For Banks, The Panic Is Coming To An EndJohn Meehan and Larry Light
For the past year, the plunge in real estate values seemed to be propelling the banking industry toward disaster. Office vacancies were rising, property values were falling, and bad loans were piling up at an alarming rate. The calamitous drop in real estate even claimed its first major bank victim. Bank of New England collapsed on Jan. 6 under the weight of bad construction loans.
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