One of NYC’s top multifamily lenders says 13% of portfolio is in deferral

first_imgNew York Community Bank CEO and president Joseph Ficalora (Credit: Facebook)UPDATED, May 7, 2020, 10:05 a.m.: New York Community Bank announced that 12.6 percent of its $38.8 billion loan portfolio is currently in deferral, but residential rent collections were better than expected.More specifically, 25 percent of the bank’s $7 billion commercial real estate portfolio and 9.6 percent of its $31.3 billion multifamily portfolio are in deferral.The bank reported net income of $92.1 million for common shareholders in the first quarter, up 3 percent year over year and down 1 percent from the fourth quarter of 2019. Its president, Joseph Ficalora, assured its investors on a Wednesday earnings call that its multifamily borrowers have not been hit as hard as others.“Based on our market intelligence, April rent collections on rent-regulated buildings in our portfolio are estimated to be 80 to 85 percent [of normal levels],” Ficalora said. “On market rent properties it is even higher.”Rent-regulated apartments represent $18.7 billion, or 60 percent, of the bank’s total multifamily portfolio.Overall, the bank is optimistic about its position in the market and predicted that due to the coronavirus crisis, it will be able to increase its market share relative to other multifamily lenders.“When the market is stressed, we get a greater share of the market,” said Ficalora. “We do believe in the environment ahead, many of the lenders in our niche will lend less and we will lend more.”Read moreTop multifamily lender lays out terms of relief for landlordsSignature Bank: Collections down 50 percent in rent-stabilized apartments Cracks starting to show in U.S. multifamily market New York Community Bank was one of the first banks to offer a forbearance program for its borrowers. Those whose cash flows are impacted by the health crisis were given two options: six months of interest-only and escrow payments, or deferral of principal and interest for six months, payable at maturity.The rate of deferrals varies across asset types. Just 6 percent of residential buildings with more than 100 units are in deferral. But smaller and mixed-use buildings with retail components are experiencing much higher rates of deferral, according to the bank’s officials.For now, larger multifamily buildings are a relative safe haven in the bank’s portfolio. But that may change if planned rent strikes are carried out in May. New York tenant groups announced their intent to withhold rent en masse earlier in April, and have since received support from numerous politicians.UPDATE: This story has been corrected to clarify that 25 percent of NYCB’s commercial real estate portfolio is in deferral. This content is for subscribers only.Subscribe Nowlast_img read more

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Fixed fees needed for deafness claims, say insurers

first_imgInsurance chiefs have made their strongest call yet for urgent reform of the system for industrial deafness claims.In a speech yesterday at law firm Weightmans, the Association of British Insurers called for fixed fees in compensation claims for hearing loss.Head of liability James Dalton (pictured) said that the number of such claims has gone up from 1,000 in March 2012 to 3,500 in March 2014.The industry has previously backed legislative changes to echo the reforms made to whiplash claims – and Dalton spelt out exactly what insurers want from any future government.He explained that fixed legal fees were the only way to ‘get a grip’ on the spiralling costs of hearing loss claims.Dalton added: ‘We need to seriously explore if the existing claims portal can be adapted to deal with multi-defendant claims, or if there is a need for a standalone portal for deafness claims to reduce the 17 months that it currently takes to settle a typical industrial deafness claim.’The ABI’s call comes days after the Court of Appeal rejected a claim from a former railway worker who claimed to have suffered hearing loss while working at an engineering works from 1953 to 1988.The court heard that Howard Platt had 11 separate consultations on hearing problems from 1982 to 2011. It was not until 2011 that he was specifically told that part of his hearing loss was noise-induced (NIHL).Lord Justice Vos said it was reasonable to expect Platt to have made further enquiries once the issue of noise exposure had been raised.Helen Elsworth, partner at national firm DWF, acted for the Department for Transport, which inherited the liabilities for BRB (Residuary) Ltd in 2013. She said the judgment could assist in deterring ‘unmeritorious’ claims in future.‘Those defending NIHL claims are often faced with GP notes littered with references to tinnitus and hearing problems over many years before a claim is brought,’ she said.‘The burden is on the claimant to show he had neither actual knowledge or ought not to be imputed with constructive knowledge and the threshold is reasonably high, as is made clear throughout this judgment.’last_img read more

