Cab drivers and owners get caught in the headlights of a troubled taxi lender
“The long-term fear is that, by foreclosing on more medallions than it can find buyers for, Melrose—or its regulator—will further undermine the asset.
“In the worst-case scenario, the credit union will unload repossessed medallions in a fire sale. And its recent behavior has some predicting that the credit union now believes the yellow-cab industry will never get out of the red.”
As a taxi lender seizes medallions, cabbies are caught in the carnage
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