More banks on the way ....

Recommended read: Bank failures to surge in coming years IndyMac, Corus, UCBH under pressure as credit crunch slows economy By Alistair Barr, MarketWatch Last update: 6:27 pm EDT May 23, 2008Comments: 394SAN FRANCISCO (MarketWatch) -- By April, Gary Holloway was almost three years into retirement www.marketwatch.com Many more bank failures likely after IndyMac Sun Jul 13, 2008 5:16pm EDT By Jonathan Stempel - Analysis NEW YORK (Reuters) - US banks may fail in far greater numbers following the collapse of the big mortgage lender IndyMac Bancorp Inc (IMB.N: Quote, Profile, Research, Stock Buzz), straining a financial system seeking stability after years of lending excesses. More than 300 banks could fail in the next three years, said RBC Capital Markets analyst Gerard Cassidy, who had in February estimated no more than 150. Banks face pressure as credit losses once concentrated in subprime mortgages spread to other home loans and debt once-thought safe. This has also led to investor worries about the stability of mortgage finance companies Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz); IndyMac is not related to either. While analysts declined to say which banks will fail next, several smaller lenders and one large one, Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz), appear already to have elevated levels of soured loans, relative to their sizes. "You have to look at companies with ...



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