Free Republic

New York Community Bancorp sent its shares plummeting 26% on Friday after the regional lender said has discovered “material weaknesses” in the ways it tracks loan risks and that its CEO is leaving. The New York-based firm announced late Thursday that CEO Thomas Cangemi would be leaving NYCB — capping off a 27-year tenure at NYCB — and that Alessandro DiNello would take his place, effective immediately. DiNello, NYCB’s executive chairman, had been acting as the bank’s true boss since earlier this month ... One NYCB director, Hanif “Wally” Dahya, said in a Feb. 25 letter that he “did not...

Rising interest rates, the remote work trend, and the dominance of e-commerce sellers have combined to hammer the commercial real estate market over the past few years. Sky-high office and retail space vacancies are plaguing owners in this new environment, rents are plummeting, and borrowing costs have soared. As a result, U.S. commercial real estate prices have fallen 11% since the Federal Reserve began raising interest rates in March 2022, the IMF reported last week, the worst decline in over 50 years. The outlook for the sector is now so bleak that Cantor Fitzgerald’s billionaire chairman and CEO Howard Lutnick...

Multifamily sales in the first quarter of 2023 were roughly $40 billion lower than the previous year ... marking a slowdown in one of the hottest real estate markets amid growing interest rates and banking turmoil. ... Investors acquired just under $14 billion in apartment buildings nationally in the first quarter of this year ... The number represents a 74% year-over-year decline, the largest decrease since the first quarter of 2009, when sales fell 77%.. It was also the lowest sales quarter for the market since early 2020, right after COVID-19 broke out and threw the rental residential market into...

...The deal for the bank... included the purchase of about $72 billion in loans, at a discount of $16.5 billion, and the transfer of all the bank's deposits, worth $56 billion. Roughly $90 billion in Silicon Valley Bank's securities and other assets were not included in the sale, and remained in the F.D.I.C.'s control.Silicon Valley Bank had roughly $175 billion in deposits before its collapse, an illustration of how extensive the withdrawals were before it was seized by regulators...As part of the deal, the F.D.I.C. will receive rights linked to the stock of First Citizens, which could be worth up...

One of the benefits of being a Washington insider, from the president of the United States to the lowliest bureaucrat, is never having to admit your policies are wrong. In the case of Silicon Valley Bank (SVB) - the nation's 10th largest - the financial policy chickens of this, and previous administrations, have predictably come home to roost. Record debt, massive new spending, and the failure of regulators to see what was coming contributed to the run on SVB. It didn't help that in 2018 President Donald Trump signed the biggest rollback of Dodd-Frank bank regulations since the global financial...

With eyes on the Silicon Valley Bank run and subsequent collapse in California, and the joint announcement by the Federal Reserve and the Treasury Sunday night that the government will cover not just the insured $250,000 amount per customer but ALL monies kept in the bank by customers, another bank on the east coast of the United States is also in severe trouble.The Signature Bank is a New York state-chartered commercial bank and is FDIC-insured, with total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion as of December 31, 2022.Superintendent Adrienne A. Harris announced today that...

In a harsh blow to an already-reeling sector, Moody’s Investors Service on Monday cut its view on the entire banking system to negative from stable. The firm, part of the big three rating services, said it was making the move in light of three key failures that prompted regulators to step in Sunday with a dramatic rescue plan for depositors and other institutions impacted by the crisis. “We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank,...

Democrats, including President Joe Biden and Sen. Elizabeth Warren (D-Mass.), are blaming Donald Trump for the sudden collapse of two banks, Silicon Valley Bank and Signature Bank. But Barney Frank, a leading sponsor of the Dodd-Frank Act, sharply disagrees. The law, signed by then-President Barack Obama in 2010, made significant changes to Wall Street regulations and federal financial regulatory agencies in the aftermath of the financial meltdown in 2008. The bill, though controversial, was theoretically designed to protect Americans. Democrats say Trump is responsible because he signed a law rolling back some of the regulations enacted by the Dodd-Frank Act....

Below is my column in the New York Post on the suggested censorship of bank critics by Sen. Mark Kelly (D., Ariz.). It was only the latest example of how censorship has become a reflexive response of many Democrats to opposing views. It is now increasingly common for certain views to be declared as simply too dangerous to be tolerated or allowed on social media, including (it seems) questioning the solvency of banks. Here is the column: Concerned about your money after recent bank failures? You might want to keep those thoughts to yourself. While some rushed to get their...

