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Instead, an in-house team spent just two days inspecting only 30 corporate loans representing a small portion of Britannia's credit exposure.
In all, some 3,100 loans representing $49.1 billion, or 6.1percentt of the total, are currently in special servicing, an amount that could grow to nearly $100 billion by the end of the year, Fitch said.
The situation was supposed to be temporary, according to Farmer Mac's 1998 annual report, but $1.6 billion of securitized loans, representing 82percentt of Farmer Mac's outstanding mortgage-backed securities, are still on its books.
During those heady times, lenders were routinely providing loans representing 90percentt or more of a property's value, based on the expectation that rents would keep escalating at a rapid clip.
* Ponce Federal Bank, San Juan, P.R., sold $28 million in loans, representing most of its asset-based loan portfolio, to Congress Credit Corp., a unit of Corestates Financial Corp., Philadelpha.
The Swiss government said it would inject $5.3 billion into the bank, via convertible loans representing approximately 9.3% of equity, after it became clear UBS could not raise the money privately.
Similar(49)
Still, interest-only loans represent an especially large problem.
Purchase loans represented 16 percent of Webster's mortgage loans in January.
Outside of mortgages, student loans represent the largest personal debts in the United States.
By the same token, not all of China's "bad" loans represent malinvestment.
In Germany and Japan bank loans represent an even larger share of total business funding.
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