crainsnewyork.com – A lender predicts taxi-medallion owners will not make the balloon payments due on a slew of loans maturing in the next six months, according to letters obtained by Crain’s.
The signs are clear enough, Melrose Credit Union’s lawyer warns: Its medallion-loan delinquencies surged from $32,000 in January 2014 to $168 million at the end of May 2015. Two months later, they stood at $206 million.
When troubled-debt restructurings are included, the numbers are even greater: $396 million as of July 31, up from $316 million on May 31.
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