Friday, September 7, 2007

Very good news

Lenders gear up for tougher credit checks

Borrowers face tougher checks and potentially higher interest rates when applying for credit cards, loans and mortgages, experts have warned. Lending criteria are being tightened following the global credit crunch that rocked stock markets last month and continues to dog financial institutions.

Posted by confused76 @ 05:57 PM (868 views)
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3 thoughts on “Very good news

  • Weblink was corrupted.

    Useful article sums up the situation of banks not wanting to lend because Head Office says not to….. no cash guys…sorry!

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  • It will be a race to look solvent when everybody decides they have to “reveal” their hands.

    That means a rapid and aggressive tidying of the balance sheet:

    higher lending rates
    higher borrowing rates (get money onto the balance sheet)
    cutting payroll
    offloading as many debt instruments as possible. (either to people in “vulture” funds who havent realised there is plenty of room to the downside or private investors who should know better but think they are on a dip).

    Remember just like the guy putting on this running shoes when he is with another idiot and a hungry lion approaches; ” i dont have to outrun the lion, i just need to outrun you.”

    This will of course lead to further negative feedback, but we are talking about just being able to make your quarterly financial report at the moment.

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  • Think about all the institutions that you know are heavily exposed in these areas and have been ziplocked.

    We have heard absolutely nada from some of the biggest US Investment banks. Diddly squat . Absolutely nothing.

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