Some of the FDIC lenders have a lot of subprime loans on their books. Washington Mutual, just as an example. It’s already cutting into their viability. Lots of people are speculating they have become buyout bait.
Even those lenders with conventional loans have some exposure to an RE market in significant decline. Their borrowers tend to be stronger, but few borrowers are completely isolated from the effects of an extreme RE downturn. No matter what, a borrower can get sick, a spouse can pass on, a divorce can occur; and when something like that happens and the borrower finds they owe more than the current value problems can ensue.