The twin crashes in US commercial real estate and the US bond market have collided with $9 trillion uninsured deposits in the American banking system. Such deposits can vanish in an afternoon in the cyber age.
US banks lost money on mortgages in 2022, according to a report from the Mortgage Bankers Association (MBA), which noted that the average loss was $301 on each loan originated that year, vs. an average profit of $2,339 per loan in 2021.
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