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A little FYI. if you haven't already
https://imgur.com/a/SUkVguK
GLTA-Ts
Good morning people, Strike, Rodger that when I was a child I use to watch in the early years of T.V. The Amos and Andy show and in one of the episodes King Fish is trying to sell Andy an INVISIBLE CAR and his sales pitch was that Andy could PARK THE CAR ANYWHERE AND NOT GET A TICKET AND HOW SILENT THE ENGINE WAZZZZ, reminds me of this so called monies , aka. It’s ours ,it’s. lot , but it can’t be seen , it’s parked somewhere, YIKES its like the song “if you’ll believe that I got some waterfront property in Arizona (or ole cactus has some waterfront property) ;-:
GoGooooooCOOP
GLTA-Ts
Loooow wake up->FYI post-Fire Sale: $300 Million San Francisco Office Tower, Mostly Empty. Open to Offers.
350 California Street was worth $300 million four years ago. It might sell for 80% less now, brokers say, in a market where office vacancy rates have soared.
Before the pandemic, San Francisco’s California Street was home to some of the world’s most valuable commercial real estate. The corridor runs through the heart of the city’s financial district and is lined with offices for banks and other companies that help fuel the global tech economy.
One building, a 22-story glass and stone tower at 350 California Street, was worth around $300 million in 2019, according to office broker estimates.
That building now is for sale, with bids due soon. They are expected to come in at about $60 million, commercial real-estate brokers say. That’s an 80% decline in value in just four years.
This is how dire things have become in San Francisco, an extreme form of a challenge nationwide. Nearly every large U.S. city is struggling, to some degree, with reduced office-worker turnout since the pandemic spurred remote work. No market was hit harder than San Francisco, for reasons including its high costs, reliance on a tech industry quick to embrace hybrid work, and quality-of-life issues such as crime and homelessness.
Many of the city’s most prominent corporate tenants, from Salesforce Inc. to Facebook parent Meta Platforms Inc., are flooding the office market with space for sublet rather than waiting for their leases to expire. The lack of office workers is rippling throughout the financial district, leading restaurants, retailers and other small businesses to lay off employees or close.
Nearly 30% of San Francisco’s office space is vacant, which is more than seven times the rate before the pandemic hit, and the biggest increase of any major U.S. city, according to commercial real estate services firm CBRE Group Inc.
Today it is hard to know just what office buildings in San Francisco’s financial district are worth, because transactions have practically dried up. A sale of 350 California promises to establish new pricing.
“We’re all really on the edge of our seats to see the first office trade in San Francisco,” said J.D. Lumpkin, executive managing director at real estate services firm Cushman & Wakefield.
Stress on the office-building market across the U.S. is not an isolated problem, because of the effect on tax levies and nearby shops and the potential impact on the financial sector, especially regional banks that are big lenders on commercial real estate.
A?bout $80 billion worth of loans backed by U.S. office buildings come due this year, according to data firm Trepp Inc. Most will need to be refinanced, at a time of higher interest rates and lower occupancy, threatening lenders with losses.
Wells Fargo & Co. recently said the volume of its office-building-backed loans that are classified as “nonaccrual”—meaning the bank no longer expects full interest and principal payment—jumped to $725 million in the first quarter from $186 million in the 2022 fourth quarter.
The office tower at 350 California, which CBRE is marketing, faces some specific challenges. The tower is about 75% vacant because the primary tenant, Union Bank, has mostly vacated it. Unfilled space is a big liability these days, in contrast to before the pandemic, when investors would often pay a premium for empty space because it meant a chance to raise rents.
Any buyer of 350 California—built in the 1970s and owned by Mitsubishi UFJ Financial Group’s MUFG Americas unit—is expected to have to spend another $50 million or so on interior spaces and other changes to lure new tenants. Amenities such as rooftop decks and spa-quality fitness centers now are standard in top-quality buildings that can charge the highest rents.
Regardless of the building’s specific issues, a sale as low as the bids some brokers expect would be bad news for office owners in other U.S. cities too, said Mark Fawer, a partner in the real estate practice group at law firm Greenspoon Marder.
“This could be seen as a bellwether for the value destruction in the urban office market nationally,” he said, “especially those markets that are more technology and financial services-centric.”
California Street, stretching 5.2 miles from the financial district to Lincoln Park, is one of San Francisco’s longest and most celebrated boulevards. The corridor runs through Chinatown and is traversed by the city’s famed cable cars. It intersects Montgomery Street, where traders swapped stocks at the Pacific Exchange on nearby Pine Street until 2006.
Though business activity in the district was upended by the dot-com bust in 2000 and the 2008 financial crisis, its office towers refilled not long after both of those downturns. “There always used to be people waiting at the elevator,” said Paul Bleeg, a tax partner at accounting firm EisnerAmper LLP on California Street. “I could never get a seat on BART,” the public transit system.
On a recent afternoon, Robbie Silver strolled a California Street sidewalk next to empty stores and “for lease” signs. As executive director of Downtown SF Partnership, a nonprofit business advocacy group, he is lobbying for public-private partnerships to convert unused office space into apartments and help attract new stores, restaurants and other shops to replace those that have closed.
In February, San Francisco Mayor London Breed rolled out her plan to revitalize the downtown office market, the latest U.S. city to announce steps to recover from the office-worker exodus. Her proposal includes a mix of tax incentives.
