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Fed July Loan Officer Survey - Crunch Continues
Too bad small and medium businesses aren't CCC-rated, 6x levered, recent LBOs: they would have no problem obtaining 7% financing.
From the Loan Survey Report:
In the July survey, domestic banks indicated that they continued to tighten standards and terms over the past three months on all major types of loans to businesses and households, although the net percentages of banks that tightened declined compared with the April survey. Demand for loans continued to weaken across all major categories except for prime residential mortgages. The fractions of domestic banks reporting additional weakening in demand in this survey were slightly lower than those in the April survey for C&I loans and home equity lines of credit, approximately the same for commercial real estate (CRE) and nontraditional residential mortgages, and slightly higher for consumer loans.
Basically credit terms in July tightened across the board for both small and medium businesses, and while demand decreased a smidge, qualification of borrowers were seen as declining, making the downturn even more complex for small/medium businesses needing credit (and unwilling to borrow from club CIT).
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Ahh when your a monolithic god. It's just so much more convenient to make a few people happy and and treat the rest as expendable.
CNBC: 'Anyone Who Owns A Suit Can Come On Television'
http://www.theonion.com/content/news_briefs/cnbc_anyone_who_owns_a_suit?...
Look @ crude into the close.....
CNBC: 'Anyone Who Owns A Suit Can Come On Television'
http://www.theonion.com/content/news_briefs/cnbc_anyone_who_owns_a_suit?...
Too funny.
You gotta freaking love The Onion.
Retail and Commercial banking is extremely labor intensive and a tough way to make a buck. Until we have guys like Black back as regulators nothing will change. We just
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
http://www.reuters.com/
Well, what do you expect?
When people have these cards and refuse to spend, spend, spend then its only fair that someone else is doing the spending for them!
Either way, the people pay!
BTW, this can be used as a way to cancel a negative item on your credit report in the future, providing that such a banal concern is even relevant in the Road Warrior world that awaits us on the other side of August.
To wit: once enough time has passed, you simply claim that
your credit card was victim to a scam such as this and through a series of unfortunate events you got stuck with the bill despite all your attempts to rectify it. As things are so chaotic and fast moving right now the people on the other end will probably buy it and remove the negatives from your report.
I used this tactic during the processing of a re-fi a few years back...worked like a charm. Had the item removed from my credit report. In this case I used the excuse of a lawsuit filed against the offending creditor for unfair credit practices which resulted in a class-action settlement by the bank. Of course, I was not a party to this class action, but such cases are so huge, with so many claimants involved (by definition) that it's nearly impossible for them to prove you weren't a party to the action, so the droids on the other end of the phone take the easy way out and just cancel the negatives.
BTW, this is the same tactic I plan to use in the future after I've defaulted on all my credit cards. It's called the Chumbawamba Personal Thanks For Being Such a Swell Guy Bailout. You take it yourself, and you impose the rules and caveats, just like the bankers do.
I am Chumbawamba, and despite what my creditors may tell you, I am Debt Free(TM)!
This is the DOJ release:
http://www.usdoj.gov/opa/pr/2009/August/09-crm-810.html
It seems to me banks have no incentive to lend to consumers and businesses as they can day trade in the equity and fixed income markets. Retail and Commercial banking is extremely labor intensive and a tough way to make a buck. If the fed was really interested in true banking they would outlaw proprietary trading and force banks to focus on what was traditionally their core business. Looking at the large bank fixed income trading revenue of 5-8 billion why bother with traditional banking!
Seems to me that consumers and businesses have no reason to borrow. They aren't day trading either. As TD has pointed out, most of this is principal trading. One day, there's not gonna be a ramp. Somebody's gonna get screwed. It won't be me. You either, I hope.
I'm in the same camp, those that can obtain (more) credit don't want it.
Cover story to shut off credit worthy peoples credit cards.
story pulled - wonder if it is going to take down a few more banks
An end to stupid lending practices is good. Shoveling money at the banks with the intention of making them lend is bad.
Non of the bailed out banks or any other bank is lending on construction of hotel, gas station, shopping center and condo. Any project with loan amount over 2MM is vert hard to get done even with SBA programs. Even with commitment most banks are delaying closing as long as they can. Lending is going nowhere. No new projects - no new jobs.
No project loans here - new, expansion, or refi-only. Only thing the banks are making is diamonds. Investors going elsewhere after being patient for a few months.
Awesome RAN-Squawk Headline from the sidebar:
08-17 14:07: US Treasury says new loans by top TRAP banks rose 12.7% in June
Always thought it was a Paulson TRAP. Now the Treasury confirms it.
http://www.demotivateus.com/misspelling-it-matters-a-lot-demotivational-...
Risk as it pertains to ... ? Backstop behind the SLPz? So, conceivably, a "past ball" (not seen coming, i.e. flashed in a dark pool) thrown in the dirt could get by the catcher and roll how far (without a backstop)? There is no risk when Bernanke is the umpire behind the plate. His message was being spread and gaining even more support...therefore he needed to be censored. Until we have guys like Black back as regulators nothing will change. We just
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Risk as it pertains to ... ? Backstop behind the SLPz? So, conceivably, a "past ball" (not seen coming, i.e. flashed in a dark pool) thrown in the dirt could get by the catcher and roll how far (without a backstop)? There is no risk when Bernanke is the umpire behind the plate.
How many times are you going to plagerize me?
http://news.yahoo.com/s/ap/20090817/ap_on_bi_ge/transunion_mortgage_delinquencies
ALL OF THESE MORTGAGES ARE DELIQUENT............ER.......I MEAN.........STORY DELETED.
JESUS.....THIS IS A JOKE. It is so obvious they are covering up any real news.
What you see is not what you got.