Saturday, August 29, 2009

Meltdown 101: Why banks' struggles have worsened

The AP reports:
Eighty-four banks have fallen so far this year as tumbling home prices and spiking unemployment pushed loan defaults upward. That's the largest number in a year since the early 1990s, at the apex of the savings and loan crisis. It compares with 25 bank failures last year and three in 2007.