PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

Former LandCastle Title CEO was Johnson's attorney and "trusted advisor"

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time
W S

Portfolios at failed banks heavy with nonperforming CRE loans

/ Print / Reprints /
| Share More
/ Text Size+
Commercial real estate mortgages continued to wear on banks in May, making up the largest portion of nonperforming loans at the most recently failed institutions. The five banks that failed in May held a collective $201 million in nonperforming assets, according to analysis by Trepp. Of those assets $152 million, or 76%, were attributable to nonperforming CRE loans. Nonperforming construction and land loans accounted for more than half of the bunch at a total $109 million. Commercial mortgages made up $44 million, or 22%, of nonperforming assets, Trepp said. Residential mortgages made up 16% of the five banks' nonperforming portfolio at an estimated $31.4 million. Two banks closed in Georgia, one closed in Florida and two closed in Washington in May. Georgia leads to country with 12 bank failures year to date in 2011. Total bank closings dropped substantially from April, when the Federal Deposit Insurance Corp. absorbed 13 institutions. May closings are the second lowest amount since July 2010, beat only by three failures in March, according to Trepp. Despite the decreasing pace, Trepp analysts expect more bank closings throughout the end of the year. About 300 banks failed in 2009 and 2010. At the end of the first quarter, there are more than 200 banks on the Trepp Watch List, which identified about 96% of bank failures since 2007. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.

Recent Articles by Christine Ricciardi

Comments powered by Disqus