Any financial solution to the city’s problems is made harder because property owners are among the city’s biggest taxpayers and now are earning considerably less income. The San Francisco controller’s office forecasts up to $1 billion in lost property taxes for local agencies from commercial buildings alone through 2028. Retail sales have fallen steeply in San Francisco.
Ms. Breed asked city department heads to prepare for cuts of up to 13% over the next two years to cope with a projected budget shortfall over that time of $780 million, or 6% of the total general-fund revenue, amid overall economic risks.
As recently as 2021, San Francisco office-building owners were still hopeful the financial district would emerge with renewed vigor, as after the previous downturns. That year, the owner tried to sell the office tower. It pulled the listing after bids failed to exceed $180 million, or 60% of the estimated 2019 value, according to people familiar with the matter.
The tepid interest was an early sign that this crisis was different, and that a deteriorating quality of life in the city was contributing to the reduced office turnout.
There was a lot of hate crime on Asian Americans, and we had many [Asian Americans] on our team who refused to come to the office,” said Anthemos Georgiades, CEO of Zumper, an online real-estate firm. By early this year, only about half of Zumper’s San Francisco-based workers had returned to their office at the Transamerica Pyramid near California Street.
San Francisco’s dependence on the tech industry, for years a strength, has become a weakness. With young workforces and break-the-mold corporate cultures, tech companies like Dropbox Inc. and Yelp Inc. announced shifts toward more remote work and needing less office space.
One company’s policy on returning to work has particularly stung—that of Salesforce. CEO and co-founder Marc Benioff, a fourth-generation San Franciscan whose grandfather served on the city Board of Supervisors, was a public advocate for a special tax to assist the homeless that many other businesses opposed. In the years leading up to the pandemic, Salesforce became San Francisco’s biggest employer, occupying two new towers in the South-of-Market district.
When it came to a full return to offices, Mr. Benioff wasn’t a fan. “We’re not all going back,” he said at an industry event in 2021. “People’s consciousness and lives and ability to work has changed.” That put him in conflict with Mayor Breed, who in an interview earlier this year said that “for this city to be thriving, we need people back in the office.”
Salesforce this year began adopting a stricter return-to-office policy, asking some workers back as many as four days per week. In his public remarks, Mr. Benioff has continued to say that his earlier comment about the workplace being changed has been validated.
There has been a slight increase in activity in San Francisco this year, say landlords and small businesses. JPMorgan Chase & Co., a tenant of 560 Mission Street, has instructed managing directors to be back in the office five days a week. Tech giants like Alphabet Inc.’s Google and Uber Technologies Inc. have called employees back to the office some days.
Brokers say venture-capital firms investing in the fast-growing AI sector are making inquiries about office space. “If I wasn’t bullish on San Francisco, I wouldn’t be here,” said Chris Roeder, lead broker for the San Francisco office of commercial real estate services firm
Some landlords are getting new leases signed, though with steep concessions. In 2019, tenants signing 10-year leases would typically get three months of free rent. Today it can be as much as 18 months, brokers say.
Average asking office rent was $75.25 a square foot in the first quarter of this year, compared with $88.40 the first quarter of 2020, according to CBRE. Meanwhile, tenants are getting sublease space for as low as $25 a square foot. That is just enough to pay the electricity, heat and other costs to operate a building, said Elizabeth Hart, president of North American leasing for commercial property services firm Newmark Group Inc.
For the building at 350 California Street, some brokers say even an 80% markdown from the 2019 value might not attract an abundance of bids. Few conventional lenders will provide debt financing for a near-empty tower nowadays, brokers and landlords say, which means the winning bid will likely have to be all-cash. They say it’s even possible no deal will be done.
Matthew Anderson, managing director at Trepp, the data firm, said that selling the office building at a deeply discounted price would be a sad moment for the office market sector.
“I want to cry,” he said. “I’m getting emotional just thinking about that.”
——————
https://www.youtube.com/watch?v=GWBzxr3c29s
https://www.youtube.com/watch?v=a0z5sD8ylRY
https://www.youtube.com/watch?v=l44g0eW3rwI
https://m.youtube.com/watch?v=lAD6Obi7Cag&pp=ygUveW91ciBtb25leSBmb3Igbm90aGluZyBhbmQgeW91ciBjaGlja3MgZm9yIGZyZWU%3D
———————————————-
Job cuts
Morgan Stanley and Citigroup have joined the chorus of companies announcing job cuts as cost pressures rise. Morgan Stanley says the move is necessitated by the slump in dealmaking, which spurred a profit decline in the first quarter. Just months after the bank trimmed about 2% of its workforce, it plans to slash a further 3,000 jobs globally. Citigroup CEO Jane Fraser cited similar pressures, saying the company is willing to adjust staffing levels inside its investment bank as they cope with the dealmaking drop that’s cut into fees across Wall Street.
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Ts
FYI-Post May 2 Credit Suisse AT1 Bondholders Who Lost $1.7 Billion In UBS Deal File Lawsuits
Credit Suisse Group AG bondholders sued Switzerland’s banking regulator after their securities worth $1.7 billion were wiped out
Law firm Pallas Partners, which filed the suit in a Swiss court on April 18, said the Finma agency had no right to order the writedown and is seeking full compensation for its clients — 90 institutional investors and asset managers with $1.35 billion in so-called additional tier-1 bonds, as well as 700 retail and family office clients accounting for some $300 million.
