TSX:AX.PR.E - Post by User
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DZtraderon Mar 01, 2024 7:01am
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Post# 35908489
For your morning reading pleasure
For your morning reading pleasure ....,.., just never ending.
Commercial real estate lender New York Community Bancorp is tumbling after saying it discovered “material weaknesses” in how it tracks loan risks, wrote down the value of companies acquired years ago and replaced its leadership to grapple with the turmoil. It’s down more than 25% in premarket trading, after already falling 53% so far this year.
Investors in regional banks have been on edge since, January when the company — a major lender to New York apartment landlords — said it is stockpiling cash to cover potential problems with loans. A wider index of regional lenders is down about 10% this year.