Mnuchin and Trump - Back in the Game
NEW YORK COMMUNITY BANK?
Bloomberg:
“It was clear from the start that Steven Muchin's firm, Liberty Strategic Capital would anchor the deal by putting in $450mn” ? Bing Guan/Christopher Pike/Bloomberg
Financial Times: “When New York Community Bank reignited concerns about US regional banks by revealing big losses from commercial real estate loans at the end of January, Steven Mnuchin spotted his chance to get back into the game.
Donald Trump’s former US Treasury secretary had made a fortune rehabilitating a failed US mortgage lender after the 2008 financial crisis. This time, as NYCB’s shares plummeted 38 per cent in a day, Mnuchin put in a call into Jefferies, the mid-sized lender’s go-to advisers, to let them know that his private equity firm would be interested in throwing the bank a lifeline.”
Our History
New York Community Bancorp, Inc., through its subsidiary bank, Flagstar Bank, N.A., has deep roots in two major markets; the Northeast, specifically, New York City and in Michigan. The Company was founded in 1859 as the Queens County Savings Bank, and was the first savings bank chartered by the state of New York in the New York City Borough of Queens. The Company went public in 1993 and has grown organically and through a series of accretive mergers and acquisitions, including its acquisition of Flagstar Bancorp, Inc., and the assumption of certain assets and liabilities of the former Signature Bank from the FDIC. Flagstar Bank’s origins date back to 1987 in Bloomfield Hills, Michigan when it was known as First Security Savings Bank. It was chartered as a federal savings bank in 1987 and adopted the Flagstar name in 1996, reflecting a series of acquisitions of its own. Flagstar has a retail presence in four Mid-western states and in California, while its mortgage division conducts business nationally.
What We Do
New York Community Bancorp, Inc. has market-leading positions in several national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. Flagstar Mortgage is the 7th largest bank originator of residential mortgages for the 12-months ended December 31, 2023, while we are the industry’s 5th largest sub-servicer of mortgage loans nationwide, servicing 1.4 million accounts with $382 billion in unpaid principal balances. Additionally, the Company is the 2nd largest mortgage warehouse lender nationally based on total commitments.
My Comment: Mnuchin and Trump are “back in the game” - thanks to a $3billion investment by Saudi Arabia’s Private Investment Fund (PIF). The PIF, was once managed in NYC as the Economic Development Company of the Kingdom of Saudi Arabia. The “Company” was managed jointly by Guggenheim Partners and the Kingdom. Since then, the PIF is managed by a board of governors superseded by The Crown - Crown Prince Salman of Saudi Arabia.
Trump is being portrayed as heroic by CNN for being able to raise the bond money for defaming and sexually abusing E. Jean Carroll in NY. We must question to what lows our respect for human life and human dignity our society has sunk to, as it marvels at such "dissipations" of character.
Trump's drawing of $2billion in Saudi funds differs from Mnuchin's investment of $450million of Saudi -sourced moneys in NYCB. Trump will be using Saudi money to collateralize bonds issued against fines and legal judgements for his crimes, and to simultaneously support his campaign for the U.S. Presidency - a clear violation of the spirit and intent of the Monroe Doctrine.
Monroe wrote this Act in order to ensure stability and non-interference by foreign powers in our hemisphere, a stability that is bound to be disastrously thrown off-kilter by the Crown's investment in Trump - evidence of Trump's piss-poor judgement.
"Those silly people don't know their own silly business" - the business of Democracy.
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