Here's why Georgia ranks Number One in bank failures

[dixiegrrrrl]

I found this article in a local newspaper, cannot find it online.
It is written by Thomas Oliver of the Atlanta Journal Constitution aka ajc.com.
Dated Nov. 11 in my local paper.

Georgia has 159 counties, only Texas has more counties.
Georgia "home rule ( county rule) dictated, until very recently,
that banks cannot operate outside of their their own county.
And each county has several banks.
therefore, Ga. has a LOT of banks.

Of course, prudent lending practices would keep most of them safe.
Unfortunately, most banks have not practiced prudent lending practices.
Therefore, bust.
And Georgia's many banks share in a large percentage of the busts.

Those are the facts.

I did want to share this duh-Oh quote at the end of the article.
"There is nothing wrong with any bank that wouldn't be cured
if real estate borrowers could repay their loans".
( a lawyer said that.)

[sinkingfeeling]

1. Here's the link to the article:

http://www.ajc.com/business/thomas-oliver-defaults-a-19...

[dixiegrrrrl]

4. Thank you for finding that.- I was under-caffeinated this am

when I was looking for it.

[PassingFair]

2. Hey thanks, because I was WONDERING.....

http://www.democraticunderground.com/discuss/duboard.ph...

[PassingFair]

3. I don't agree with the last paragraph, though.

“There is nothing wrong with any bank now that wouldn’t be cured if real estate borrowers could repay their loans.”

We tend to forget that salient fact when looking for someone to blame.

This crisis is first a failure to pay our bills."





We could "pay our bills" if we had JOBS, which
we would STILL HAVE if the BANKS had not TAKEN
our mortgages, GOOD and BAD, and bundled them
into SECURITIES that they cut into TRANCHES and
sold for thousands of times what they were worth.

Talk about blaming the victims....