Local Banks of Wisconsin Allege That Foreclosing Top Lenders Are From Out Of the State
Posted on August 11, 2008
Filed Under Foreclosure Homes | 1 Comment
The local banks of Wisconsin are alleging the most of the top lenders are from outside the state. Of them Wells Fargo dominates the scene. It has been responsible for most of the foreclosure filings during the first half of 2008. This was according to a report of the Community Bankers of Wisconsin. Of the top twelve lenders foreclosing on properties in this region all are based outside the state. These 12 are responsible for more than two thirds of the foreclosure postings. The data has also been collected by Foreclosure Alarm. Close on the heels of Wells Fargo are US Bank, Countrywide, Deutsche Bank, CitiBank and JP Morgan Chase.
Wells Fargo based in California, foreclosed on 1,385 units in Wisconsin from 1st January to 30th June 2008. This included 302 in Milwaukee and 62 in Dane Counties respectively. US Bank based in Minneapolis foreclosed on 1,348 houses in Wisconsin, including 55 in Dane County during this period. Deutsche Bank, Countywide, Citibank and Morgan Chase foreclosed on 1,096, 844, 835 and 631 properties respectively also during these six months of the current year. In Dane County there were 12,524 foreclosure postings in comparison to 9,254 during the same months in the previous year of 2006. The increase has been a high jump of 56% in 2008 – one of the highest in the region.
There are 293 financial bodies stationed in Wisconsin. Of these Associated Bank foreclosed on 209 and M&I Bank on 156 properties. There are 281 community banks in the state having assets of less than $1billion. Together they were responsible for only 4.8% of all the foreclosures in Wisconsin during the first half of this year. This calculated to 2 filings per each community bank.
Daryll Lund of Community bankers of Wisconsin said the community banks of Wisconsin are not in the middle of any foreclosure crisis. He said, “Our locally based community banks are commonsense lenders that never engaged in sub-prime lending.” He explained that community banks focus on relationship more than on transactions. The local bankers are acquainted with their neighbours and co-operate with them to contract mortgages that are feasible and realistic. In the case of a sudden crisis the banks go all out to find solutions rather than harassment.
It seems from the figures that the foreclosure crisis is nowhere nearing its end in Wisconsin – in fact it is worsening.
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