NYCB Sells Off $5B Loans to JPMorgan
Posted: May 15, 2024
- NYCB reported selling $5B of warehouse mortgages to JPMorgan - NYCB is heavily shorted and may experience a squeeze soon - The sale will bolster NYCB's capital and improve liquidy - Reasons for shedding mortgages include exposure to commercial real estate, rent-regulated multifamily loans, and internal control issues - Short sellers have targeted NYCB due to vulnerabilities - NYCB has secured a capital infusion but faces challenges in the future with the commercial real estate market and rent-regulated loans
Summarized top reddit comments: - NYCB sells off $5B loans to JPMorgan - Interest to check out at open - Source requested and provided (https://finance.yahoo.com/news/nycb-sell-5-billion-mortgage-225839349.html) - Speculation that JPMorgan buying for pennies on the dollar due to government regulations - Agreement with speculation - Use of memes and emojis to express reactions to the news.
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