Another bank, New York Community Bancorp, seems to be in trouble. What is The Federal Reserve now telling us:
Gold is creeping up again!
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{. Amid the freefall, ratings agency Moody’s cut the bank’s credit ratings two notches to junk, citing risk management challenges while the firm searches for a pair of key executives. Making matters worse, NYCB was hit with its first shareholder lawsuit Wednesday over the share collapse, alleging that executives misled investors about the state of its real estate holdings.
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also slashed its dividend by 71% to conserve capital.
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The NYCB results sent shares of regional banks tumbling because that group plays a relatively large role in the country’s commercial real estate market compared to the megabanks, while generally reserving less for possible defaults. }
Uh oh?
ralph
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