $19.3 billion in the first quarter. Thrifts reported a $5.4 billion loss for the second quarter, according to the Office of Thrift Supervision, compared to a $627 million loss in the previous quarter.
"By any yardstick, it was another rough quarter for bank earnings," FDIC chairman Sheila Bair said. Overall, banks and thrifts set aside $50.2 billion in loan loss reserves and charged off $26.4 billion in loans.
It has been one year since the mortgage markets seized up in August 2007 and the upswing in delinquencies and foreclosures really started.
The serious delinquency rate (90 days or more past due) on single-family ...
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Source: HighBeam Research, Banks' Loss Reserves Top $50 Billion.(Financial report)