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Banker paints sobering picture

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One of New York's leading community bankers delivered a sobering message at the county Housing Council's annual dinner in Canton this week. Kenneth Abt told the gathering that the subprime mortgage collapse of last year will have consequences that are deeper and broader than any recent downturn. Abt is chairman and CEO of First Federal Savings and Loan of Middletown, New York, in the Hudson Valley. He's a director of the New York Banker's Association, served as chair of the state's League of Savings Institutions. He spoke with Martha Foley in our studios before the address. His visit came as new polls were indicating that mortgage anxiety was spreading to people who were far from the subprime world, "regular" people with regular mortgages.

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Martha Foley
News and Public Affairs Director

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