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rantnrave

Ministers to sell £3bn of Bradford & Bingley loans

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<2007: Various financial players lend irresponsibly and profit in run up to GFC.

2007-2009: Tax payer pays basically face value for the "assets" and then carries them through the turbulent times.

Now (when situation is more stable):  financial players get to the buy the same assets back at discount.

Yay, trebles all round :D

monkeyman1974 - re. crowdfunding, I would generally like to see these sales of government owned "assets" conducted more openly, even if they just do a small scale experiment... but I'm not holding my breath.  I'd think that whoever buys them will try to recover the debt..... or maybe they won't bother and will just ask for another tax payer bailout if repossessions are too inconvenient :/

 

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6 hours ago, rantnrave said:

This is interesting:

Quote

The portfolio for which it will seek buyers is understood to comprise lower-quality buy-to-let and higher loan-to-value mortgages ‎than an £11.8bn package offloaded last month.

 

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So these are lower quality loans. You can be guaranteed that who ever bids will be more forceful in enforcement of terms. That's where the profit is. Be interested to see if Paragon bid as it'll be illuminating as to how they'll handle the rest of their portfolio. The good thing is this will be giving many of the 118 Muppets sleepless nights as they wonder when they'll be next.

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1 hour ago, Blod said:

So these are lower quality loans. You can be guaranteed that who ever bids will be more forceful in enforcement of terms. That's where the profit is. Be interested to see if Paragon bid as it'll be illuminating as to how they'll handle the rest of their portfolio. The good thing is this will be giving many of the 118 Muppets sleepless nights as they wonder when they'll be next.

As far as i know, paragon just securiyises loans. Its not in ghe business of buying distressed junk.

Whos bought them? Some vulture fund wholl be very incentivised yo recover and asset. Probably Elliot assicuates. 

Hace a google for Elliot Yacht argentina ghana.

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52 minutes ago, mrtickle said:

This is the follow up is interesting - I dug a bit deeper

Ghana incident

In early October 2012 the vessel was impounded in the port of Tema, Ghana, by a court ruling in favour of NML Capital, a subsidiary of Cayman Islands hedge fund Elliott Management Corporation, which claimed that it was owed US$370m (£233m) as a consequence of Argentina's debt defaults of 2002,[31] and was seeking payment of $20m for release of the vessel.[32] NML was not originally a creditor, but bought the debt for "pennies on the dollar" according to Forbes.[33]Argentina's foreign ministry condemned the move, claiming it as "a stunt" pulled by "vulture funds, who are not subject to the laws of any jurisdiction".[34][35][36]

On 25 October 2012 most of the ship's crew returned to Argentina, leaving the captain and 43 crew members with the ship in Ghana.[37]

On 15 December 2012 the UN International Tribunal for the Law of the Sea ruled unanimously that the ship had immunity as a military vessel, and ordered that "Ghana should forthwith and unconditionally release the frigate ARA Libertad", and report to the Tribunal on compliance by 22 December.[31][38] Libertad was released from Tema on 19 December. She arrived on 9 January 2013 to the port of Mar del Plata, where the ship got an enthusiastic homecoming.[39] Following the International Tribunal ruling, the Ghana Ports and Harbours Authority sued NML Capital for damages of least US$7.6 million related to the Libertad's impoundment.[40] The Supreme Court of Ghana ruled in June 2013 that the 77-day impoundment was "unjustified, and could have endangered the security of Ghana by triggering a diplomatic conflict."[41]

 

https://en.wikipedia.org/wiki/ARA_Libertad_(Q-2)

Edited by 200p

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6 hours ago, 200p said:

This is the follow up is interesting - I dug a bit deeper

Ghana incident

In early October 2012 the vessel was impounded in the port of Tema, Ghana, by a court ruling in favour of NML Capital, a subsidiary of Cayman Islands hedge fund Elliott Management Corporation, which claimed that it was owed US$370m (£233m) as a consequence of Argentina's debt defaults of 2002,[31] and was seeking payment of $20m for release of the vessel.[32] NML was not originally a creditor, but bought the debt for "pennies on the dollar" according to Forbes.[33]Argentina's foreign ministry condemned the move, claiming it as "a stunt" pulled by "vulture funds, who are not subject to the laws of any jurisdiction".[34][35][36]

On 25 October 2012 most of the ship's crew returned to Argentina, leaving the captain and 43 crew members with the ship in Ghana.[37]

On 15 December 2012 the UN International Tribunal for the Law of the Sea ruled unanimously that the ship had immunity as a military vessel, and ordered that "Ghana should forthwith and unconditionally release the frigate ARA Libertad", and report to the Tribunal on compliance by 22 December.[31][38] Libertad was released from Tema on 19 December. She arrived on 9 January 2013 to the port of Mar del Plata, where the ship got an enthusiastic homecoming.[39] Following the International Tribunal ruling, the Ghana Ports and Harbours Authority sued NML Capital for damages of least US$7.6 million related to the Libertad's impoundment.[40] The Supreme Court of Ghana ruled in June 2013 that the 77-day impoundment was "unjustified, and could have endangered the security of Ghana by triggering a diplomatic conflict."[41]

 

https://en.wikipedia.org/wiki/ARA_Libertad_(Q-2)

I dont BTLers will get much support from the UN.

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17 minutes ago, spyguy said:

I dont BTLers will get much support from the UN.

The cool thing - as I am sure you are aware - is willingness of the vultures to exploit the letter of the law in order to make money from buying crappy loans cheaply and then trying to make the debtor pay something close to face value. Their willingness to take on a nation state speaks clearly to their possible willingness to bankrupt your typical PovertyLater Get Rich Quick muppet.

giphy.gif

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