NJ Mortgage

Posts Tagged ‘Subprime’

Grumpy Old Geyser, a politically incorrect English bloke with strong opinions about everything, is, like most people, fed up with fat-cat bankers – so he’s come up with own wacky scheme to become a banker himself. You can follow him on Twitter as TheOldGeyser.

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Investors Business Daily: Smoking-Gun Document Ties Policy To Housing Crisis
http://news.investors.com/Article/589858/201110310805/Housing-Crisis-Obama-Clinton-Subprime.htm

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SEC Goldman Sachs SubPrime Mortgage Fraud! I just want to know ONE thing, Who is going to jail?

Duration : 0:4:45

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Technorati Tags: cdo, goldman sachs, Mortgage fraud, Sec, Subprime

15/10/2011

Max Keiser & Stacy Herbert discuss pirates & protesters. Also, ponzi schemes operated by Brooks Brothers Bolsheviks are discussed. In the 2nd half of the show, Max Keiser interviews Michael W. Hudson about Countrywide’s role in the subprime mortgage fraud that Obama’s Justice Department refuses to prosecute.

Duration : 0:25:40

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FreedomWorks chairman Dick Armey talks about how subprime mortgages have affected home ownership and the economy — and why a government bailout would be a bad idea.

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http://www.subprimemortgageplan.com – Subprime Mortgage Plan

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Today, Attorney General Martha Coakley filed final, revised mortgage broker and mortgage lender regulations with the Secretary of State and has issued official guidance to the broker and lender community to help them understand and implement the new consumer protection regulations governing mortgage brokers and lenders. The regulations, which take effect on January 2, 2008, codify several forms of mortgage fraud and unfair lending which contributed to the recent meltdown in the subprime market and the resulting foreclosure crisis in the Commonwealth.

Duration : 0:5:54

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Technorati Tags: Attorney, Coakley, foreclosure, fraud, General, lending, Martha, massachusetts, mortgage, Regulations, Subprime

Follow us on TWITTER: http://twitter.com/cnforbiddennews
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The Global Financial Crisis (GFC) started three years ago,
but China seems to be immune to it.
Under the tightening monetary policy,
many of enterprises are turning into shadow banks.
With the due date of loan sharking approaching,
the economic claps occur continuously.
Foreign media warned that the Chinese version
of the Subprime Mortgage Crash is approaching.

After the start of the GFC in 2008,
China began changing its monetary policy.
For small and medium size firms its difficult
to access the formal banking sector.
Instead, they loan money from shadow lenders
who are actually state companies.
The official sector can obtain money from state-owned banks
and issue loans to other borrowers with higher interest rates.
In addition, non state-owned shadow banks are expanding,
and more problems are being exposed.
Economists are worried that China is starting to follow
the pattern of the U.S.’ Subprime Mortgage Crash.

During the World Economic Forum held in Dalian last week,
a former vice chairman of NPC, Cheng Siwei said:
“China’s Subprime Mortgage Crash is the lending of money
to local governments which have no ability to repay them.”

It is estimated that 80% of the loans from the top four banks
in China go to state-owned firms.
But now China has different shadow banks, from state-owned
to individuals’ firm, most of them with officials’ background.
Local governments use state funds to invest in businesses,
and the funds are estimated to be ca. $1.7 trillion.

These shadow banks are outside the banking and financial
sectors and are thus less regulated or not regulated at all.

Economist Cao An thinks that the state-owned firms
have the advantage of funds.
They can lend the money through guarantee companies
or other platforms.
In this lack of credit system, once the problem is exposed,
it will be worse than what happened in the U.S.

Cao An: “The economic trend is at a low point,
small or medium-sized firms need plenty of funds.
But even with the loans it is difficult for them to make
60-100% profit and service the loan; this is a risk for lenders.
Therefore if the borrowers fail to service and repay the loans,
this will become a bad debt.”

China added new loans, adjusted to its GDP. They went up
to 200%, from 100% prior to Lehman Brothers’ collapse.
Subsequently, the bad debt rate raised
from 1% in the first half of 2010 to 4.9% in 2011.

Chen Zhifei, Economy Professor, New York City University,
points out experts’ analysis,
which shows 2011 as the most difficult year for China
since China’s open market economy had started.
According to a survey done by the Industrial Federation,
90% of the firms in China don’t get a penny from the banks,
and 95% of the private firms don’t get loans from banks
either, showing that funds allocation is not sound.

Chen Zhifei: “China’s fund distribution is for state-owned
enterprises, This policy exists for 10 to 20 years now.
After the GFC started, China had loaned
RMB 4 trillion for investments.
If these investments’ loans do not get repaid, they will turn
into bad debts and the country’s economy will collapse.”

Beijing economist Mao Yushi points out that although
the top four banks in China are controlled by the government, the accumulation of bad debts still occurs

Mao Yushi: “The companies borrow money from the banks
and lend them as high interest rate loans.
The problem is due to lack of interest rates’ market regulation.
It’s bureaucratic as it’s the privileged who can borrow money.
Most of the people can only borrow high interest rate loans,
this is the reason why the problem exists for so long.”

Mao Yushi thinks that the solution to these problems
is to open small and medium-sized banks,
and let people establish such banks as well,
not only the government.

NTD reporters Liang Xi, Li Ting and Wang Mingyu.

《神韵》2011世界巡演新亮点
http://www.ShenYunPerformingArts.org/

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Essex University Tax Justice Network Research Workshop July 5-6, 2011. Crawford Paper – Monetizing ‘Toxic Loans’ through taxations systems. Part One Ref: ‘Contaging’ book

Duration : 0:14:51

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LawVideoLibrary11http://gdata.youtube.com/feeds/api/users/lawvideolibrary11PeopleSubprime, Mortgage, LendingSubprime Mortgage Lending

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Technorati Tags: lending, mortgage, Subprime