The investment banks that securitised subprime assets may have recovered, but the US regional retail banks that originated the mortgages are still suffering.
Out of the 25 highest non-performing loan (NPL) ratios, eight are from US banks and they are all in the southern US (especially Georgia and Florida) or Puerto Rico. One of these, Bond Street Holdings, is a distressed investment vehicle created in 2009 to buy failed banks in Florida.
