NYCB Explores Mortgage and Loan Sales to Ease Financial Pressures
New York Community Bancorp is seeking third-party capital to finance a large portfolio of residential mortgages and exploring the sale of a $1 billion portfolio of recreational-vehicle and marine loans. The regional lender reported a surprise loss and announced a dividend cut, leading to a significant drop in its shares. NYCB's newly appointed executive chairman stated that the company will take necessary steps to build capital, including selling assets such as loans, and reducing its commercial real estate concentration. The bank's credit rating was downgraded to junk by Moody's due to financial risks and governance challenges.