Economic conditions, mortgage fraud, real estate scams and increased foreclosures are some of the reasons for the dramatic decrease in new mortgages and other forms of credit. Are things beginning to look up? What is in store for the New Year?
Fifth Third extended less credit in October
Business Courier of Cincinnati
Fifth Third Bancorp extended $5.4 billion in credit in October, down nearly $600 million from September.
Commercial and industrial loan commitments decreased to $830 million, down from $846 million in September. Small business commitments dropped to $247 million, down from $393 million in September.
Renewal levels for existing commercial and industrial loans also fell to $1.8 billion in October, compared to $2.2 billion in September.
Mortgage and loan originations, however, increased in the month of October, to $1.7 billion from September’s $1.4 billion.
New credit card extensions also increased slightly, to $125 million over $124 million in September.
Fifth Third (NASDAQ: FITB), headquartered in Cincinnati, is the Tri-State’s largest bank, and has 16 affiliates with about 1,300 banking centers and more than 2,300 ATMs in Ohio, Kentucky, Indiana, Georgia, North Carolina, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, and Missouri.
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With such scams and frauds the economy is not going anywhere as the hard earned money of the people will be stashed away by white collar thieves.
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With so many fraud and scams happening today, businesses need to be more particular about which loans they seek. A great place to get started with commercial building finance options is Apex Mortgage. They are dedicated to helping small businesses through this tough economic times.
ReplyDeleteReally nice post ... Thanks for the sharing .
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