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Tuesday, 22-Oct-2013 00:15 Email | Share | | Bookmark
Low Doc Loans








Insurance salesman touting 'low-doc' commercial loans





You know, give or take $60 or $70 possibly, like in terms of the actual, yeah, accurate income. STEPHEN LONG: So you were a sole parent, three kids, $24,000 a year and you were told you could buy a home? MICHELLE MATHESON: That's correct, yeah. STEPHEN LONG: The loan application, which she only received recently, said Michelle was a self-employed professional and had grossly overstated her income. MICHELLE MATHESON: My income has been stated, not obviously by myself, but either by the broker or somebody at the bank - has been stated to be $75,000 per year. The previous year's income was $70,000. <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-08-14/australia-faces-its-sub-prime-mortgage-scandal/4196210





Search by borrower can still turn up a 'low doc' mortgage





Otherwise, accounts of the meeting diverge. "The only significant thing which occurred at that meeting," says Brailey, "was Warren Day admitting to me, in the presence of Robert Allen: "Yes Denise, there is no doubt the banks are the engineers". That is, the banks had ultimately engineered the blow-out in low-doc loans, and were to blame for the slew of defaults, rather than the mortgage brokers. Warren Day denies this. "I didn't use those words," he told BusinessDay last week, reiterating the commission's position that the Brailey emails were merely "marketing by the banks" and did not constitute evidence of banks exploiting the brokers as their agents, or of fraud. "ASIC has not received any documents from her in the form of LAFs (Loan Application Forms) which show any evidence of fraud," he told Business Day. Brailey accuses ASIC of being cute on this point - of deliberately concocting excuses for its failure to investigate. <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/business/missing-pieces-in-a-lowdoc-lending-trail-that-shattered-lives-20130602-2njyk.html









So he and a lawyer friend of his are eyeing two lots across from the hospital." They need $200,000 for the lots and $200,000 to construct a building, Bailey said. Then the doctor will set offices on one side and the lawyer will set up offices on the other. "This is an example of the kind of loan we can do. If they can show a decent credit rating, a decent loan-to-value ratio, we can get them a construction loan." Bailey said he is authorized to do loans from $100,000 to $2 million. "They have to be commercial. We don't do residential." ______ Zuckerman Group to build offices near airport The Zuckerman Group is teaming with JEG Properties to build a 23,000-square-foot office building near the Sarasota-Bradenton International Airport. The building, which will be on the south side of University Parkway, will have Mediterranean-style design and should be finished by this time next year. The condo units will range in size from 1,000 to 11,500 square feet and will be available for lease or sale. Marc Greene of JEG Properties said the sales price will be $325 per square foot and the lease rate will be $21 per square foot, taxes, insurance and utilities not included. Despite rising interest rates, Greene said it still makes sense to buy. "I just helped a chiropractor, who has been renting for the last six years and paying $3,000 a month, to buy a $400,000 unit in another building," Greene said. <br>For the original version including any supplementary images or video, visit http://www.heraldtribune.com/article/20060911/COLUMNIST58/609110585





Missing pieces in a low-doc lending trail that shattered lives





The assumption behind the low doc loan was that someone with a big down payment was a good enough financial bet for the lender that he could be spared the kind of rigorous documentation usually required. On a more or less good faith basis, he would be allowed to take a mortgage with a minimum of proof that his income and assets were what he claimed. Regrettably, more than a few people took advantage of low doc mortgages and an even less demanding category called "no doc" loans, according to mortgage experts. They claimed income or assets that they didn't really have and, ultimately, many such loans wound up in default or foreclosure, mortgage experts say. "Because of the abuses we saw occurring industrywide in low doc loans, check this out we started pulling back from these loans early last year," says Robert Engelstad, senior vice president for mortgage standards at the Federal National Mortgage Association. On Jan. 7, Fannie Mae -- which buys billions' worth of mortgages each year from lenders who originate them -- announced it would cease buying no doc loans altogether. Last year, a similar decision was announced by the Federal Home Loan Mortgage Corp., known as Freddie Mac, another big player in what is called the secondary mortgage market. <br>For the original version including any supplementary images or video, visit http://articles.baltimoresun.com/1991-01-13/business/1991013148_1_doc-loan-mortgage-documentation-low-doc



Saturday, 19-Oct-2013 16:08 Email | Share | | Bookmark
A New System For Business Loans In Palau | Pacific Beat








