Wells' decision to sell its entire student loan business may be confirmation the bank is scrambling ahead of what may be uniform loan forgiveness by the Biden administration.
...astute observers of the current scene have long recognized that ”politics is downstream from culture.” In other words, if we want to change politics, we have to change the worldviews of political actors first.
... which was the only earnings season in history when surprises saw perverse rather than intuitive reactions – beats were not rewarded and misses were not penalized."
The list includes about $3.9 billion in outstanding CMBS loan balance. That does not include loans for which deed-in-lieu was discussed but for which the asset has already gone REO.
The combination of a stimulus stalemate, Tyrannical responses to a renewed COVID case wave (note the death rate remains flat), and the fading hopes for a 'blue wave' are all triple-whammying market optimism.
A "bear" case which results in an exponential surge in new cases would almost certainly lead to another economic shutdown, especially under a Biden presidency.