This was an abuse of process and the resolution procedure should not be used by Switzerland to enable UBS to take over Credit Suisse to the detriment of AT1 holders,” Pallas founder and managing partner Natasha Harrison said in a statement
The latest claims mean that investors representing more than a third of the $17 billion in AT1 bonds issued by Credit Suisse have now sought to get their money back. US law firm Quinn Emmanuel last month filed a claim in Swiss court representing more than 400 institutional investors who held about $4.5 billion worth of AT1s, and at least two other complaints have been filed.
Created after the 2008 financial crisis, AT1s are the lowest rung of bank debt, producing juicy returns in good times but taking the first hit when a bank runs into trouble. Even shareholders — often the first domino to fall in such situations — salvaged some value from the takeover engineered by Swiss authorities, while Credit Suisse’s AT1 holders walked away with nothing. Many bondholders were furious at the move. European regulators hurried to reassure investors that the Swiss arrangement was an exception.
Bondholders have argued that changing the law the day before the notes were written off was unfair and that a process upending the conventions of an insolvency where bondholders take priority over shareholders is wrong.
However, Finma’s move was covered by emergency legislation enacted the weekend of March 18-19 the deal to rescue Credit Suisse was put together. Defenders of the writedown also point to the fact that the fine print on the bonds always warned that the risk of a writedown to zero was a possibility.
Further lawsuits are expected this week as UBS races to complete the deal. (Some law firms have interpreted the 30-day deadline for suits to be April 18, while others believe the 30-day rule to be only working days.)
UBS Chairman Colm Kelleher has said he plans to finalize the takeover this quarter, specifically in May.
https://www.bqprime.com/amp/business/credit-suisse-at1-bondholders-who-lost-1-7-billion-in-ubs-deal-file-lawsuits
GLTA-Ts
A FYI post-Fire Sale: $300 Million San Francisco Office Tower, Mostly Empty. Open to Offers.
350 California Street was worth $300 million four years ago. It might sell for 80% less now, brokers say, in a market where office vacancy rates have soared.
Before the pandemic, San Francisco’s California Street was home to some of the world’s most valuable commercial real estate. The corridor runs through the heart of the city’s financial district and is lined with offices for banks and other companies that help fuel the global tech economy.
One building, a 22-story glass and stone tower at 350 California Street, was worth around $300 million in 2019, according to office broker estimates.
That building now is for sale, with bids due soon. They are expected to come in at about $60 million, commercial real-estate brokers say. That’s an 80% decline in value in just four years.
This is how dire things have become in San Francisco, an extreme form of a challenge nationwide. Nearly every large U.S. city is struggling, to some degree, with reduced office-worker turnout since the pandemic spurred remote work. No market was hit harder than San Francisco, for reasons including its high costs, reliance on a tech industry quick to embrace hybrid work, and quality-of-life issues such as crime and homelessness.
Many of the city’s most prominent corporate tenants, from Salesforce Inc. to Facebook parent Meta Platforms Inc., are flooding the office market with space for sublet rather than waiting for their leases to expire. The lack of office workers is rippling throughout the financial district, leading restaurants, retailers and other small businesses to lay off employees or close.
Nearly 30% of San Francisco’s office space is vacant, which is more than seven times the rate before the pandemic hit, and the biggest increase of any major U.S. city, according to commercial real estate services firm CBRE Group Inc.
Today it is hard to know just what office buildings in San Francisco’s financial district are worth, because transactions have practically dried up. A sale of 350 California promises to establish new pricing.
“We’re all really on the edge of our seats to see the first office trade in San Francisco,” said J.D. Lumpkin, executive managing director at real estate services firm Cushman & Wakefield.
Stress on the office-building market across the U.S. is not an isolated problem, because of the effect on tax levies and nearby shops and the potential impact on the financial sector, especially regional banks that are big lenders on commercial real estate.
A?bout $80 billion worth of loans backed by U.S. office buildings come due this year, according to data firm Trepp Inc. Most will need to be refinanced, at a time of higher interest rates and lower occupancy, threatening lenders with losses.
Wells Fargo & Co. recently said the volume of its office-building-backed loans that are classified as “nonaccrual”—meaning the bank no longer expects full interest and principal payment—jumped to $725 million in the first quarter from $186 million in the 2022 fourth quarter.
The office tower at 350 California, which CBRE is marketing, faces some specific challenges. The tower is about 75% vacant because the primary tenant, Union Bank, has mostly vacated it. Unfilled space is a big liability these days, in contrast to before the pandemic, when investors would often pay a premium for empty space because it meant a chance to raise rents.
Any buyer of 350 California—built in the 1970s and owned by Mitsubishi UFJ Financial Group’s MUFG Americas unit—is expected to have to spend another $50 million or so on interior spaces and other changes to lure new tenants. Amenities such as rooftop decks and spa-quality fitness centers now are standard in top-quality buildings that can charge the highest rents.
Regardless of the building’s specific issues, a sale as low as the bids some brokers expect would be bad news for office owners in other U.S. cities too, said Mark Fawer, a partner in the real estate practice group at law firm Greenspoon Marder.
“This could be seen as a bellwether for the value destruction in the urban office market nationally,” he said, “especially those markets that are more technology and financial services-centric.”
California Street, stretching 5.2 miles from the financial district to Lincoln Park, is one of San Francisco’s longest and most celebrated boulevards. The corridor runs through Chinatown and is traversed by the city’s famed cable cars. It intersects Montgomery Street, where traders swapped stocks at the Pacific Exchange on nearby Pine Street until 2006.