Distressed Debt Buyers Seek Australian Loans as Mining Struggles





So that's, for example, if you have a small business and the business wants to borrow some money for whatever reason, they're able to use their moveable property as collateral for that loan, so that could be anything from their equipment that they might have, their stock in trade, their accounts receivable, their motor vehicles. Any assets in fact that's movable. So the law allows that to happen, and those interests that are created under the law are then registered on an electronic registry which serves as notice for everybody that those interests against that movable property have actually, have been made. RICE: Well, is this a new way of doing business for Palau? REID: It certainly is a new way of doing business for Palau. Prior to this, coming online last week, and the new law which they passed in the middle of last year. It was possible, but extremely complicated and in terms of using movable property as collateral for loans and in fact there's a general reluctance by lenders in Palau to take movable property. So this creates new opportunities for lenders, and obviously new opportunities for borrowers. RICE: And how did the laws have to be changed? <br>For the original version including any supplementary images or video, visit http://www.radioaustralia.net.au/international/radio/program/pacific-beat/a-new-system-for-business-loans-in-palau/1077082





Australian loan arrears dropping as rates fall





In the last year, debt trading by investors such as Oaktree Capital Group LLC ( OAK:US ), Apollo Global Management LLC ( APO:US ) and Centerbridge Capital Partners LLC have precluded restructurings of companies including Nine Entertainment Group Ltd and Billabong International Ltd. Creative Sector A trust managed by Sankaty Advisors LLC agreed to buy a A$371 million portfolio of loan assets from Lloyds last month, as Britains biggest mortgage lender offloads assets it no longer considers essential. Westpac Banking Corp. and National Australia Bank Ltd. are among lenders that made preliminary bids for its Australian assets, people familiar with the matter said last month. Investors are seeking to acquire bad loans which are sitting on local banks balance sheets, according to Calder. There is a more creative sector thats moving down into mid-sized http://oneidadispatch.com/articles/2013/08/06/news/doc52014cdd0703d770585100.txt companies to acquire debt positions, he said. Some 41 percent of survey respondents expect a decline in Australias manufacturing industry over the next year. The nations retail and consumer goods companies are also expected to endure more financial distress, even after some significant restructuring in the previous four years, the survey said. The surveys 129 respondents included equity investors, lawyers, lenders and turnaround and insolvency advisers. <br>For the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-09-11/distressed-debt-buyers-seek-australian-loans-as-mining-struggles









The percentage of residential mortgage loans more than 30 days in arrears fell to 1.35 per cent in the September quarter, ratings agency Standard & Poor's said in its latest RMBS Performance Watch report. The result was down from 1.5 per cent in the previous quarter and the lowest level since October 2011, the report said. "This suggests the progressive lowering of interest rates during the past year is taking effect," S&P said in a statement. Some economists were forecasting further cuts in 2013, which should bring further easing in borrowing rates even though Australia's banks have not been passing on the RBA moves in full. On a state-by-state basis, the S&P report found Queensland had 1.63 per cent of loans behind in their repayments by more than 30 days, the highest level in the country. Although this was down from 1.82 per cent in the previous quarter, the report warned that recent moves from the Queensland government to slash public sector jobs and the slowdown in mining investment in the state could affect arrears. Next highest was Western Australia at 1.6 per cent and Tasmania at 1.58 per cent. In terms of specific suburbs, the Nelson Bay area north of Newcastle in NSW, had the highest arrears of all Australian postcodes. S&P said Australia's economic outlook "bodes well for a stable housing-loan market" in 2013. <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/business/australian-loan-arrears-dropping-as-rates-fall-20121227-2bxez.html



Thursday, 17-Oct-2013 08:00 Email | Share | | Bookmark
Kkr Joining $5 Billion Surge In Dividend Loans: Australia Credit












PEP is also seeking a dividend recapitalization locally for Peters Ice Cream, the people familiar said, after acquiring the Australian food company founded in 1907 last year. Spotlesss debt is expected to rise to 7 times earnings before interest, taxation, depreciation and amortization following PEPs refinancing, S&P said Sept. 9. The company assigned Spotless a B rating, citing its highly leveraged risk profile as a constraint on the grade. The rush by firms to borrow at record-low costs before an easing of Federal Reserve stimulus measures comes as Australian banks face slowing credit growth amid a waning mining boom. The annual rate of private lending growth was 3.2 percent in July, compared to 4.2 percent a year earlier, according to central bank data. Aussie Yields Australian government 10-year yields climbed 27 basis points this month to 4.17 percent yesterday, the highest closing level since March 2012, as prospects the Fed will pare quantitative easing drove a global slide in bonds. The premium over similar-dated Treasuries widened 11 basis points since Aug. 30 to 122 basis points. The Aussie dollar dropped 0.7 percent to 92.62 U.S. <br>For more.. the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-09-11/kkr-joining-5-billion-surge-in-dividend-loans-australia-credit





