Just three years ago, cab owners and investors were paying as much as US$1.3 million for a medallion. Now, they are worth less than half that, and some medallion owners owe more on their loans than the medallions are worth. This is just like the subprime loan crisis,” said Keith Leggett, a credit union analyst and former senior economist at the American Bankers Association. Other medallion owners tell similar stories. “And now Melrose wants to take my house?”The New York State Department of Financial Services took possession of Melrose Credit Union in February and appointed the NCUA as conservator.

Source: Taipei Times July 15, 2017 15:56 UTC