Though business activity in the district was upended by the dot-com bust in 2000 and the 2008 financial crisis, its office towers refilled not long after both of those downturns. “There always used to be people waiting at the elevator,” said Paul Bleeg, a tax partner at accounting firm EisnerAmper LLP on California Street. “I could never get a seat on BART,” the public transit system.
On a recent afternoon, Robbie Silver strolled a California Street sidewalk next to empty stores and “for lease” signs. As executive director of Downtown SF Partnership, a nonprofit business advocacy group, he is lobbying for public-private partnerships to convert unused office space into apartments and help attract new stores, restaurants and other shops to replace those that have closed.
In February, San Francisco Mayor London Breed rolled out her plan to revitalize the downtown office market, the latest U.S. city to announce steps to recover from the office-worker exodus. Her proposal includes a mix of tax incentives.
Any financial solution to the city’s problems is made harder because property owners are among the city’s biggest taxpayers and now are earning considerably less income. The San Francisco controller’s office forecasts up to $1 billion in lost property taxes for local agencies from commercial buildings alone through 2028. Retail sales have fallen steeply in San Francisco.
Ms. Breed asked city department heads to prepare for cuts of up to 13% over the next two years to cope with a projected budget shortfall over that time of $780 million, or 6% of the total general-fund revenue, amid overall economic risks.
As recently as 2021, San Francisco office-building owners were still hopeful the financial district would emerge with renewed vigor, as after the previous downturns. That year, the owner tried to sell the office tower. It pulled the listing after bids failed to exceed $180 million, or 60% of the estimated 2019 value, according to people familiar with the matter.
The tepid interest was an early sign that this crisis was different, and that a deteriorating quality of life in the city was contributing to the reduced office turnout.
There was a lot of hate crime on Asian Americans, and we had many [Asian Americans] on our team who refused to come to the office,” said Anthemos Georgiades, CEO of Zumper, an online real-estate firm. By early this year, only about half of Zumper’s San Francisco-based workers had returned to their office at the Transamerica Pyramid near California Street.
San Francisco’s dependence on the tech industry, for years a strength, has become a weakness. With young workforces and break-the-mold corporate cultures, tech companies like Dropbox Inc. and Yelp Inc. announced shifts toward more remote work and needing less office space.
One company’s policy on returning to work has particularly stung—that of Salesforce. CEO and co-founder Marc Benioff, a fourth-generation San Franciscan whose grandfather served on the city Board of Supervisors, was a public advocate for a special tax to assist the homeless that many other businesses opposed. In the years leading up to the pandemic, Salesforce became San Francisco’s biggest employer, occupying two new towers in the South-of-Market district.
When it came to a full return to offices, Mr. Benioff wasn’t a fan. “We’re not all going back,” he said at an industry event in 2021. “People’s consciousness and lives and ability to work has changed.” That put him in conflict with Mayor Breed, who in an interview earlier this year said that “for this city to be thriving, we need people back in the office.”
Salesforce this year began adopting a stricter return-to-office policy, asking some workers back as many as four days per week. In his public remarks, Mr. Benioff has continued to say that his earlier comment about the workplace being changed has been validated.
There has been a slight increase in activity in San Francisco this year, say landlords and small businesses. JPMorgan Chase & Co., a tenant of 560 Mission Street, has instructed managing directors to be back in the office five days a week. Tech giants like Alphabet Inc.’s Google and Uber Technologies Inc. have called employees back to the office some days.
Brokers say venture-capital firms investing in the fast-growing AI sector are making inquiries about office space. “If I wasn’t bullish on San Francisco, I wouldn’t be here,” said Chris Roeder, lead broker for the San Francisco office of commercial real estate services firm
Some landlords are getting new leases signed, though with steep concessions. In 2019, tenants signing 10-year leases would typically get three months of free rent. Today it can be as much as 18 months, brokers say.
Average asking office rent was $75.25 a square foot in the first quarter of this year, compared with $88.40 the first quarter of 2020, according to CBRE. Meanwhile, tenants are getting sublease space for as low as $25 a square foot. That is just enough to pay the electricity, heat and other costs to operate a building, said Elizabeth Hart, president of North American leasing for commercial property services firm Newmark Group Inc.
For the building at 350 California Street, some brokers say even an 80% markdown from the 2019 value might not attract an abundance of bids. Few conventional lenders will provide debt financing for a near-empty tower nowadays, brokers and landlords say, which means the winning bid will likely have to be all-cash. They say it’s even possible no deal will be done.
Matthew Anderson, managing director at Trepp, the data firm, said that selling the office building at a deeply discounted price would be a sad moment for the office market sector.
“I want to cry,” he said. “I’m getting emotional just thinking about that.”
——————
https://m.youtube.com/watch?v=lAD6Obi7Cag&pp=ygUveW91ciBtb25leSBmb3Igbm90aGluZyBhbmQgeW91ciBjaGlja3MgZm9yIGZyZWU%3D
———————————————-
Job cuts
Morgan Stanley and Citigroup have joined the chorus of companies announcing job cuts as cost pressures rise. Morgan Stanley says the move is necessitated by the slump in dealmaking, which spurred a profit decline in the first quarter. Just months after the bank trimmed about 2% of its workforce, it plans to slash a further 3,000 jobs globally. Citigroup CEO Jane Fraser cited similar pressures, saying the company is willing to adjust staffing levels inside its investment bank as they cope with the dealmaking drop that’s cut into fees across Wall Street.
