Lowell Deeds

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

January 23, 2009

2009: Tough for Local Banks?

by @ 3:10 pm. Filed under Current Events

This New York Times article suggests that small, local banks that weathered the collapse of the housing market in fairly good shape, might face tough times in 2009. Retaining the lessons learned from the last real estate crisis (late 1980s/early 1990s and the collapse of the Savings and Loan industry), local banks largely avoided the irrational loans that put so many major national lenders at risk of failure. The looming problem for local banks is that despite their prudent investments, commercial developments and building projects that a year ago looked rock solid are now jeopardized by an economy that seems to be spiraling out of control. Like so many others, these local banks are innocent victims of the collapse of our economic system. (And please note that I have no information, good or bad, about any Greater Lowell banks. These comments are solely based on this article which was national in its scope).

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