Wed Mar 10, 2010 at 09:28:55 AM EST
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( - promoted by Philip Bump)
It's possible that you have an I'd-never-miss-one commitment to the Federal Deposit Insurance Corp.'s quarterly report. But if not, here's the lowdown -- also known as bad news: Last year, US banks posted their sharpest decline in lending since 1942.
Among the other grim statistics in the FDIC report: 702 banks are in danger of failing, a 16-year high; more than 5 percent of loans are past due, the worst performance since officials began tracking data 26 years ago; and, according to FDIC chair Sheila Bair, the number of bank failures in 2010 is expected to exceed the 140 in 2009.
So where can consumers turn for reliable loans? |
| Erica Brody :: Beyond the bailout's reach |
Where can we find credit and financial services from institutions that can be depended on? Enter Community Development Financial Institutions (CDFIs). These are community-based institutions that make loans responsibly. CDFIs make thousands of loans each year, driven by a mission to serve low-income communities, not profit (not to say that investors don’t see good returns – because they do). So while those who still have savings left consider shifting their accounts to CDFIs, some individuals committed to responsible banking are going further, investing in programs like Tzedek, the only national Jewish program for community investing in lower-income neighborhoods. For communities around the country, this is stemming the tide of foreclosures and keeping communities intact. |
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