—————————-
Ts
Good morning people, FYI. JPMorgan will assume all deposits held by First Republic Bank after the troubled lender was taken over by US regulators. The resolution came after the weekend’s emergency auction, where banks including JPMorgan, PNC Financial Services and Citizens Financial were asked to submit offers. Also invited were Bank of America and US Bancorp — but both decided against bidding. JPMorgan, the country’s largest bank, had the advantage of what Chief Executive Officer Jamie Dimon calls its fortress balance sheet heading into the government-led attempt to sell First Republic.
Complete story below
https://www.bloomberg.com/news/articles/2023-05-01/first-republic-seized-by-regulators-will-be-sold-to-jpmorgan?cmpid=BBD050123_MKT&utm_medium=email&utm_source=newsletter&utm_term=230501&utm_campaign=markets
GOGOOOOOOCOOP
GLTA-Ts
Dude, how many times do I need to post about The BOYZZZ BANKS , ITS LIKE THE FAB 5 , It’s not hard , take care, as I enjoy a few Irish coffee’s after dinner with some chocolate mousse cake
Life issss. Good
GoGooooooCOOP
GLTA-Ts
Was this info posted , (TGIF) lol if so sorry , Dallas News ON 2023-04-27 12:40
Coppell’s Mr. Cooper buys another mortgage servicer, adding 250,000 customers
Coppell-based Mr. Cooper Group is buying a large player in the mortgage business, adding a quarter of a million new customers. Mr. Cooper, formerly ...
https://newstral.com/en/article/en/1237737807/coppell-s-mr-cooper-buys-another-mortgage-servicer-adding-250-000-customers
GLTA-Ts
Good morning people , FYI. IN THE 47.pps we hit that mark 3x in the past year and each time it held between 2 to 3 days and dropped back down , time will tell if it’s a end around run or not
GoGooooooCOOP
TGIF BABEEEEE Have a great weekend people, GLTA-Ts
Good morning people, For now it looks like a great day in the neighborhood on COOP avenue, but I will wait for another day or two
GoGooooooCOOP
Have a great day people
GLTA-Ts
SHORT INTEREST -579,799
SETTLEMENT DATE SHORT INTEREST AVG. DAILY SHARE VOLUME DAYS TO COVER
04/14/2023 3,041,233 531,646 5.72041
03/31/2023 3,577,032 884,281 4.04513
03/15/2023 3,295,918 756,464 4.357006
02/28/2023 2,504,705 681,965 3.672776
02/15/2023 2,718,007 571,653 4.754645
01/31/2023 3,122,028 428,966 7.278031
01/13/2023 3,200,333 485,549 6.591164
12/30/2022 3,476,840 774,042 4.491798
12/15/2022 3,193,026 392,558 8.133896
11/30/2022 3,072,937 331,143 9.279788
11/15/2022 2,927,794 674,142 4.342993
10/31/2022 3,386,460 852,573 3.972047
10/14/2022 3,003,312 540,992 5.551491
09/30/2022 3,277,284 731,894 4.477812
09/15/2022 3,898,919 555,402 7.019995
08/31/2022 3,890,919 419,363 9.278165
08/15/2022 4,077,778 497,133 8.20259
07/29/2022 4,082,714 637,557 6.403685
07/15/2022 5,921,536 488,568 12.120188
06/30/2022 4,745,754 920,704 5.154484
06/15/2022 4,193,548 709,737 5.908594
05/31/2022 4,585,921 774,856 5.918417
05/13/2022 3,974,973 1,223,575 3.248655
04/29/2022 3,638,605 934,048 3.895522
04/14/2022 3,257,981 1,270,020 2.565299
GLTA-Ts
I give up, to many before dinner cocktails lolol
GLTA-Ts
Good morning people , tradein you do have a point their in that post
Anyhow it’s to nice outside to be inside, time to plant some herbs
GoGooooooCOOP
Have a great day people-Ts
Silly: And your not making monies on this elevator ride, geeee I been on this local and express for what seems like eons now and lovein the ride, and will soon will exit EOY. and will always keep an eye on the ride
GogoooooCOOP
GLTA-Ts
Good morning people, Good morning people, Vodka, Bella, ciao, enjoy, Have a great weekend people, It’s just to nice outside to be inside,
GoGooooooCOOP
TGIF Babeeeee Ts wink smile
Good morning people, Vodka, Bella, ciao, enjoy, Have a great weekend people, It’s just to nice outside to be inside,
GoGooooooCOOP
TGIF Babeeeee Ts
Good morning people , FYI.The board leaders for yesterday was Picks with 15 posts and Lo with 10 posts for a total of 25 posts Oh well , considering the markets yesterday COOP didn’t do bad at all, hitting the gym early today ,the boss has me doing some repotting plant outside ,as it’s to nice outside to be inside
GoGooooooCOOP
Have a great day people, life issss good
GLTA-Ts
Hey Ole Cactus, that lurker is trying to put the boot to you where the needles don’t grow “ go ride ur bike”
Edit
Picks is also trying to fit his boot up their too heheheh
GoGooooooCOOP
GLTA-Ts
Seized assets from Silicon Valley Bank and Signature Bank are fetching 85 to 90 cents on the dollar
https://www.marketwatch.com/story/blackrock-starts-selling-100-billion-pile-of-fdic-assets-seized-by-silicon-valley-bank-signature-bank-ef0c7e43
Thanxs goes to LGHO on BP.
