Latest news with #PaulVolcker
The Hill
a day ago
- Business
- The Hill
A bond market meltdown might be inevitable
The recent surge in yields on long-dated U.S. Treasurys has generated concern in some circles. Jamie Dimon, the CEO of JPMorgan Chase, recently warned that the bond market is likely to crack as a result of spiraling government debt levels. 'I just don't know if it's going to be a crisis in six months or six years, and I'm hoping that we change both the trajectory of the debt and the ability of market makers to make markets,' he said. Others remain more sanguine and observe that interest rates have in fact normalized close to their pre-2008 global financial crisis levels. In the aftermath of the financial crisis, both real and nominal rates were stuck at unusually low levels for about a dozen years. But, since 2022, we have seen both policy and market rates edge toward their pre-crisis levels. With interest rates reverting back to their historical norms, is the current wariness surrounding the long end of the yield curve among key investors warranted? To evaluate the validity of such fears, it is worth reviewing recent U.S. fiscal history. During the past 45 years, the U.S. has had to deal periodically with the 'twin deficits' problem — the near-synchronous widening of the fiscal deficit and the current account deficit. In the past, bipartisan policy compromises pushed through by enlightened political leadership have helped America avoid a debt/currency crisis. In the early 1980s, the Reagan-era tax cuts contributed to a decline in U.S. government revenue that was not offset by cuts on the spending side and this led to a widening of the budget deficit. Meanwhile, the high interest rates associated with the Paul Volcker disinflation episode led to a sharp appreciation of the U.S. dollar and contributed to a deterioration of the trade and current account balances. This simultaneous deterioration of budget and current account balances gave rise to the twin-deficit hypothesis and highlighted the potential interconnectedness between fiscal deficits and trade deficits. Emergence of 'twin deficits' during the early 1980s generated significant concern in policymaking circles and led to concrete measures on both the fiscal front (in the form of the Tax Reform Act of 1986 and the Budget Enforcement Act of 1990) and on the exchange rate stabilization front (in the form of multilateral agreements such as the 1985 Plaza Accord and the 1987 Louvre Accord). In the Clinton era, further steps (such as the 1993 Omnibus Budget Reconciliation Act, the reduction in military spending associated with the post-Cold War peace dividend and the 1996 Personal Responsibility and Work Opportunity Reconciliation Act) were undertaken to improve the U.S. fiscal outlook. During the fiscal 1998 through fiscal 2001 period, the federal government even ran budget surpluses. Concerns regarding the 'twin deficits' reemerged during the George W. Bush era as fiscal and current account imbalances worsened. Prior to the 2008 global financial crisis, economists worried that the spike in budget and trade deficits was serious enough to threaten a dollar crisis. Following the collapse of Lehman Brothers in September 2008, however, there was a dollar shortage abroad and the U.S. currency actually strengthened. Furthermore, as household consumption collapsed and personal saving rate rose, the U.S. current account markedly improved in the post- global financial crisis era. During the Obama era, the 2011 Budget Control Act and the artificially suppressed borrowing costs (via Fed's quantitative easing and near-zero interest rate policies) helped ease the fiscal burden. Over the past five years, both the budget and trade deficits have deteriorated sharply. Budget deficits have exceeded 5 percent of GDP since 2020 and projections indicate deficits will remain elevated, raising concerns about fiscal sustainability. Critically, government borrowing costs have risen sharply since 2022. Historian Niall Ferguson has suggested that America's superpower status may be threatened as the U.S. government now spends more on interest payments than on defense. Unlike prior episodes, the current cycle of deteriorating external and fiscal imbalances is significantly more worrisome as the country appears to be beset by institutional decay and political ineptitude. Domestic and foreign investors in U.S. Treasurys are starting to fret about the absence of fiscal rectitude even as government debt-to-GDP ratios reach levels last observed in 1946. Additionally, illogical and inconsistent policies on the trade and foreign policy front raise the prospect of a so-called 'moron premium' being applied to U.S. assets. Legislative threats to tax foreign capital is raising alarm and will likely push up the cost of borrowing even further. Such actions are also fueling concerns about the pre-eminent reserve currency status of the U.S. dollar. Any diminishment of dollar's exorbitant privilege will affect U.S. fiscal sustainability. Unlike the 1990s, there is currently no political consensus on reining in fiscal profligacy and restoring fiscal sanity. Harvard's Ken Rogoff recently noted: 'To be sure, this isn't just about Trump. Interest rates were already rising sharply during Biden's term. Had Democrats won the presidency and both houses of Congress in 2024, America's fiscal outlook would probably have been just as bleak. Until a crisis hits, there is little political will to act, and any leader who attempts to pursue fiscal consolidation runs the risk of being voted out of office.' The late great MIT economist Rudiger Dornbusch once quipped: 'In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.' Recent spikes in bond market volatility and long-dated Treasury yields suggest that the moment of fiscal reckoning may finally be approaching. Vivekanand Jayakumar, Ph.D., is an associate professor of economics at the University of Tampa.