Distressed Debt Buyers Seek Australian Loans as Mining Struggles





Investors are starting to buy debt positions in smaller Australian firms instead of pursuing larger, more competitive opportunities such as the sale of Lloyds Banking Group Plc (LLOY)s local loan-book, according to Mick Calder, an executive director of restructuring adviser 333 Management Ltd. Mining companies and the firms that service them are expected to face the most pressure in the next year, a survey released today by 333 and Turnaround Management Association Australia found. We continue to see incumbent lenders willing to entertain the notion of selling their debt positions, Calder said today. While the large debt trading and loan portfolio sales have been well-publicized and sought after, its in the mid-cap space that opportunities may arise in fiscal 2014. Distressed debt buyers are seeking opportunities as demands on working capital, low margins and large project risks are expected to create challenges for mining services companies in the next 12 months, according to the survey. In the last year, debt trading by investors such as Oaktree Capital Group LLC ( OAK:US ), Apollo Global Management LLC ( APO:US ) and Centerbridge Capital Partners LLC have precluded restructurings of companies including Nine Entertainment Group Ltd and Billabong International Ltd. Creative Sector A trust managed by Sankaty Advisors LLC agreed to buy a A$371 million portfolio of loan assets from Lloyds last month, as Britains biggest mortgage lender offloads assets it no longer considers essential. Westpac Banking Corp. and National Australia Bank Ltd. are among lenders that made preliminary bids for its Australian assets, people familiar with the matter said last month. Investors are seeking to acquire bad loans which are sitting on local banks balance sheets, according to Calder. <br>For the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-09-11/distressed-debt-buyers-seek-australian-loans-as-mining-struggles





Australian Lender Pepper Buys Spanish Loan Business of Celeris





Australian non-bank lender Pepper has just announced another strong move to consolidate its position as toppan-European loan servicing and real estate manager by a cquiring the loan business of Celeris in Spain for290 million. Thenewly acquired business will trade as thePepperFinance Corporation after the buy. As part of the transaction, Pepper took over about 164,000 performing loans and a small non-performing book, totalling to 290 million in receivables, as stated by the company. Pepper CEO Patrick Tuttle said the acquisition continued the lenders strategy of expanding into Europe. This announcement represents a very significant milestone inPeppers European expansion strategy and in achieving our ambition of establishingPepperas a best-in-class pan-European loan servicing and real estate manager, spanning a range of asset classes including residential mortgages, commercial mortgages, consumer finance and unsecured small business and personal loans, Tuttle (pictured right) explained. Earlier this year, Pepper had expanded its Irish market business, being appointed to provide servicing for the380 million (A$482 million) Pittsburg portfolio of Irish loans. In 2012 the Australian lender acquiredGECapitals Irish residential mortgage book. With the new buy of Spanish loans they get closer to their goal of becoming one of the top players in the pan-European market. Established in 2001, Pepper is a global financial services business with a strong focus on lending, advisory and asset management across the residential and commercial property sectors. The Lending business of Pepper is one of Australias leading providers of specialist residential mortgage finance. <br>For the original version including any supplementary images or video, visit http://realtybiznews.com/pepper-spain-loans-celeris/98719563/



Monday, 14-Oct-2013 23:54 Email | Share | | Bookmark
Aussie Low Doc Loan Defaults At Record Levels












But Moody's Investors Service noted that the overall level of defaults and personal bankruptcy was still relatively low, and that Australia's non-conforming loan sector does not resemble the troubled US sub-prime sector. Moody's found that during the second quarter of calendar 2007, average non-conforming residential mortgage backed security delinquencies greater than 90 days past due rose to about 6.5 per cent, from 5.97 per cent in the 2006 first half and 4.63 in 2005. "Delinquency rates have trended upwards for the past 18 months as a result of rising interest rates, riskier trends in mortgage origination, and high levels of household indebtedness," Moody's analyst Ilya Serov said. She said the impact of a 25 basis point rise in the official cash rate to 6.5 per cent in August by the Reserve Bank of Australia was yet to play out. "There is a natural lag between rate rises and changes in borrower behaviour and, as such, we expect the negative performance trend to continue," Ms Serov said. However, she said record low unemployment was keeping overall delinquencies at historical lows. "Moreover, Moody's considers that despite some deterioration in performance, the Australian non-conforming sector remains distinct from the US sub-prime mortgage market," Ms Serov said. "While non-conforming loans are the nearest thing in Australia to sub-prime loans, it is evident that Australian borrowers are not experiencing the stress seen in the US." AAP <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/news/business/aussie-low-doc-loan-defaults-at-record-levels/2007/08/27/1188067004811.html