GoGooooooCOOP
GLTA-Ts
Good morning people, I guess 9/10 posts a day is considered lurking by some and the get over it and move on with ur life might be considered a lurkers creed ? lololol
Anyhow waiting and watching COOP for or IFFEN there’s any more room to play where I would feel comfortable at .
GoGooooooCOOP
Have a great day people GLTA-Ts
A top investor in Charles Schwab sold its entire $1.4 billion stake as the brokerage fell victim to the banking turmoil
Apr 14, 2023, 8:12 AM
https://markets.businessinsider.com/news/stocks/charles-schwab-investor-sold-entire-billion-stake-banking-turmoil-2023-4
A top investor in Charles Schwab dumped its entire $1.4 billion stake as the brokerage fell victim to turmoil in the banking sector, according to the Financial Times.
Florida-based GQG Partners was among Schwab's top 15 shareholders until fears of the bank's unrealized losses on its bond portfolio alongside a run on deposits took hold.
"We didn't see an existential risk but they were caught up in the sentiment around banks," Mark Barker, head of international at GQG Partners, told the Financial Times.
Banking jitters kicked off following the collapse of Silicon Valley Bank and Signature Bank, sparking a wave of mass withdrawals as depositors rushed to money-market funds they perceived a safer investment than uninsured deposits.
With all the inflows to money-market funds Charles Schwab is losing deposits revenue," said Barker.
Schwab was among one of the US lenders hit the hardest amid the turmoil, with the bank's share price dropping more than 30% since the start of March. Confidence in the bank also took a beating after Schwab revealed it has nearly $28 billion in unrealised losses across its held-to-maturity and available-for-sale bond portfolio.
Like SVB, Charles Schwab pumped billions of dollars into US Treasury securities at a time when interest rates were near-zero levels.
Given rates have surged over the past year thanks to the Federal Reserve's anti-inflation fight, those bonds have declined in value, and should the bank need to sell them, it could realize huge losses that may ultimately wipe out shareholders' equity.
With all the inflows to money-market funds Charles Schwab is losing deposits revenue," said Barker.
Schwab was among one of the US lenders hit the hardest amid the turmoil, with the bank's share price dropping more than 30% since the start of March. Confidence in the bank also took a beating after Schwab revealed it has nearly $28 billion in unrealised losses across its held-to-maturity and available-for-sale bond portfolio.
Despite last month's turbulence, Schwab reported that it logged the second-highest inflows in March in bank history, bringing in more than $54 billion of core net new client assets.
GoGooooooCOOP
GLTA-Ts
Good morning people, just doing a drivebye to do some flash reading incase as I still own my banked shs , I noticed another day of posting by the LURKER anyhow everyone have a great day
GoGooooooCOOP
GLTA-Ts
Good morning people, jhd my banked shs are a 100% free/ no cost (well time, but I like playing the game)I will sell 95% end of year and be very happy , yeah it might go wherever but in how many more YEARS,and they need SOMETHING AND IFFEN NUTTEN, I still remember NSM ‘s history, but also never fall in love with a stock IMHO
GOGOOOOOOCOOP
ITS TO NICE OUTSIDE TO BE INSIDE
GLTA-Ts
jhd , there always been monies to be made (and still)here on COOP avenue, , except people chose to throw nonsense at each other, I prefer to bank shs and will unload all freebies at whatever pps EOY. Some posters say they don’t own any shs or they sold all for a good profit and yet they are posting here for whatever, ok sure and foreget that there is still more to be made with COOP the gift that keeps on giving even in times like these in the markets , I guess I’m not getting Lol
GoGooooooCOOP
GLTA-Ts
I luvvvvvv COOP stock, the stock that JUST keeps on giving , just banked more freebies no cold meds in me this time lol , now I’m just
Good morning people, Xoom “he’s just lurking these days” lol.
GoGooooooCOOP
GLTA-Ts
Good morning people, I hope allll had a great Easter with family and friends, I need another 1/2 block on COOP Ave.,will be LURKING today lol as it’s to nice outside to be inside
GoGooooooCOOP
GLTA-Ts
Hi Split, SIPC coverage insures people for up to $500000 in cash and securities per account, NOW IFFEN THEY CAN HOLD 500, of mine only
IFFEN,
GOGOOOOOOCOOP
GLTA-Ts
Good morning people : Charles Schwab: Off-The-Charts Liquidity
Apr. 06, 2023 3:44 AM ETThe https://seekingalpha.com/article/4592577-charles-schwab-stock-off-the-charts-liquidity-hold
Recently investors sold off Charles Schwab yet again as bank contagion fears resurfaced.
Oil spiked after OPEC cut output, leading to fears that the Fed would have to start raising rates again.
That would cause even more losses on Schwab's securities.
It's true that Schwab's unrealized losses whittle its book value down to a smaller than reported figure, but the bank can cover potential withdrawals.
Schwab's liquid, uncommitted assets as a percentage of deposits are actually higher than for many other banks.