Yahoo
14-05-2025
- Business
- Yahoo
Goldman Sachs announces major change to S&P 500 forecast
The S&P 500 is the benchmark index most investors use to measure performance, and for good reason. It comprises 500 of the largest companies in America, crisscrossing industries. The index represents the U.S. economy's strength or weakness. It's a leading indicator because market participants make buy-and-sell decisions, anticipating what may happen next. Earlier this year, those participants grew very anxious. Weakening jobs data and sticky inflation already had investors jittery about stagflation. President Trump's harsher-than-expected tariffs put an outright recession on the have changed recently, though. Trump's Liberation Day tariff announcement sent stocks reeling to new lows, prompting him to reverse course on April 9, when he paused implementing many of his tariffs for 90 days to negotiate trade deals. The S&P 500, which had become oversold, has marched in a straight line higher since then, bullied up by hopes that negotiations would rein in the worst of the tariffs, including the sky-high 145% tariff on Chinese goods. The S&P 500 has gained over 13% since its April lows, and following Trump's reduction of China tariffs to about 30% on May 12, Goldman Sachs has reset its S&P 500 forecast. The Federal Reserve finds itself backed into a corner this year. After engaging in the most restrictively hawkish monetary policy since Chair Paul Volcker battled inflation in the 1980s, current Chairman Jerome Powell was forced to about-face and cut rates three times in 2024 to shore up a weakening jobs market. The dovish shift by the Fed late last year shaved 1% off the Fed Funds Rate, but the Fed had to abort more cuts when inflation ticked higher and amid Trump's imposing inflationary Trump instituted 25% tariffs on Mexico and Canada in February. On April 2, he unleashed a torrent of reciprocal tariffs, kicking off a trade war with China that lifted Chinese tariffs to 145%. He also instituted 25% tariffs on autos, sending shockwaves throughout the industry, which relies heavily on imported cars, trucks, and auto parts. The threat of higher prices because of new import taxes has left the Fed in a big bind. Its dual mandate is low inflation and unemployment, two often competing goals. Cutting rates this year risks adding more fuel to inflation's fire, but it would help jobs. Raising rates would pressure a jobs market already in trouble if inflation skyrockets because of tariffs. Last month, the unemployment rate was 4.2%, up from 3.4% in 2023. According to the monthly Job Openings and Labor Turnover Survey (JOLTS), there were also over 900,000 fewer unfilled jobs last month. Companies have announced 602,493 layoffs this year, up 87% year over year, partly due to Department of Government Efficiency job cuts. That's not great. And the economy reflects it. In Q1, Gross Domestic Product (GDP) contracted 0.3%. With that backdrop, it's little wonder that investors got antsy. The S&P 500 fell 19% from its all-time high in February to its low on April 8, just missing bear market territory. The stock market's swoon since February was arguably a self-inflicted wound, given that most losses came after Trump's tariff announcements. The Trump administration, however, has always seemed to pay attention to the markets, and this time appears no different. More Experts Treasury Secretary delivers optimistic message on trade war progress Shark Tank's O'Leary sends strong message on economy Buffett's Berkshire has crucial advice for first-time homebuyers The stock market's retreat, plus sell-offs in the U.S. Dollar and Treasury bonds, likely contributed to Trump's quick pivot on tariff policy on April 9. Most reciprocal tariffs were paused except China's, shifting markets from worrying over the next tariff drop to becoming flat-footed amid what may prove to be a steady slate of positive trade deal news. That shift hasn't been lost on Goldman Sachs, one of the most prominent Wall Street research firms. Like most, Goldman Sachs ratcheted its S&P 500 outlook lower on recession risk amid the tariffs-driven sell-off. Now, it's ratcheting its forecast higher again. On May 12, Trump announced that weekend negotiations between the U.S. and China were fruitful enough to roll back tariffs to 30%, comprising a 20% fentanyl tariff instituted in February and a 10% baseline tariff that brings China in line with the rest of the world. The news took an economic Armageddon potentially off the table, allowing Goldman Sachs to ramp up its S&P 500 outlook due to higher revenue and profit potential. "While we had expected a