“Toxic loans held by New Jersey-based banks continued to climb in the secondEven the once vaunted Hudson City Savings Bank is feeling the pain. As the Record notes,
quarter even as bad loans at U.S. banks declined, according to new government
“The Federal Deposit Insurance Corp. said Tuesday in its quarterly industry profile that loans more than 90 days past due or no longer accruing interest at New Jersey's 117 banks and thrifts rose to 3.61 percent of total loans as of June 30, up from 2.91 percent a year earlier. Those banks' combined seriously delinquent debt climbed in each of the past four quarters.”
“Paramus-based Hudson City Savings Bank, the largest thrift based in New Jersey
and a high-end residential mortgage lender, had 123 foreclosed properties on its
books at the end of June, up from 52 a year earlier.”
“A weak economy, persistent high unemployment and a slow foreclosure process
have all contributed to the recent rise in bad loans throughout the state, said Bill Brewer, partner at the Livingston office of Crowe Horwath LLP, a community bank auditor. "Banks have had a hard time moving this stuff off the books," he said. "The banks have the capital to withstand this, but it is a continuing problem.’"
Read more of the whys and wherefores here.
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