NYCB sells $6 billion mortgage warehouse loans to JPMorgan Chase to strengthen liquidity

From Yahoo Finance: 2024-07-22 18:36:16

New York Community Bancorp completes sale of $5.9 billion in mortgage warehouse loans to JPMorgan Chase, with an additional $200 million expected to close soon pending approvals. This deal aims to strengthen NYCB’s liquidity and help in returning to profitability over the next two years. The loans were sold at face value to JPMorgan, expected to boost NYCB’s CET1 capital ratio by 70 basis points. Warehouse loans are lines of credit given to lenders to provide mortgages, repaid when loans are sold to investors.



Read more at Yahoo Finance: NYCB closes sale of about $6 billion mortgage warehouse loans to JPMorgan Chase