General World News

How the run on banks is affecting the mortgage market

Following the collapse of Silicon Valley Bank last week, the biggest bank failure since Washington Mutual in 2008, two other American banks with significant roles in the housing industry were hit by a deposit run. Signature Bank closed its doors on Sunday, the same day First Republic Bank announced fresh access to capital to fund operations.

California-based First Republic Bank, the 14th-largest U.S. mortgage lender in 2022, said it enhanced its financial position by accessing additional borrowing capacity from the Federal Reserve Bank and JPMorgan Chase & Co. In total, the bank stated it has $70 billion details ⇒

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