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...These debts include mortgages and loans for cars, rental equipment and yachts....
...The bank also bought most of failed US lender First Republic last year....
...Chief executive Ken Murphy attributed a more upbeat consumer mood to interest rates beginning to stabilise, mortgage rates falling and higher wages....
...The New York-based securitised products business packaged debts, such as mortgages and loans for yachts, before selling them on as securities....
...Blackstone Mortgage Trust said in an emailed statement: “This report is highly misleading and represents a fundamental misunderstanding of our senior secured lending business.”...
...“Today’s charges are the latest illustration of the lengths affiliates of companies based in the People’s Republic of China are willing to go to steal American innovation,” FBI director Christopher Wray...
...Once-high flying institutions such as Credit Suisse, First Republic and Silicon Valley Bank crumbled and a drought of deals has caused mass investment banking lay-offs....
...They have cut lending rates, mortgage rates, business taxes, stock-trading fees and even admission costs at tourist sites; extended EV subsidies; relaxed regulations; intervened in forex markets; and extended...
...Before the FDIC shut First Republic down in May and sold most of its assets and liabilities to JPMorgan Chase, the bank was suffering from a sharp share price fall, paper losses on its large mortgage book...
...The government created Freddie Mac, Ginnie Mae, mortgage-backed securities, modified mortgages and subsidised rates for homeowners. It was a 1 per cent mortgage era....
...For instance, here’s an extract from a filing by Manhattan Bridge Capital, a small Nasdaq-listed mortgage Reit: No Adverse Material Change....
...This is what happened when the FDIC auctioned off First Republic last year, little more than a month after the collapse of Silicon Valley Bank....
...Investec has hired First Republic Bank’s Olivia Deroy for an origination and relationship management role on its new US private equity team, based in New York....
...First Republic: who eats the ~$9bn?...
...Yet while SVB’s problem was its stock of mortgage bonds and Treasuries, First Republic’s issues were more in its loan portfolio, where its model of providing cheap mortgages to wealthy customers left it...
...One way that has come is in the form of great deals on loan portfolios, as lenders look to boost their liquidity after the turmoil at First Republic and Silicon Valley Bank....
...“Making very large, cheap mortgage loans will not happen going forward . . . low-cost lending business is not what JPMorgan does,” he told investors on Monday....
...You see it in third-world countries — banana republics.”...
...A shrewd and driven businessman, Herbert grew First Republic, his California-based lender, from just nine employees to America’s 14th largest bank by offering affluent urban professionals cheap mortgages...
...Interest income from loans, mortgages and securities will not cover interest expense. First Republic shares have dropped 86 per cent so far this year....
...JPMorgan Chase, the bank that he leads, prevailed in a weekend auction for the assets of First Republic Bank....
...“Making very large, cheap mortgage loans will not happen going forward,” Dimon told analysts on Monday....
...At the end of the fourth quarter, First Republic reported that its mortgage loan and bond portfolios had a market value $27bn lower than their balance sheet carrying value....
...In the past five months, JPMorgan Chase bought First Republic; First Citizens Bank acquired much of SVB following its collapse; and New York Community Bank purchased most of Signature Bank, another failed...
...Need to know: UK and Europe economy UK house prices rose more than expected in February, posting their first annual increase in more than a year, according to mortgage lender Nationwide....
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