Thrifts Look at Commercial Real Estate Loans
Thrift profits in 2002 climbed 15.6 percent nationwide to $11.8 billion,
while assets soared 22 percent to an all-time high of $1 trillion, yhe U.S.
Office of Thrift Supervision reports.
However, the home refinancing boom that previously propelled strong profit
margins is starting to squeeze savings and loans, with lower interest
yielding loans replacing higher interest yielding loans on most balance
sheets.
Thrift executives, aware that thrifts will soon no longer be able to make
money so easily, are looking to counter diminishing profit margins by
engaging in riskier lending--specifically commercial real estate lending.
Experts warn that the shift can be a dangerous one, though; analyst Kevin
Timmons of C.L. King & Associates notes that "banks that tend to go into new
lending lines, especially low risk [like residential finance] to higher
risk, often end up with credit problems." In general, commercial banks have
been responsible for much of the commercial property lending in the United
States; but a number of thrifts--including Dime Community Bancshares and New
York Community Bancorp--lately have become specialists in this area.
Source: New
York Newsday
(06/09/03); Padgett, Tania
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