Shares of New York Community Bancorp fell 22% on Tuesday, extending a sell-off that began when the lender disclosed a surprising quarterly loss last week and Moody’s reduced its long-term debt rating to junk status.
The frenetic selling since Wednesday has also knocked down peers’ shares, raising additional concerns about the industry’s health, which has been concerned for months about exposure to the troubled commercial real estate (CRE) sector.
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