Authored by Kevin Stocklin via The Epoch Times (emphasis ours),
It has been a year since a string of U.S. regional bank failures, together with the collapse of global heavyweight Credit Suisse, caused many to fear that a major financial crisis was imminent.
But, by the summer of 2023, the panicked withdrawals by frightened depositors largely subsided.
In February, however, New York Community Bank (NYCB) appeared to resurrect the crisis when it announced $2.4 billion in losses, fired its CEO, and faced credit downgrades from rating agencies Fitch and Moodys.
In what has become a familiar tale for U.S. regional banks, NYCB’s share price plummeted by 60 percent virtually overnight, erasing billions of dollars from its market value, and its depositors fled en masse.
Continue reading “The Incoming Commercial Real Estate Crisis No One Seems Prepared For”
