Bad Loans Span the United States to India

According to the South Florida Business Journal, BankAtlantic Bancorp, Inc. announced a dive in its profits and a rise in bad loans and non-performing assets in its residential real estate development portfolio.

According to the Union Tribune, the biggest independent U.S. mortgage bank, Countrywide Financial Corp., also experienced a decrease in profits and an increase in losses from bad debts and payment defaults.

Even in India, banks are reeling from bad loans.

According to the Economic Times at Indiatimes.com, State Bank of India (SBI) chairman OP Bhatt warned that non-performing assets in home loans are growing and will most likely spill over to other segments such as small and medium enterprises.

Seems like debt problems are spanning the globe.




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