New York Community Bancorp: Just The Tip Of The Upcoming Banking Crisis Iceberg
- Thread starter BKR88
- Start date
Oh, yes they will, especially when the recession comes around the corner (which is not far off IMO).
The infamous recession talk
I have come to the conclusion that the government and every talking head will never tell you the economy is in a recession. I have learned that the recession that is talked about is the one that has come and gone without a trace....
So all the talk and predictions of..... is the US in a recession or not in a recession is nothing but worthless dribble....
So fess up, how much have you lost so far? Your sarcasm no longer sounds sarcastic.
So fess up, how much have you lost so far? Your sarcasm no longer sounds sarcastic.
I told you I'm long short and all over. My retirement account is doing well. As I mentioned this year I started to finally add to one of those tech aggressive funds.....
I have another account that is long amd doing well and another that went very sour the last 2 months. That account was skyrocketing until the fed made a pivot..
%%
THAT ;
+ some think that bank on sale @ much less than 50%, roughly LOL, is a good buy. NOT in that one now;
but we need regional banks everywhere, much run better than C or BAC.
Yup.
(Bloomberg)
NYCB Falls Again
Commercial real estate lender New York Community Bancorp is tumbling after saying it discovered “material weaknesses” in how it tracks loan risks, wrote down the value of companies acquired years ago and replaced its leadership to grapple with the turmoil. It’s down more than 25% in premarket trading, after already falling 53% so far this year.
Investors in regional banks have been on edge since January, when the company — a major lender to New York apartment landlords — said it is stockpiling cash to cover potential problems with loans. A wider index of regional lenders is down about 10% this year.
(Bloomberg)
NYCB Falls Again
Commercial real estate lender New York Community Bancorp is tumbling after saying it discovered “material weaknesses” in how it tracks loan risks, wrote down the value of companies acquired years ago and replaced its leadership to grapple with the turmoil. It’s down more than 25% in premarket trading, after already falling 53% so far this year.
Investors in regional banks have been on edge since January, when the company — a major lender to New York apartment landlords — said it is stockpiling cash to cover potential problems with loans. A wider index of regional lenders is down about 10% this year.
And another.
(Axios)
NYCB goes from bad to worse
Data: YCharts; Chart: Axios Visuals
For a $100 billion bank to lose bothits chief audit officer and chief risk officer might be considered a misfortune.
The big picture: In early February, NYCB took a massive $552 million provision for credit losses on its commercial real estate portfolio, plunging the bank into the red and sending its stock price reeling.
(Axios)
NYCB goes from bad to worse
Data: YCharts; Chart: Axios Visuals
For a $100 billion bank to lose bothits chief audit officer and chief risk officer might be considered a misfortune.
- For the same bank to then lose its CEO while admitting that it had no "internal control over financial reporting," looks like carelessness, Felix writes.
The big picture: In early February, NYCB took a massive $552 million provision for credit losses on its commercial real estate portfolio, plunging the bank into the red and sending its stock price reeling.
- NYCB acquired most of the assets of Signature Bank after Signature failed in the banking crisis of March 2023. That deal took NYCB over the $100 billion mark.
- The job of righting the ship in the wake of fourth-quarter losses was given to Sandro DiNello, the former CEO of Flagstar, a bank that NYCB acquired at the end of 2022.
- Also in early February, DiNello was given the job of executive chairman; he has now officially taken on the CEO role.
- They would be entirely within their rights to take over NYCB this weekend — although they probably won't, since no one wants another banking crisis exactly one year after Silicon Valley Bank failed.