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...His departure, which the bank had not previously disclosed, sheds further light on the period leading up to NYCB’s announcement last week that it had suffered losses from real estate loans that were far...
...another Delaware entity called SV America Inc....
...Rocket Company, owner of Quicken Loans, the country’s largest non-bank mortgage lender, is up 66 per cent since November....
...That compares to the $22.3bn and the $28bn made by Quicken Loans owner Rocket Company and UWM, the parent company of United Wholesale Mortgage. Zillow’s loan business is also unprofitable....
...*Sadly, CR didn’t specify which loan this was. And borrowers (annoyingly) can be stingy about loan doc access....
...From Bloomberg overnight: Citi Is in Talks to Start New Private Credit Strategy by Early 2024 Citigroup Inc. is in discussions to start a new direct-lending strategy by early January, the latest in a series...
...Banks could be at risk too; lower rates would pinch net interest margins, already at record lows, without doing much to curb the pipeline of bad property loans....
...The bank also took a loss on a loan to a rent-controlled New York City multifamily building — an asset type that was NYCB’s speciality before its recent mergers....
...NYCB parted ways with its previous CRO shortly before it reported the larger than expected loan losses in January....
...Roughly $10bn of so-called private credit loans have been refinanced in public markets, as borrowers pay down burdensome, high interest loans in favour of a cheaper alternative, according to data from Bank...
...losses on office loans....
...At the same time, NYCB’s loan growth has stalled, with the average loan balance down quarter on quarter. That is squeezing profitability....
...NAV loans in particular are under more scrutiny from investors as they have become more common....
...York Community Bancorp meanwhile fell by a quarter on Friday after the regional lender delayed its annual report, saying it had found material weaknesses in the internal controls that guide how it reviews loans...
...Capital for the loans would come from overseas credit funds and local banks, Arora said....
...Delinquencies in credit card and commercial real estate loans were on the rise, the FDIC said, and were now at the highest level in almost a decade....
...NYCB’s recent losses on property loans have rekindled worries about potential defaults in the real estate market....
...Icahn restructured the margin loan this past summer....
...That has been reflected in the share price of Rocket Company, which owns Quicken Loans, America’s largest non-bank mortgage lender. These have rallied 48 per cent so far this year....
...Banks are pricing new leveraged loans at a juicy average of 10.5 per cent, according to PitchBook LCD....
...The result has been record low loss rates on loans by the banks. They have been warning that these savings have been steadily dropping and loan losses rising....
...That trend holds more broadly, reports Bloomberg: Blackstone Inc. recently sought a $250 million loan at a rate of around 4.75 percentage points over the US benchmark to finance its planned purchase of...
...and set aside more than $500mn to cover potential loan losses....
...All told, Ayotte and Huang calculate that the loan charged an effective rate of 545 per cent....
...Job moves Julius Baer’s chief executive Philipp Rickenbacher is leaving the Swiss bank as it prepares to write off $700mn in loans to crisis-hit Austrian property group Signa....
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