Charles Schwab (NYSE:SCHW) stock took a dip on Tuesday as economic jitters re-kindled investors' fears about bank stocks. The stock fell 3% in just one day of trading. Although no material news about Schwab was released on Tuesday, it may have gotten caught up in renewed interest rate worries. Recently, OPEC decided to cut output, which caused oil futures to spike 5% in a single day. This naturally got investors worried about more rate hikes, which in Schwab's case would be troubling, as it is sitting on a massive amount of unrealized securities losses. It reports $12.3 billion in losses in its financial statements, an amount that gets counted as equity. It also discloses $15 billion in losses on held to maturity securities; those aren't considered part of equity, but do affect liquidity. Further, Schwab has been reclassifying securities from available for sale ("AFS") to held to maturity ("HFS") in recent quarters, a behavior typical of the banks that failed in March. Basically, Schwab actually has $27.3 billion in losses rather than the claimed $12.3 billion. The AFS securities are already reported at fair value, but the HTM losses aren't. If those securities were reported at fair value they'd reduce Schwab's $36 billion in shareholder's equity to $21 billion.
These figures all look pretty alarming. However, the way the "unrealized losses" discourse played out in the media after Silicon Valley Bank collapsed was a little misleading. Media outlets like Bloomberg endlessly highlighted the banks' $620 billion in unrealized losses after SVB failed, because that bank's unrealized losses contributed to its collapse. Basically, when a bank run happens, you have to start selling securities, because your cash position gets whittled down to $0. Once you start selling, unrealized losses transform into realized losses. If your unrealized loss is big enough, it can result in you failing to pay off your depositors.
That's all well and good, but unrealized losses as a single factor, considered in themselves, do not cause banks to fail. A large enough unrealized loss can certainly cause book value to decrease, but it won't necessarily cause a failure. What matters is the amount of market value left AFTER the unrealized losses are subtracted. As it turns out, Schwab's liquidity after unrealized losses is about 67% of the value of its liabilities. So, it would take a truly colossal bank run for Schwab to go broke. That fact in itself does not make Schwab a buy, but this stock certainly doesn't look like an obvious sell either.
Charles Schwab - Liquidity Covers 67% of the Liabilities
Earlier I mentioned that Charles Schwab's liquid assets are 67% of liabilities, so I will now explain how I arrived at that figure.
On Charles Schwab's balance sheet it reports $147.8 billion worth of AFS securities and $173 billion in HTM securities, which is enough to cover almost all of the deposits. However, if you scroll a little further down the company's 10-K, you notice that there are significant amounts of unrealized losses in both categories of securities. The AFS securities are already reported at fair value, so what we see on the balance sheet there reflects economic reality. That's not the case with the HTM securities. Those are actually worth $158 billion, or $12.3 billion less than what's reported on the balance sheet.
It is true that Charles Schwab is sitting on large amounts of unrealized securities losses. However, If you look at the amount of liquid securities it has, and compare them to deposits, you quickly notice that the company's liquidity is robust.
So, Schwab has $346.1 billion in very liquid assets if everything is adjusted down to fair value. Against this, we have $515.1 billion in liabilities. So, Schwab's liquidity covers 67% of all liabilities. It also covers a whopping 94.6% of deposits, which is an unheard of figure for more conventional banks. As I wrote in a recent article on Bank of America (BAC), 50% coverage is pretty good for such banks.
The reason why I refer to liquidity as a percentage of total liabilities in Schwab's case is because it is primarily a brokerage. It has large sums of payables to brokerage clients that could cause runs on its liquidity-most of the big banks have these as well, but they're smaller in proportion to total liabilities. I think it's best to look at Schwab in terms of total liabilities instead of deposits for this reason. Certainly, it's the most prudent approach: if you simply compared Schwab's liquidity to its deposits you'd conclude it's swimming in liquidity and nearly "unsinkable," an overly euphoric conclusion that ignores earnings related risks and the ever-shrinking book value.
I noticed the lurker issss not lurking much lololol
GoGooooooCOOP
GLTA-Ts
Is 7 or 8 posts before dinner still be considered lurking lololol
I still need another block on COOP AVE.
GoGooooooCOOP
GLTA-Ts
Hi allllll I’m mostly lurking these days lololol
Ts
Edit :wrong stock lolol that’s what’s happens when you come back from the Docs and taken cold meds heheh
GoGooooooCOOP
Good morning people, Looking like another good day in the neighborhood on COOP avenue I need another block step by step
GoGooooooCOOP
Life isssss good
GLTA-Ts
Good morning people ,Lo U said/ posted “I really just lurk lately” So much for the lurking mannn you live for this message board ,otherwise what the heck would you do with alllllll your time, morning, noon and late night lol
GoGooooooCOOP
GLTA-Ts
Low ,one more thanggggg
Update Schwab Hit by Worst Month Since 1987 Amid Cash Sorting Woes
Stock tumbled 33% in March, wiping out $47 billion in value
So-called cash sorting has weighed on Schwab’s earnings power
https://ca.finance.yahoo.com/news/schwab-eyes-worst-month-since-154652896.html
Bloomberg) -- Charles Schwab Corp.’s worst month in more than 35 years has sparked a debate among analysts as to whether the brokerage giant has been unfairly punished by investors amid growing fears about the US banking sector.
There are times in markets where logic is thrown out the window and emotion takes over and I feel like this is one of those moments with Schwab,” said Adam Sarhan, founder of 50 Park Investments.
He added that the rout is a “historic buying opportunity” for the financials sector as a whole and something not seen since 2008. Other brokerage stocks were also lower, just not as much as Schwab. Interactive Brokers Group Inc. for instance, fell about 4% in March.
