For the months of May and June, taxi medallion prices averaged $550,750 in New York City.
There were 10 transfers during the two months, of which 7 were foreclosures.
Taxi medallion prices ranged between $405,000 to $610,000. However, the $405,000 medallion transfer is possibly a data outlier.
These transactions indicate that credit unions with New York City taxi medallion loans will likely see an increase in delinquencies, troubled debt restructured loans, and charge-offs.
2 medallion sales is not a market.
ReplyDeleteThey may have been sold beneficially to a buyer w common interest too btw.
The only question remaining is when.
When does state of ny force the issue w NCUA on millionaire Kaufman at melrose.
Melrose CU Fires CEO Kaufman
ReplyDeleteThe $1.9 billion CU, which is involved in a lawsuit against the city of New York’s Taxi and Limousine Commission, declined to comment on the reasons for the firing.
If millionaire Kaufman can be fired for tanking a federally insured financial institution, can the NCUA be fired for gross supervisory NEGLIGENCE?
DeleteOr is it the state of NY or both?
Because my credit union's members don't want to pay the assessments that are coming.