de-escalation, the rate is lower than the +54pp tariff hike we had penciled into our baseline," wrote Goldman Sachs analysts in a note to clients. "We raise our S&P 500 return and earnings forecasts to incorporate lower tariff rates, better economic growth, and less recession risk than we previously expected." Goldman Sachs expects S&P 500 companies to deliver earnings per share of $262 in 2025, up 7% year over year, and $280 in 2026, also up 7%. "These estimates reflect better-than-expected 1Q 2025 results and a stronger U.S. economic growth outlook in coming quarters," wrote Goldman Sachs. "Our previous EPS growth estimates were +3% and +6%, respectively." Additionally, Goldman Sachs increased its forward price-to-earnings outlook for the S&P 500 to 20.4 from 19.5. "Our updated fair value estimate reflects reduced uncertainty, faster earnings growth, lower inflation, and renewed confidence in the fundamentals for the largest stocks in the index," wrote Goldman Sachs. Overall, Goldman Sachs has reset its S&P 500 price targets to 5,900 for the next three months and 6,500 in 12 months, up from 5,700 and 6,200, respectively. Its six-month target is 6,100, up about 4% from here, and above its prior 5,900 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
13-05-2025
- Business
- Miami Herald
Goldman Sachs announces major change to S&P 500 forecast
The S&P 500 is the benchmark index most investors use to measure performance, and for good reason. It comprises 500 of the largest companies in America, crisscrossing industries. The index represents the U.S. economy's strength or weakness. It's a leading indicator because market participants make buy-and-sell decisions, anticipating what may happen next. Earlier this year, those participants grew very anxious. Weakening jobs data and sticky inflation already had investors jittery about stagflation. President Trump's harsher-than-expected tariffs put an outright recession on the table. Related: Fund manager has extremely blunt words on China tariff news Things have changed recently, though. Trump's Liberation Day tariff announcement sent stocks reeling to new lows, prompting him to reverse course on April 9, when he paused implementing many of his tariffs for 90 days to negotiate trade deals. The S&P 500, which had become oversold, has marched in a straight line higher since then, bullied up by hopes that negotiations would rein in the worst of the tariffs, including the sky-high 145% tariff on Chinese goods. The S&P 500 has gained over 13% since its April lows, and following Trump's reduction of China tariffs to about 30% on May 12, Goldman Sachs has reset its S&P 500 forecast. The Federal Reserve finds itself backed into a corner this year. After engaging in the most restrictively hawkish monetary policy since Chair Paul Volcker battled inflation in the 1980s, current Chairman Jerome Powell was forced to about-face and cut rates three times in 2024 to shore up a weakening jobs market. The dovish shift by the Fed late last year shaved 1% off the Fed Funds Rate, but the Fed had to abort more cuts when inflation ticked higher and amid Trump's imposing inflationary tariffs. Related: Bombshell China tariff announcement sends stocks soaring President Trump instituted 25% tariffs on Mexico and Canada in February. On April 2, he unleashed a torrent of reciprocal tariffs, kicking off a trade war with China that lifted Chinese tariffs to 145%. He also instituted 25% tariffs on autos, sending shockwaves throughout the industry, which relies heavily on imported cars, trucks, and auto parts. The threat of higher prices because of new import taxes has left the Fed in a big bind. Its dual mandate is low inflation and unemployment, two often competing goals. Cutting rates this year risks adding more fuel to inflation's fire, but it would help jobs. Raising rates would pressure a jobs market already in trouble if inflation skyrockets because of tariffs. Last month, the unemployment rate was 4.2%, up from 3.4% in 2023. According to the monthly Job Openings and Labor Turnover Survey (JOLTS), there were also over 900,000 fewer unfilled jobs last month. Companies have announced 602,493 layoffs this year, up 87% year over year, partly due to Department of Government Efficiency job cuts. That's not great. And the economy reflects it. In Q1, Gross Domestic Product (GDP) contracted 0.3%. With that backdrop, it's little wonder that investors got antsy. The S&P 500 fell 19% from its all-time high in February to its low on April 8, just missing bear market territory. The stock market's swoon since February was arguably a self-inflicted wound, given that most