Over the past year, we saw 140 banks close down in 2009.
This year we already have 57 failed banks as of April 23rd,
just before the end of the first 4 months of the year.
Rest assured, tomorrow there will be more.
So, if we can assume there will be at least 3 more tomorrow,
that is 60 for the first four months of 2010…
1/3rd of the way done with the year.
Extrapolate that out for the year and we will exceed the number
of failed institutions from 2009 by 40 banks!!
That is a pretty big jump.
OK, so you argue we are in a recovery now…
Not so fast. Commercial real estate and I believe
residential mortgages are still going to continue to default.
These things don’t just stop because the new
unemployment filings are down for the past two weeks.
There is a big log jam still waiting to break free.
The biggest of which is in commercial real estate.
The failing institutions are not the too big to fail Wall Street banks.
Nope, these are your neighborhood banks and smaller regional banks.
The government is NOT going to prop them up.
They shut them down and transfer the assets to another, seemingly stronger institution.
Further consolidating the banking industry and making it less personal when you go
to the teller window. Oh, you don’t go in there anymore.. try it sometime.
See the difference between a local bank and a large regional bank… but I digress.
I am going to be holding a webinar with an expert in the commercial real estate foreclosure and short sale niche. This is actually going to be a series that we’ll be doing over the next couple of months to get you prepared to take this head on… with a team behind you.
Let’s help those local banks not get swallowed up and spit back out by the FDIC.
Let’s help local businesses and commercial real estate investors with their troubled loans.
Let’s become the savior in our own communities for these troubled folks and help as many people as we can.
I leave you with one of my favorite quotes from Zig.
“You can get ANYTHING in life that you want… if you will just help enough OTHER people get what THEY want”
How does that sound?
Ready to get busy?
