Bank Failures
Bank Failures
In early March, Brown Harris Stevens broker Mindy Diane Feldman had reservations about a First Republic Bank loan.A buyer had offered to purchase a New York City co-op and had pre-approval from First Republic for a below-market-rate mortgage - the bank's specialty.The broker wanted to ensure that if the Federal Reserve hiked interest rates, it wouldn't affect the closing or the buyer's ability to meet the co-op board's financial requirements.
Bank Failures
In early March, Brown Harris Stevens broker Mindy Diane Feldman had reservations about a First Republic Bank loan.A buyer had offered to purchase a New York City co-op and had pre-approval from First Republic for a below-market-rate mortgage - the bank's specialty.The broker wanted to ensure that if the Federal Reserve hiked interest rates, it wouldn't affect the closing or the buyer's ability to meet the co-op board's financial requirements.
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