Trouble in Multifamily CRE: Two Big Messes, and Investors Are on the Hook, not Banks by Wolf Richter • Apr 11, 2023 • 118 Comments A REIT specializing in CRE loans foreclosed on 3,200 apartments in Houston. CMBS investors hit by default of 62 multifamily buildings in San Francisco.
Apple Mac Shipments Plunge 40% in Q1, Out-Plunging with Ease the Other Big PC Makers by Wolf Richter • Apr 10, 2023 • 119 Comments Hangover-time for PC makers after the explosion of demand during the pandemic.
San Francisco Office Market Turns into Nightmare, in Two Easy Steps. Step 1: Hogging Office Space; Step 2: Working from Home by Wolf Richter • Apr 4, 2023 • 125 Comments Step 3: The economy… but that step hasn’t happened yet.
Battle for Deposits: Tired of Getting Screwed by Banks, People Yank their Cash Out, Forcing Banks to Pay Higher Interest Rates. Treasury Yields Are a Mess Though by Wolf Richter • Mar 27, 2023 • 198 Comments That’s how it should have been all along. But the Fed’s interest rate repression killed competition for deposits.
FDIC Sells Much of Silicon Valley Bank to First-Citizens Bank. Total Cost of SVB Collapse to Deposit Insurance Fund: $20 Bn by Wolf Richter • Mar 27, 2023 • 144 Comments Even collapsed banks have lots of assets that the FDIC sells to cover the costs to the Fund. Signature Bank collapse costs the Fund only $2.5 billion
Layoffs in California Stall Employment Growth: San Francisco and Silicon Valley Hardest Hit by Wolf Richter • Mar 23, 2023 • 67 Comments But only 8% of Alphabet’s and 13% of Meta’s layoffs are in California: The tally based on California’s WARN reports.
Total Wipeout of $17 billion in Credit Suisse AT1 CoCo Bonds Shocked Because No One Reads Clauses Anymore? by Wolf Richter • Mar 20, 2023 • 193 Comments We’re not even getting peanuts? EU regulators came out and said, no, no, no, that’s just in Switzerland, not in the EU.
First Republic Downgraded by S&P from Confidence-Inspiring-LOL “A-” Investment-Grade to BB+, One Itty-Bitty Notch into Junk. Shares, Bonds Re-plunge by Wolf Richter • Mar 15, 2023 • 133 Comments We laugh, but it’s a start. SVB Financial collapsed with investment-grade ratings.
Free Money = Toxic Money: First Republic Bank and Western Alliance Bank Make it into my Pantheon of Imploded Stocks by Wolf Richter • Mar 13, 2023 • 302 Comments Banks as stock-pump schemes in the era of consensual hallucination.
Silicon Valley Bank’s Uninsured Depositors Bailed Out. Crypto Signature Bank Shut Down, All Depositors Bailed Out. Senior Execs Fired. All Shareholders, Some Bondholders Bailed In by Wolf Richter • Mar 12, 2023 • 581 Comments Treasury/Fed/FDIC issue joint statement with Tough Love for investors in failed banks.
