Australian sub prime mortgage market.

This is a good point both in residential funding and businesses. In residential many people took short term finance when they bought house/section or took a first and second for 12 months and as long as they kept paying, the main stream banks would pick them up as they had good track records. WRONG. Now unless all income is proved etc you can't refinance so lots of people paying default interest rates and having to either suffer or sell in a depressed market. The business thing is even worse. There is NO funding for business startups, expansion, property etc unless there is proven income or huge alternative security (like your house) so its all coming to a grinding halt. Six months ago could get 70% funding for a recognised Franchise, now 25% if you're lucky and even to Subways etc are suffering. Sound like a doom merchant?, no not really, just a realist with 25 years in the game and glad I have no debt!

 

Leunig?
I used to use an avatar Michael drew for me a few years ago. Should pay up here so I can use it.

 

Not sure Modeler to be honest.

Was sent to me via e-mail. I thought it was appropriate in relation to the current posts.

 

Looks like Michael's drawing and sentiments.
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AFR says Rudd is going to declare the free market system over...

http://www.afr.com/home/viewer.aspx?EDP://20090131000030784819&section=home&title=Time+for+a+new+world+order

 

I get regular correspondance from my bank. Have received this paper written by David Hale who is a well respected Chicago based Global Economist Thought some may be interested in some light reading.

Cheers
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nice throw away line about the global banks wiping $2Trillion debt !!

would they do the same for the 3rd world they have been raping for decades ??!!

would the IMF be run by the Yanks ?

 

OK, but really isn't that just saying that the banks are finally being a bit sensible and it's probably just as well not to lend to a business or person who "would worry about the funding later"? And similarly, taking a good hard look at the books rather than taking the applicants word for it probably isn't such a bad idea either. Do you think there really are 'deserving' people or businesses who can't get finance that they really need?

 

Similar to my response to mhh, I'm not sure I can see the problem here...from my (albeit limited) knowledge of franchises, I can't imagine how you could making anything when you only have 30% equity? I suspect also the caution of the banks is partly driven by the predictions by some that the next phase after the recession will be hyper-inflation, with interest rates zooming to record levels faster than the record drops we've seen this year.

 

AGG in Receivership....??

 

I have never heard of them/him. But sad either way.

 

Craig Gore. He's got hands in a few things. Best known his Aussie Indycar team.

 

I read that he owns the Aussie Indy car time, but that didnt ring any bells.

 

LOL! Second generation Gold Coast white shoe brigade... terribly sad burglary where all the security systems mysteriously failed just at the time of the robbery, most of which was cash and undocumented jewellery.

 

jewish stocktake

 

What? Don't you folks believe in black clad Mission Impossible cat burglers whisking their way with the slumbering bozo's geld?

 

Cue music

http://www.televisiontunes.com/themesongs/Mission%20Impossible.mp3

 

this is better music Patrick

http://www.youtube.com/watch?v=brdni8pD6uw&feature=related

 

Liberty cut 2% off their Private deal here and no break costs if contract kept. 65% LVR, no questions asked and 12.5% int only. Put a deal in this morning and approved tis afternoon. Work done, off for a beer.