Nonperforming Bank Loans Surge.
Position | Brief Article |
Nonperforming loans in the U.S. banking industry jumped by 26.6 percent during 2000, according to Weiss Ratings Inc., a leading bank rating agency. This rise was especially significant when compared to 2.9 percent rise in 1999 and relatively small changes registered in earlier years.
At year-end, nonperforming loans reached $48.8 billion, up $10.2 billion from the $38.6 billion level recorded at year-end 1999, and more than 60 percent of the industry's 9,907 banks and thrifts experienced increases. "In the 1990s, many banks became complacent and loosened their underwriting standards on commercial lending," said Martin Weiss, Ph.D., chairman of Weiss Ratings. "Now, even though the economy is not yet officially in a recession, nonperforming loans have already begun to surge -- a harbinger of more troubles ahead."
Nonperforming commercial loans accounted for the majority of the industry's increase in problem loans, jumping 59.7 percent, to $16.7 billion at year-end 2000, from $10.5 billion at year-end 1999. "A jump in nonperforming loan...
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