JPMorgan is buying First Republic Bank after being taken over by regulators
First Republic's bankers have asked big banks to buy its loans above cost, arguing that they will have to pay for the regional bank's collapse via an estimated $30 billion in fees levied by the FDIC to cover its uninsured deposits.
In 2020 and 2021, according to Bloomberg's analysis, the bank extended nearly $20 billion of these no-interest loans just in San Francisco, Los Angeles, and New York. The outlet cited a Goldman Sachs executive who took out an $11.2 million mortgage with First Republic that required no principal payments for 10 years and an interest rate below 3%.
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