Short seller Jim Chanos warns regional banks and commercial real estate could be hit hard if lending dries up
. The California lender had an unusually large percentage of uninsured deposits, and invested in long-dated Treasuries that slumped in price as interest rates soared over the past year.
When SVB tried to shore up its finances by selling bonds and raising capital, its customers panicked and pulled their money out en masse. The wave of withdrawals overwhelmed the lender within days, spurring federal regulators to take control and guarantee its deposits.the banking-sector turmoil could spook lenders into tightening their standards as a precaution against further bank runs. That would make it tougher for consumers and businesses to access financing.
The Federal Reserve has already raised interest rates from nearly zero to upwards of 4.75% over the past 12 months or so. The hikes have made borrowing more costly, weighed on asset prices, and increased the risk of a recession.
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