losses came after Trump's tariff announcements. The Trump administration, however, has always seemed to pay attention to the markets, and this time appears no different. More Experts Treasury Secretary delivers optimistic message on trade war progressShark Tank's O'Leary sends strong message on economyBuffett's Berkshire has crucial advice for first-time homebuyers The stock market's retreat, plus sell-offs in the U.S. Dollar and Treasury bonds, likely contributed to Trump's quick pivot on tariff policy on April 9. Most reciprocal tariffs were paused except China's, shifting markets from worrying over the next tariff drop to becoming flat-footed amid what may prove to be a steady slate of positive trade deal news. That shift hasn't been lost on Goldman Sachs, one of the most prominent Wall Street research firms. Like most, Goldman Sachs ratcheted its S&P 500 outlook lower on recession risk amid the tariffs-driven sell-off. Now, it's ratcheting its forecast higher again. On May 12, Trump announced that weekend negotiations between the U.S. and China were fruitful enough to roll back tariffs to 30%, comprising a 20% fentanyl tariff instituted in February and a 10% baseline tariff that brings China in line with the rest of the world. The news took an economic Armageddon potentially off the table, allowing Goldman Sachs to ramp up its S&P 500 outlook due to higher revenue and profit potential. "While we had expected a de-escalation, the rate is lower than the +54pp tariff hike we had penciled into our baseline," wrote Goldman Sachs analysts in a note to clients. "We raise our S&P 500 return and earnings forecasts to incorporate lower tariff rates, better economic growth, and less recession risk than we previously expected." Goldman Sachs expects S&P 500 companies to deliver earnings per share of $262 in 2025, up 7% year over year, and $280 in 2026, also up 7%. "These estimates reflect better-than-expected 1Q 2025 results and a stronger U.S. economic growth outlook in coming quarters," wrote Goldman Sachs. "Our previous EPS growth estimates were +3% and +6%, respectively." Additionally, Goldman Sachs increased its forward price-to-earnings outlook for the S&P 500 to 20.4 from 19.5. "Our updated fair value estimate reflects reduced uncertainty, faster earnings growth, lower inflation, and renewed confidence in the fundamentals for the largest stocks in the index," wrote Goldman Sachs. Overall, Goldman Sachs has reset its S&P 500 price targets to 5,900 for the next three months and 6,500 in 12 months, up from 5,700 and 6,200, respectively. Its six-month target is 6,100, up about 4% from here, and above its prior 5,900 outlook. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
01-04-2025
- Business
- Yahoo
Gold Tops $3,000
The price of gold recently surpassed $3,000 per ounce for the first time in history. For perspective, gold was around $1,185 per ounce in 2013 and just $265 per ounce in 2000. The price has increased more than tenfold in the last 25 years and is up even more in foreign currency terms, owing to the strength of the dollar. Yet the average portfolio has a negligible amount of gold in it, despite it performing similarly to stocks over time. Gold is often thought of as an inflation hedge, but that idea doesn't always hold up. In 2022, when inflation peaked, gold prices fell. Over the last year, as inflation moderated, gold prices rose. Our experience with gold as an inflation hedge comes from the 1970s, when inflation was high and rising. Gold performed well throughout the decade and exploded higher in 1980. When then-Chairman of the Federal Reserve Paul Volcker cranked interest rates higher to stop the inflation, gold went down and stayed down throughout the disinflationary '80s and '90s. However, gold's relationship with inflation isn't consistent. Gold is most correlated with budget deficits—when government deficits grow, gold prices tend to rise. This happened during President Barack Obama's first term, when massive government spending sent gold soaring. When the Republican opposition succeeded in slowing spending, and the deficits dropped to about 2 percent of gross domestic product, gold prices stagnated. Gold also rose slightly from the 2000 lows after 9/11, during the deficit-inducing global war on terror. Gold benefits from rising deficits because it is an option on debt monetization. When government debt becomes unsustainable, and the supply of bonds issued overwhelms the amount demanded, interest rates rise to a point that is intolerable. In response, the government may cap interest rates to prevent borrowing costs from spiraling out of control. This