Yesterday was another dramatic day for New York Community Bancorp, NYCB. First it saw its stock price plunge by over 40% and trading halted with news pending. Then, a news of a billion dollar bailout arrived, and the stock price shoot up.
We have flagged NYCB before, and the roller-coaster ride of its stock price shows that our worries were justified. Troubles with the major bank holding company are far from over. We detail reasons behind these worries, and show that the one billion capital injection is utterly insufficient to fix these problems. We also flag six other top 20 commercial real estate lenders with similar characteristics than the troubled NYCB.
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