Low taxpayer risk with low-doc loans





"Can't claim it is risk free, but we claim our approach minimises the exposure to taxpayer," Australian Office of Financial Management (AOFM) chief executive Rob Nicholl told a parliamentary committee in Canberra on Friday. Mr Nicholl said the AOFM low doc loans NSW had no sub-prime loans among the mortgages underpinning the residential mortgage-backed securities (RMBS) in its portfolios. The parliamentary inquiry was examining the Australian banking sector in the aftermath of the global financial crisis. The collapse of the US sub-prime mortgage market in 2007 was the precursor to the global financial crisis. Mr Nicholls said the AOFM`s mortgages with at least 30-day arrears were just 1.1 per cent of its portfolio. He said this was less than that for full document and broader prime loans. The AOFM's investment in RMBS was $11.1 billion as at August 31, with the mortgage pools backing these investments being $25 billion, Mr Nicholls. Of these, less than two per cent, or just over $400 million, were low-documentation loans, a type of loan usually given to people who did not gain approval for mortgages from more traditional sources. Liberal senator David Bushby acknowledged the Labor government was right in boosting the RMBS market following the global financial crisis. <br>For the original version including any supplementary images or video, visit http://news.theage.com.au/breaking-news-business/low-taxpayer-risk-with-lowdoc-loans-20120921-26bdg.html





The Australian Democrats 'jump the gun' on low doc loans





"In our view and on the experience of our members who in the main are mortgage brokers (and comprise about 75 per cent of all mortgage brokers) there is no evidence of this," he said. Naylor said he believes the arrears rate for low doc loans has not performed "materially differently to prime loans", albeit at a rate which is slightly higher due to the greater risk associated with the low doc loans. "Had there been massive fraud it would be reasonable to expect the arrears rate to be going through the roof, and it is not," he said. According to Collyer, of the $14 billion worth of residential mortgage backed securities (RMBS) acquired by the Government since the global financial crisis (GFC), 10 per cent of these might be low doc loans. Naylor said at their greatest penetration pre-GFC, low doc loans made up around 7 per cent of the market. By the time RMBS was being acquired, the penetration would have been "considerably less than that". "We estimate the low doc loans now are less than 2 per cent of all loans so the 10 per cent assertion cannot be even close," he said. <br>For the original version including any supplementary images or video, visit http://www.moneymanagement.com.au/news/financial-services/2012/the-australian-democrats-jump-the-gun-on-low-doc-l



Saturday, 12-Oct-2013 15:45 Email | Share | | Bookmark
Nab Raises Cost Of Some Business Loans












NAB will increase the liquidity margin that applies on some of its business loans by 20 basis points, from July 30. The bank says the liquidity margin only applies to some market-linked loans that are targeted primarily at mid to large businesses which want to access funding for short periods. NAB says the vast bulk of its small business customers will not be affected by the increase, because they generally use variable rate loans. In an indication the spectre of independent rate rises by the banking sector more broadly has not gone away, NAB says the liquidity margin increase has been driven by rising funding costs. The bank says the interest rate on term deposits is at an all time high relative to the Reserve Bank's cash rate, and that its wholesale funding costs also remain high. NAB's group executive business banking Joseph Healy says the bank wants to keep customers informed about the funding pressures. "NAB is committed to being transparent about our funding costs and explaining the portion of our customers total rate that is attributed to cost of funds," he said in a statement. <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-07-24/nab-raises-liquidity-margin-on-business-loans/4151486





Distressed Debt Buyers Seek Australian Loans as Mining Struggles





In the last year, debt trading by investors such as Oaktree Capital Group LLC ( OAK:US ), Apollo Global Management LLC ( APO:US ) and Centerbridge Capital Partners LLC have precluded restructurings of companies including Nine Entertainment Group Ltd and Billabong International Ltd. Creative Sector A trust managed by Sankaty Advisors LLC agreed to buy a A$371 million portfolio of loan assets from Lloyds last month, as Britains biggest mortgage lender offloads assets it no longer considers essential. Westpac Banking Corp. and National Australia Bank Ltd. are among lenders that made preliminary bids for its Australian assets, people familiar with low doc business loans Gold Coast the matter said last month. Investors are seeking to acquire bad loans which are sitting on local banks balance sheets, according to Calder. There is a more creative sector thats moving down into mid-sized companies to acquire debt positions, he said. Some 41 percent of survey respondents expect a decline in Australias manufacturing industry over the next year. The nations retail and consumer goods companies are also expected to endure more financial distress, even after some significant restructuring in the previous four years, the survey said. <br>For the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-09-11/distressed-debt-buyers-seek-australian-loans-as-mining-struggles



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