Schwab is facing a pair of headwinds. Its banking arm, one of the largest in the US, is dealing with some of the same issues that plagued the now-defunct Silicon Valley Bank. Like many of it peers, Schwab invested in long-dated bonds during a period of historically low interest rates and is stuck with losses on those investments as the Federal Reserve has increased interest rates over the last year.
Read more: US Banks Have $620 Billion of Unrealized Losses on Their Books
Higher rates have also created another headache for Schwab, customers seeking better returns are moving their cash deposits into higher yielding assets like money-market funds within the brokerage or elsewhere. That process — often referred to as cash sorting — has put pressure on the company’s profit outlook.
“As cash sorting occurs, that effectively hurts earnings power,” said JMP Securities analyst Devin Ryan. He added that Schwab is now paying well over 4% for deposits that it was once paying just about 0.5% for.
Read more: Flight to Money Funds Is Adding to the Strains on Small Banks
The pace at which customers are shifting their cash at Schwab spurred Morgan Stanley analyst Michael Cyprys to cut his rating on the stock for the first time since he began covering the brokerage company in 2016. Still, Bank of America’s Craig Siegenthaler, who downgraded Schwab in January, remains the only analyst with a sell-equivalent rating on the stock.
Schwab is set to report its first-quarter results before the open of trading on April 17. Its shares have fallen at least 1.5% during each of its last five sessions following its earnings release.
Buying opportunities like this are very clear in hindsight, according to Sarhan. Still, “having the courage in real time is very difficult,” he said.
Update Schwab Hit by Worst Month Since 1987 Amid Cash Sorting Woes
Stock tumbled 33% in March, wiping out $47 billion in value
So-called cash sorting has weighed on Schwab’s earnings power
https://ca.finance.yahoo.com/news/schwab-eyes-worst-month-since-154652896.html
Bloomberg) -- Charles Schwab Corp.’s worst month in more than 35 years has sparked a debate among analysts as to whether the brokerage giant has been unfairly punished by investors amid growing fears about the US banking sector.
There are times in markets where logic is thrown out the window and emotion takes over and I feel like this is one of those moments with Schwab,” said Adam Sarhan, founder of 50 Park Investments.
He added that the rout is a “historic buying opportunity” for the financials sector as a whole and something not seen since 2008. Other brokerage stocks were also lower, just not as much as Schwab. Interactive Brokers Group Inc. for instance, fell about 4% in March.
Schwab is facing a pair of headwinds. Its banking arm, one of the largest in the US, is dealing with some of the same issues that plagued the now-defunct Silicon Valley Bank. Like many of it peers, Schwab invested in long-dated bonds during a period of historically low interest rates and is stuck with losses on those investments as the Federal Reserve has increased interest rates over the last year.
Read more: US Banks Have $620 Billion of Unrealized Losses on Their Books
Higher rates have also created another headache for Schwab, customers seeking better returns are moving their cash deposits into higher yielding assets like money-market funds within the brokerage or elsewhere. That process — often referred to as cash sorting — has put pressure on the company’s profit outlook.
“As cash sorting occurs, that effectively hurts earnings power,” said JMP Securities analyst Devin Ryan. He added that Schwab is now paying well over 4% for deposits that it was once paying just about 0.5% for.
Read more: Flight to Money Funds Is Adding to the Strains on Small Banks
The pace at which customers are shifting their cash at Schwab spurred Morgan Stanley analyst Michael Cyprys to cut his rating on the stock for the first time since he began covering the brokerage company in 2016. Still, Bank of America’s Craig Siegenthaler, who downgraded Schwab in January, remains the only analyst with a sell-equivalent rating on the stock.
Schwab is set to report its first-quarter results before the open of trading on April 17. Its shares have fallen at least 1.5% during each of its last five sessions following its earnings release.
Buying opportunities like this are very clear in hindsight, according to Sarhan. Still, “having the courage in real time is very difficult,” he said.
Ts
Duhhhhhh Yikes lol. When you purchase a CD from a bank, you are entering into a contract with the bank. If the bank fails, the FDIC will reimburse you up to the FDIC insurance limit of $250,000 per depositor per bank. Even if you have multiple accounts at the same bank totaling more than $250,000, the FDIC will only insure your accounts up to this limit.
4.50/5.00 5 yr lock-in no gamble lol
You don’t buy anything do ya , ur a yell from the back of the bus n that’s ok ,no skin off my back , you buy when it’s low or you or you average down and wait
Now come back in 12 mos ok , now go play somewhere else
Good morning people, jhd when you consider the rest of the markets decline percentage wise COOP isssss really not bad , EX. BAC down 40% -/+ and this decline was before the few banks prob ,soooo it’s just time if ur not selling, as for me I’m here till end of year wherever it goes it’s alllll profit more or less of course more is always better lol AIMHO.
GoGooooooCOOP
GLTA-Ts
All & all not a bad day in th neighborhood on COOP Ave. , I still need a few more blocks for more freebies
TGIF BABEEEEEE
Have a great weekend people -Ts
Low I’ll take no risk 4.74 % on 100, for 5 to 7 year’s and for cash flow only on interest at my age ,no gamble , just for piss away fum ( oh and UTG seems to be a cheap closed end fund div cheap at the price oh and only a fool would not buy BAC at these pps , fool
Ts