Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

October 21, 2008

Finance Crisis Misses Local Banks

by @ 11:34 am. Filed under Current Events

Last Thursday, the Lowell Plan organized a panel discussion by high-ranking representatives of five local banks to dispel the notion that these institutions were experiencing difficulties due to the ongoing global financial crisis. Representatives of the Lowell Five Cent Savings Bank, Enterprise Bank and Trust Company, Washington Savings Bank, Jeanne d’Arc Credit Union and the Butler Bank all had the same message - prudent lending practices have always remained in effect so their banks are not being dragged down by the weight of bad loans. The figures we see here at the registry corroborate these comments. From January 1, 2007 to September 30, 2008, there were 1589 Orders of Notice (the first step in the foreclosure process) filed at this registry, yet local banks only accounted for 24 of them which is just 1.5%. The one local bank not represented on the panel, the Lowell Cooperative Bank, had the majority with 15, but even that number is not exceptionally high when put in the broader context of the mortgage market meltdown. Here’s the number of Orders of Notice originated by each local bank during the past 20 monts:

    Butler Bank - 0
    Enterprise Bank and Trust - 1
    Jeanne d’Arc Credit Union - 5
    Lowell Cooperative Bank - 15
    Lowell Five Cent Savings - 3
    Washington Savings Bank - 0

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