Uber invasion in NYC killing loan market for taxis
New York Community Bancorp has put its taxi-loan portfolio up for sale, for instance
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New York
CABBIES aren't the only ones feeling the heat from Uber Technologies Inc's incursion into New York City. Their lenders are, too.
Taxi companies typically borrow against the value of medallions - licences to carry passengers - and then refinance the loans before they come due. Citigroup is trying to foreclose on 89 medallions, New York Community Bancorp put its taxi-loan portfolio up for sale, and credit unions with a combined US$2.5 billion in medallion loans are suing the city for failing to stop Uber from stealing customers.
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