The default rate on credit card loans from small banks just hit a record high of 7.5%.
— The Kobeissi Letter (@KobeissiLetter) September 10, 2023
This is well above the 2001 high of 6.0% and 2008 high of 5.6%.
Meanwhile, these same small lenders have exposure to 70% of commercial real estate loans in the US.
~$1.5 trillion of these… pic.twitter.com/5SBoWIxH6o
Yeah, we laughed…:-)
https://twitter.com/angelwoman501/status/1890417907294769653