On Monday, Joe Biden claimed during a speech that the recent collapse of both Silicon Valley Bank and Signature Bank was due in part to the Trump administration rolling back parts of the Dodd-Frank Act of 2010."During the Obama-Biden administration, we put in place tough requirements on banks, like Silicon Valley Bank and Signature Bank including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again," Biden said. "Unfortunately, the last administration rolled back some of these requirements."According to the Hill, Trump signed a bipartisan bill in 2018 that loosened some of the...

VIDEOYou know how you can tell when your bank is doomed to failure? When you find out they put more concentration on producing Broadway type musical numbers rather than focusing on, well, banking. If I ever find out that my bank is producing song presentations as you can see here done by the FAILED Signature Bank, I will be immediately withdrawing all my money deposited at that institution.

VIDEOMeet Wokety Woke Woke Canadian Banker Mark Carney. If he was just the crackpot director of a small local bank that would be one thing. Unfortunately he has taken his Carney act to global levels as governor of both the Bank of Canada as well as the Bank of England. And now he is spouting off on a globalist stage at places such as the World Economic Forum. Listen to him talk and that will give you a good example of why banks such as Silicon Valley Bank and Signature Bank have collapsed and Credit Suisse seems about to fail.

In a brief statement Monday addressing the stunning collapse of Silicon Valley Bank and Signature Bank, Joe Biden sought to assure worried Americans that the U.S. banking system is in good hands. “Thanks to the quick action of my administration over the last few days, Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.” As he was speaking, the stocks of four other banks—First Republic Bank, PacWest, Regions and Western Alliance Bancorp—were halted for volatility. Biden faulted “the previous administration” for rolling back regulations that he claimed would...

WASHINGTON, D.C. — In an attempt to avert a major financial disaster in the wake of Silicon Valley Bank's collapse, the Biden Administration held a special meeting with Chinese President Xi to ask him for a quick loan to help bail out the failing bank. "Hey, Xi old buddy! I haven't seen you since we were pallin' around in the foothills of the Himalayas!" said Biden to the CCP leader. "We need a couple bucks. Just a small loan to bail out some bankers and prevent the collapse of the economy again. Can you do us a solid? We promise...

- On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC. - That run on deposits quickly led to the third-largest bank failure in U.S. history. Regulators announced late Sunday that Signature was being taken over to protect its depositors and the stability of the U.S. financial system. - “I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” said board member and former congressman Barney Frank.On Friday, Signature Bank customers spooked by the sudden collapse of...

The Biden Economy — .. falling apart, everything, everywhere all at once. NYSE halted trading of Charles Schwab, whose shares fell by more than 20%, and even a few Etsy sellers have been impacted by the fallout of Silicon Valley Bank’s (SVB) collapse. Schwab’s fall was the firm’s “most ever on an intraday-basis,” ... Signature Bank, “a key financial institution for the cryptocurrency industry,” according to the New York Post, was shut down on Sunday over “similar systemic risk” to SVB. SVB and Signature are the second- and third-largest bank failures in U.S. history, respectively, with combined assets in excess...

On January 12, 2021, the bank told The New York Post that it had begun the process of closing Trump’s two personal accounts and “will not do business in the future with any members of Congress who voted to disregard the Electoral College.” Regulators shut down New York City based Signature Bank on Sunday, a financial institution which had previously cut ties with President Donald Trump following the riot at the US Capitol on January 6, 2021. Signature Bank is the second financial institution shuttered by the Federal Deposit Insurance Corporation (FDIC) this week after Friday's collapse of Silicon Valley...

Signature Bank, one of the two big US destinations for crypto companies, has been closed by New York regulators. “All depositors of this institution will be made whole,” the Treasury, Federal Reserve and Federal Deposit Insurance Corporation said in a joint statement. This is the third major bank that has fallen in the space of a week, and investors are spooked. The joint announcement that depositors will be protected above the $250,000 guaranteed by the FDIC appears to be meant to reassure banking customers that their money will not be frozen. Signature had $88.59 billion in deposits as of December...

WASHINGTON — Plans announced Sunday to fully reimburse deposits made in the collapsed Silicon Valley Bank and the shuttered Signature Bank will rely on Wall Street and large financial institutions — not taxpayers — to foot the bill, Treasury officials said. “For the banks that were put into receivership, the FDIC will use funds from the Deposit Insurance Fund to ensure that all of its depositors are made whole,” said a senior Treasury Department official, who spoke to reporters Sunday about the plan on the condition of anonymity.

Bloomberg reports Signature Bank has been closed by state authority