- Reuters
Analysis-NYCB faces tough choices on CRE loans, balance sheet diversification
New York Community Bancorp will have to lure buyers for its commercial real estate (CRE) loans with steep discounts and diversify its revenue as it races to shore up its finances. The bank's new management has promised to unveil a turnaround plan this month after losses on CRE loans, NYCB's core business, sparked a rout that wiped nearly $6 billion off its market value and sparked ratings downgrades. A $1 billion investment led by former U.S. Treasury Secretary Steven Mnuchin's Liberty Strategic Capital has shored up the bank for the short-term, but it still needs to bolster its capital and shrink its exposure to the CRE sector, which has been hammered by higher interest rates.
- Yahoo Finance
The corporate conversation around AI is changing: Morning Brief
We're finally into the "show me" portion of the AI narrative, and Coca-Cola and Microsoft's new deal might be a glimpse of what the near-term future will be like for AI.
- Yahoo Personal Finance
Mortgage rates today, April 24, 2024: U.S. economy fuels higher rates
These are today's mortgage rates. Strong economic reports are a major reason rates have risen over the last three weeks. Lock in your rate today.
