U.S. Unveils More Frugal Bank Plan Business/Financial Desk

Many banks may still face big losses this year and next, particularly if unemployment remains high or, as many economists predict, home foreclosures mount and commercial real estate continues to founder. Andrew Rabinowitz, the chief operating officer of Marathon Asset Management, a $9 billion invest...

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Bibliographic Details
Published inThe New York times
Main Author GRAHAM BOWLEY and MICHAEL J. de la MERCED
Format Newspaper Article
LanguageEnglish
Published New York, N.Y New York Times Company 09.07.2009
EditionLate Edition (East Coast)
Subjects
Asset backed securities
Bailouts
Banking industry
Banks
Home loans
Recessions
United States > US
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Summary:Many banks may still face big losses this year and next, particularly if unemployment remains high or, as many economists predict, home foreclosures mount and commercial real estate continues to founder. Andrew Rabinowitz, the chief operating officer of Marathon Asset Management, a $9 billion investment firm selected as one of the managers, said that although some of the bigger banks might be reluctant to participate by offloading their assets, there were many other financial institutions that still needed to move bad assets off their books in order to make new loans.
ISSN:0362-4331