It’s Worse Τhan We Thought! (Preparing For More Bank Failures)

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US Regional Bank Stocks 1 Month Into 2024:

1. NY Community Bank, $NYCB: -60%

2. Valley National Bank, $VLY: -25%

3. Metropolitan Bank, $MCB: -15%

4. HarborOne, $HONE: -14%

5. Comerica Bank, $CMA: -13%

6. Zions Bank, $ZION: -12%

7. Western Alliance, $WAL: -11%

8. Citizens Financial, $CFG: -6%

9. KeyCorp, $KEY: -5%

Regional bank worries resurfaced as New York Community bank, which acquired the collapsed Signature Bank, cut their dividend by 70%.

These are the same banks that hold nearly 70% of commercial real estate loans.

Just 10 months ago, the regional bank crisis “ended.”

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New York Community Bancorp Cut To ‘Junk’ By Moody’s: 33% Of Deposits Uninsured
Having seen the share price collapse to its lowest since 1997, following the regional lender’s reporting of a surprising (and large) loss for Q4 and slashing its dividend (to 5c vs 17c exp), ratings agency Moody’s has cut all long-term and some short-term ratings of New York Community Bancorp to ‘junk’ (Ba2 from Baa3).

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The total amount of public bonds & loans outstanding affected by this downgrade is $1.14 billion, according to data compiled by Bloomberg.

 

Over $ 650 billion in unrealized losses on US Treasuries.

Over $ 1 trillion outflow in deposits going to Money Market Funds.

Many Banks not Basel 3 compliant. Need to up their capital reserves which they don’t have.

Record car repos happening.

Personal and Corporate bankruptcies rising fast.

Mortgage origination off 50 % from 2020.

Commercial Real Estate market is imploding.

Huge book of Low interest rate loans.

Everything points to a meltdown of the banking sector.

 

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