practice, known as yield curve control, requires printing vast amounts of money to buy government bonds—often leading to inflation and rising gold prices. In this context, "intolerable" means that interest payments on the national debt become such a large part of the budget that they cause debt and deficits to spiral out of control. Over the past two years, interest payments have surged from just over $300 billion in 2018 to $1.1 trillion today. If interest rates had risen by just two more percentage points, the federal government would have been effectively insolvent. This could have forced policymakers to cap interest rates—which, in turn, could have triggered unlimited money printing and runaway hyperinflation. Treasury Secretary Scott Bessent, therefore, has identified the debt as a national security issue. This is why the stated goals of the Department of Government Efficiency (DOGE) are so important. If we can cut $1 trillion in waste, reform entitlements, rethink defense spending, and bring interest rates down, we can refinance the debt at lower rates and solve this crisis. What's alarming is that even with these efforts to reduce the debt, the price of gold keeps heading higher. This indicates that perhaps the financial markets don't believe that DOGE's deficit-cutting efforts will be successful in the long run, which is not unreasonable—the instinct of politicians is to spend, and DOGE has already made some missteps in its first few months. Perhaps the financial markets believe that DOGE will fail. Another possibility is that China, as well as many other foreign central banks, continue to buy gold as a result of sanctions against Russia, though they have slowed down recently. Cash held in an overseas bank can be seized—gold held within sovereign borders cannot. Since the beginning of the war in Ukraine, foreign governments have been busy "diversifying their reserves" into gold, causing upward pressure on the price. The U.S. remains the largest holder of gold in the world, with 4,582 tons of it in Fort Knox—allegedly. This gold is worth $800 billion at today's prices, which would only fund government spending for about a month and a half. The U.S. dollar has not been backed by gold since 1971, when President Richard Nixon suspended the convertibility of dollars into gold and made private ownership of gold legal. There are currently about $22 trillion dollars in existence. In order to return to a gold standard, we'd either have to acquire a large amount of gold, or more likely, revalue gold higher so that it equals the supply of money. Gold tends to rise when governments mismanage finances and fall when they act responsibly. That is why the government has historically been hostile to gold, even confiscating it in the past—it is the one "release valve" in the markets that allows people to protect themselves from financial mismanagement at the federal level. If gold keeps climbing despite efforts to cut the deficit, it suggests the markets have little faith in those efforts—and that should concern all of us. The post Gold Tops $3,000 appeared first on Sign in to access your portfolio
Yahoo
26-03-2025
- Business
- Yahoo
Major national bank closing dozens of branches (locations revealed)
It's been a tough run for many businesses since Covid in 2020. The pandemic forced many inside and online, causing a seismic shift in consumer behavior. First, many businesses closed because customers were told to stay home. Then, a dramatic recovery driven by stimulus payments sparked runaway inflation, taxing budgets, and shifting spending one-two punch has closed many stores, including some of the country's largest department stores. Retailers haven't been the only ones to suffer the brunt of this change, though. Banks have also been hit hard, and as a result, many national and regional banks have had to make tough decisions about keeping or closing their locations. Technology had already started shifting how bank customers interact with banking services before COVID-19. However, the pandemic accelerated those changes, driving many to online banking and away from thousands of bank branches nationwide. The ability to deposit and withdraw funds without the help of a teller and, in many cases, borrow money and pay interest on loans via bank websites and apps has led many banks to rethink their the past, bank branches featured long rows of tellers, called teller lines, and long waits, especially on payday. Now, most teller stations have been removed and replaced with teller pods in lobbies staffed by only a few employees. Additionally, banks are increasingly adopting self-service kiosks and