Some big banks even entered the taxi industry in the aftermath of the housing crash, seeking a new market, with new borrowers. The city Taxi and Limousine Commission went the furthest of all, turning into a cheerleader for medallion sales. A Pakistani immigrant who thought he was just buying a car ended up with a $780,000 medallion loan that left him unable to pay rent. BIG BANKS ARRIVEDuring the global financial crisis, Eugene Haber, a lawyer for the taxi industry, started getting calls from bankers he had never met. Capital One, Signature Bank, New York Commercial Bank and others wanted to issue medallion loans, he said.

Source: bd News24 May 20, 2019 02:48 UTC