Alabama Thrift Suspends Lending

Posted by Orb Staff on November 13, 2009 No Comments
Categories : Residential Mortgage

New South Federal Savings Bank, based in Irondale, Ala., recorded a $41 million loss in the third quarter – the result of rising foreclosures and lowered property values, according to Will Ratliff, the company's president.

‘While we addressed the loan portfolio aggressively, we had hoped to see property values stabilize sooner than they have,’ Ratliff said in a company statement.

New South is working with its regulators on strategies for boosting capital, Ratliff added.

SOURCE: New South Federal Savings Bank

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