The defaults cometh

(VOX POPOLI) — Commercial bank loans continue to collapse amidst signs that the banks are about to undergo a crisis of confidence and a large wave of FDIC seizures. Total loans and leases at U.S. banks have already contracted more in the first seven weeks of 2010 than they have over the course of any year since 1947 excluding last year; $132 billion in loans have defaulted or been paid off.

At 14.7%, the pace of annual credit contraction is still running more than twice that of 2009’s record decline.

via Vox Popoli: The defaults cometh.

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