A lot of Hoboken's bubble financing was carried out by major regional institutions focused on NYC development since there were housing synergies. Their fate will only add to the difficult credit conditions for buyers here.
I'm waiting for the duplicate (downtown vs uptown) branches to announce closure or consolidation. Realtor space occupants should take note!
From the Blogosphere:
"Washington Mutual (WM), Sovereign (SOV) (was Independence) and Capital One (COF) (was North Fork) are the three horsemen of New York multi-family lending and have potential exposure to the problematic multi-family environment. Signature Bank (SBNY) has recently recruited away a lending team from North Fork and may be able to cherry pick better margin and more tightly underwritten new loans to buyers of multi-family properties in NYC."
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As of this evening, WaMu has put itself up for auction. So much for the sustainability and quality of the mortgage portfolio.
Interested parties so far are Citi and Wells Fargo. The attraction of the deposit base however, has probably diminished drastically in the past month - as people feared the worst.
The deposits are safe. The real estate involvements are not!
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