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Running so well can tend to give LSU a passing option

first_imgLSU head coach Les Miles celebrates with quarterback Brandon Harris (6) after a touchdown against the Auburn Tigers on Saturday.LSU head coach Les Miles celebrates with quarterback Brandon Harris (6) after a touchdown against the Auburn Tigers on Saturday.BATON ROUGE — If LSU coach Les Miles ever does let quarterback Brandon Harris go and throw it 20 or 25 times in a game, it may not be because the Tigers’ running game is struggling.No, just the opposite.“I think it’s the week and the time, not necessarily by design,” Miles said. “I don’t necessarily think you can just come out and say, ‘We’re just going to throw the football,’ when you have talented running backs.”But what if those running backs are tearing it up?“I think they (opponents) had best recognize that we can run the football,” Miles said. “And then we should have opportunities to throw it with advantage.I think you will find that when we go to throw the football, and we’re hitting like we’re supposed to, that we’ll throw for a pile of yards and make some big plays.”That could happen Saturday when the No. 8 Tigers (2-0 overall, 2-0 Southeastern Conference) play at Syracuse (3-0, 1-0 Atlantic Coast Conference) at 11 a.m. on ESPN. Syracuse is 112th in the nation against the pass with 287.7 yards allowed a game. It is third in the nation against the run with 46.7 yards allowed a game, but that is against the likes of Rhode Island, Wake Forest and Central Michigan. And LSU is fifth in the nation in rushing offense with 338.5 a game while tailback Leonard Fournette leads the nation with 193.5 yards a game.“I think we’re going to throw the ball,” Miles said. “It’s an opportunity for us, in my opinion, to throw for the balance that we’ve been really looking for.”Harris, a sophomore who will be starting the fourth game of his career, has averaged 15 passes a game and has thrown for 72.5 yards a game this season.“I wouldn’t be surprised if we threw the ball more than we rushed it in this game,” Miles said. “But again, it kind of depends how they play.”“PITCH COUNT” FOR FOURNETTE?: LSU tailback Leonard Fournette is minus one game this season due to weather and played just more than a half against Auburn on Saturday, yet Miles was asked about keeping the sculpted 6-foot-1, 230-pound sophomore on a pitch count, or a carry limit, on the SEC teleconference Wednesday.“If there was a pitch count, I think you could eliminate some of the great performances in college football,” Miles said.Fournette carried 19 times for 228 yards against Auburn – just 33 yards short of the school record for yards in a game of 250 set by Lafayette’s Alley Broussard in 2004 on 26 carries. Fournette did set a career high with 28 carries in LSU’s opener at Mississippi State and gained 159 yards. Fournette is already and early favorite for the Heisman Trophy.“We’re still very cautious,” said Miles who has regularly given Fournette breathers during drives with backup tailbacks Darrel Williams and Derrius Guice. “We talk about it on the headsets routinely. Obviously, we want to take into account the specifics of our player. But he (Fournette) is a guy who seems to get more warmed up the more reps he gets, and yet we wouldn’t want to wear him out before we get to some of the key contests in our season.”After Syracuse, which is a 24-point underdog to the Tigers, LSU plays hosts Eastern Michigan (1-2) next week and plays at struggling South Carolina (1-2, 0-2 SEC) on Oct. 10. LSU plays at No. 12 Alabama (2-1, 0-1 SEC) on Nov. 7 and at No. 3 Ole Miss (3-0, 1-0 SEC) on Nov. 21 before hosting No. 14 Texas A&M (3-0) Nov. 28.“In the same vein, it’s also important that we win,” Miles said. “The first criteria is who is the guy that should touch the ball the most and that opportunity to win the game. He (Fournette) didn’t take a snap in the fourth quarter last week. There are certain situations that you can have the opportunity to reduce his exposure. In other games, you want to give him every opportunity that he needs to get his carries. So it really kind of varies week to week.”And this week may be one in which Fournette is not stressed for very long. “Brandon Harris will continue to throw better and more often,” Miles said.MILES ON YOGI: Miles spoke about former New York Yankees great Yogi Berra, who passed away Wednesday at age 90.“I would be remiss if I didn’t mention the passing of the great baseball legend as a coach and catcher – Yogi Berra,” Miles said as he opened his press conference Wednesday night. “I’m a Yankees fan besides the Rangers and some other people that I know, but certainly a Yankees fan growing up. It’s a shame that life is so short, and then it’s rich that way. It’s important that the time that you spend, you get a lot accomplished.”Miles said his favorite Yogi-ism was, “I’m having déjà vu all over again. I just thought that was something,” he said. “Sad that he’s gone. Everybody in this room, everybody in this parking lot, everybody in this parking lot will have a time when they make it to the end, and hopefully you will have accomplished as much as you can.”Coverage of LSU and Glenn Guilbeau commentary supported by Hebert’s Town and Country Auto Dealer in Shreveport located at 1155 E. Bert Kouns. Research your next Chrysler, Dodge, Jeep or RAM at http://www.hebertstandc.com/last_img read more

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