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Vt Bankers Association: "Deposits are safe"

Posted by: VHFA on 8/20/2008

In an opinion piece published in this morning's Burlington Free Press, Vermont Bankers Association President Chris D'Elia assures readers that, despite news of bank failures in other parts of the country, "Vermont banks are responsible, trustworthy institutions," and "your deposits are quite safe."

He blames the recent failure of the IndyMac bank on "aggressive mortgage loans made in California, a state experiencing some of the highest levels of foreclosure in the country.

"Vermont banks stayed away from those types of loans," he explains. "We did not embrace the alternative mortgage products that have created the mess in states like Nevada, Florida, Arizona or Michigan."

Read the entire article.