other in-branch technology to allow access to online banking. They've also repurposed space formerly occupied by teller lines to focus more on financial consultations like money management or lending and less on transaction services. Unsurprisingly, the need for less space has resulted in banks shifting toward smaller locations and, in some cases, decisions to close branches altogether. Complicating matters for banks has been significant changes in the Federal Reserve's monetary policy, which has impacted the value of assets held on their balance sheets, such as bonds. In 2022, the Fed embarked on its most hawkish interest rate policy since Fed Chairman Paul Volcker broke the back of inflation in the early 1980s to rein in skyrocketing prices. The decision to increase interest rates to crimp inflation, which clocked in above 8% in June 2022, caused the value of Treasury bonds and other longer-term bonds to collapse, hurting bank balance sheets. The need to mark-to-market bond portfolios at much lower valuations caused the failure of Silicon Valley Bank (SVB) on March 10, 2023, amid the largest one-day bank run in U.S. history, according to Brookings Institution. Two days later, Signature Bank failed because of similar concerns, followed by the failure of First Republic Bank on May 1, 2023, which JP Morgan Chase acquired. While banks have since adjusted the risks on their balance sheets, they've faced additional struggles. Inflation has retreated below 3%, but rising prices and higher interest rates have reduced mortgage and auto lending, and credit card delinquencies and defaults have ticked higher amid increasingly cash-strapped borrowers. Large national banks haven't been immune to the banking industry's shifts, leading to high-profile branch closures at major players, including, most recently, Flagstar Bank. Flagstar Financial is ranked among the top 30 biggest U.S. banks, with about $100 billion in assets. It has large exposure in the Northeast and Midwest and a presence in the Southeast and West Coast. It was formed by the sale of Flagstar Bank to New York Community Bank (NYCB) in December 2022. Following the merger in October 2024, NYCB changed its name to Flagstar Financial (NYSE: FLG). Since the deal's completion, the combined bank has been actively restructuring itself to establish a firmer financial foundation and return to profitability. For example, last fall, it sold a substantial part of its mortgage business to Mr. Cooper Group () for $1.3 billion. The move was designed to free up capital and bolster its finances. Flagstar Financial has also taken big steps to reduce costs via layoffs and closing branches. In January, Flagstar Financial announced it would close 60 branch locations and 20 private-client locations in 2025. The move will reduce rent, staffing, maintenance, and utility costs. After reporting a net loss of $845 million in 2024, the moves have the company expecting profits again later this year. "We are on projections to be profitable now in the fourth quarter of this year," said CEO Joseph Otting on the company's fourth-quarter earnings conference call. "I think this will ultimately mark the company's turning point on its return to consistent profitability." The bank branch closures are happening in three phases and have already begun. According to filings with the Office of the Comptroller of the Currency (OCC), 28 Flagstar locations have closed or will soon close. Flagstar Bank closing branch locations (March 15, 2025 OCC weekly bulletin) 247-53 JAMAICA AVENUE BELLEROSE NY 200 SOUTH VAN BUREN STREET AUBURN IN 3233 FAIRLANE DRIVE ALLEN PARK MI 5525 ST. JOE RD. FORT WAYNE IN 720 GRAND BLVD DEER PARK NY 1401 PRESQUE ISLE AVENUE MARQUETTE MI 1887 MORRIS AVENUE UNION NJ 6490 HIGHLAND ROAD WHITE LAKE MI 4025 E. CHANDLER BLVD. PHOENIX AZ 41-11 BELL BOULEVARD BAYSIDE NY 8622 BAY PARKWAY BROOKLYN NY 2200 EAST CAMELBACK ROAD PHOENIX AZ 2066 LEE ROAD CLEVELAND HTS. OH 1400 EAST LAKE LANSING ROAD EAST LANSING MI 155 CENTRAL AVENUE EAST NEWARK NJ 23 LITTLE FALLS ROAD T FAIRFIELD NJ 3205 28TH STREET SOUTHEAST GRAND RAPIDS MI 704 SOUTH BROWN STREET 4 JACKSON MI 2335 NEW HYDE PARK ROAD NEW HYDE PARK NY 97-77 QUEENS BLVD REGO PARK NY 3425 VETERANS MEMORIAL HWY RONKONKOMA NY 5770 HYLAN BLVD STATEN ISLAND NY 134-40 SPRINGFIELD BLVD SPRINGFIELD GRDNS. NY 4246 BROADWAY NEW YORK NY 1214 CASTLETON AVENUE 4 STATEN ISLAND NY 832 JEWETT AVENUE J STATEN ISLAND NY 31-06 FARRINGTON STREET WHITESTONE NY 93-22 JAMAICA AVENUE WOODHAVEN NY Since 60 Flagstar branches are scheduled to shutter this year, more locations will be officially announced this in to access your portfolio
