Wednesday, Sep 12, 2007
next on the 'implodeometer'?
Firstrung: Sub prime lender predicts a 50% fall in mortgage business
Edeus managing director Alan Cleary has forecast a 50% drop in expected business in 2008 from £3bn to £1.5bn...At the start of the year edues, which launched October 2006, had been forecasting £3bn in completions for its second year trading based on its future prjections. The global credit crunch has forced the lender to readjust its forecast to £1.5bn.
Posted by converted lurker @ 01:10 PM (927 views) Add Comment
4 Comments
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1. shipbuilder said...
You have to wonder about the competency of a manager who revises their projections down by 50%. It seems obvious that these people are no more competent at reading the market than the average punter who believes prices will go up forever. If I remember, sub-prime looked in difficulty before the start of 2007 - we knew about it here, so why didn't the MD of a mortgage company?
2. crash bandicoot said...
Ironically if he had forcast that his business would drop by 50% at the begining of 2007 he would have been sacked for not being able to do his job correctly, i.e. not being able to "make" the same sales as other companies. Now he has been shown to actualy be quite poor at performing his job, he is far more likely to keep it! Welcome to the world of sales and marketing.
3. planning4acrash said...
Did this happen in the 90's? Sounds worse being this extreme this early in the cycle.
4. inbreda said...
interesting to see the comments a VI is capable of!!