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MrFlibble

Subprime Lender Ge Facing Collapse Over 51M Euro Loss

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Dublin-based GE Capital, an offshoot of US conglomerate General Electric, is best known for giving €650m in mortgages to those who couldn't get money from traditional lenders.

What a sound business model :lol:

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I like how they say:

"These were seized "as a result of a failure by certain customers to meet their contractual monthly mortgage repayments", GE's home loans division said."

Rather than:

"We made bad decisions on who we loaned money too, it is entirely our fault."

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51M is nothing , Mervyn King is probably sitting his office laughing at these part timers.

He could print 51M pounds in his lunchbreak.

Indeed. Santander has just paid 160 million dollars to buy up the GE mortgages in Mexico

business week

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In October, a young mother broke down in tears in the High Court after GE was granted a repossession order when her family's €393,000 loan went into arrears.

And ... who gives a .... ! Anyway, by the wording, it sounds like it's one person borrowing €400k, it doesn't matter that this person is a) Female B) Young and c) a mother.

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What a sound business model :lol:

But but Uncle Gordon told us debt was good? :blink: If this is right then it made a lot of sense for lots and lots of people to borrow lots of money because the more they owed the better off they were? And if lots of borrowing wasn't done we wouldn't have seen our houses rise so much in value would we?

And not only that, the bankers made more money because more business was being done. If lots and lots of people didn't borrow lots and lots of money they wouldn't have earned all those lovely bonuses to spend on luxury things to keep Bond Street and John Lewis going.

The biggest heist in history has been pulled right under our noses. Transfer of wealth from the many to the few and not a single law broken.

Edited by Realistbear

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Can't lose with this busness model - high demand for excutives from utterly failed sub-crap lenders.

The world is bonkers - well when you can dump the losses onto the taxpyer maybe it isn't. The banking scum want to give the dice another roll.

Baron Rothschild and the house of sub-prime lenders

Read more: http://www.dailymail.co.uk/money/article-1341528/Baron-Rothschild-house-sub-prime-lenders.html#ixzz19Q7TtQeL

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I like how they say:

"These were seized "as a result of a failure by certain customers to meet their contractual monthly mortgage repayments", GE's home loans division said."

Rather than:

"We made bad decisions on who we loaned money too, it is entirely our fault."

Nothing is their fault, it's entirely down to idle taxpayers not working hard enough.

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51m loss on 650m of loans = 7.7% of loan value written off in 1 year.

Question is whether they have written off the future profit (at extortionate sub-prime IRs) on the loan in addition to the arrears and difference in repo sale price and the loan value. It would seem to imply that ~ 50% would default over a 25 year mortgage period...

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51m loss on 650m of loans = 7.7% of loan value written off in 1 year.

Question is whether they have written off the future profit (at extortionate sub-prime IRs) on the loan in addition to the arrears and difference in repo sale price and the loan value. It would seem to imply that ~ 50% would default over a 25 year mortgage period...

i.e. Like all TOXIC PREDATORY LIAR LOANS... :rolleyes:

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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