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March 25, 2020

With billions at stake, banks try to save stunned borrowers

  • Unlike 2008, banks are not the cause of the economic crisis gripping the nation. And banks now have plenty of capital on hand to handle the crisis.
  • By KEN SWEET
    AP Business Writer

    NEW YORK — Tarred as villains during the 2008 financial meltdown, banks of all sizes are trying to help out Americans reeling from the economic crisis caused by the coronavirus outbreak.

    Banks are scrambling to put into place loan forgiveness and relief programs, working to keep their customers from panicking or falling into financial ruin. They have a vested interest preventing millions of people and businesses from defaulting on hundreds of billions of loans at once, something that would do significant damage to the banks' own finances.


     
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