Wednesday, September 20, 2017

46 NYC Taxi Medallions Sell for Under $200,000 in Auction

Crain's New York Business is reporting that 46 foreclosed New York City (NYC) taxi medallions sold at auction for $186,000 each.

The foreclosed tax medallions were bought by the hedge fund -- MPGE, Inc.

The $186,000-per medallion bid was for all 46 of the placards, which prevented the auction house from accepting one-off bids that would have priced a single medallion north of $200,000.

According to the story, taxi medallion prices have not been this low since the mid-1990s.

This would suggest additional losses await credit unions that originated or participated in NYC taxi medallion financing.

Read the press release.
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3 comments:

  1. AnonymousSeptember 20, 2017 at 10:48 AM

    What's the loss scenario at melrose, LOMTO, progressive, etc.
    If you want to call a " market" as $186-200,000...with medallion loans written at $500,000-1,200,000 and many of them the driver took out equity to pay for vacations, education, etc...
    ...probably means assessments this year and next.
    NCUA kicking the can just as they did w CCUs.
    Is there going to be a TTMSF?
    Temporary taxi medallion stabilization fund.
    That way, in 3-4 years MCW can talk about combining CCUSF and TTMSF with NCUSIF.
    What a joke.

    ReplyDelete
  2. AnonymousSeptember 20, 2017 at 10:51 AM

    Well anonymous was right, the bid is below $335,000...
    ... it's half that.
    Maybe Hampel can write a white paper to make it all sound better.
    Maybe Fenner can get a contingency lawsuit against the taxi commission with his BFF again.
    What a joke we are.

    ReplyDelete
    Replies
    1. A. NonymousSeptember 20, 2017 at 1:26 PM

      Surprise that Hampel and Fenner are both retired, so in their minds their hands are clean just like money launderers.

      Delete

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