Cape banks see foreclosures on rise

June 8, 2009
By MoneyAisle

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An article in the Cape Cod Times reports that Cape Cod Cooperative Bank has foreclosed on five of its banks in the past year.

According to the bank’s president Joel Crowell, prior to April of 2008, the company had not foreclosed on any single residential mortgage for six years.

“Now the Cape’s community banks are starting to see signs that event their most credit-worthy borrowers are at risk of falling into delinquency.”