| Surgery a money trap for unwary
COMPANIES spruiking easy, high-interest loans for cosmetic surgery are exploiting vulnerable people, consumer and doctors groups say. Credit providers offer loans up to $40,000 for anything from breast implants to hair replacement, even for those with bad credit histories. International Surgery Group patient adviser Pamela Noon said about 80 per cent of her clients borrowed to pay for their surgeries. "It is particularly popular with young women who get their procedure done and then have weekly payments of around $50 to $60 a week," she said. Websites such as cosmeticsurgeryloans.com .au offer online approval and no-deposit terms. Mediplan, which provides credit for medical, cosmetic, veterinary and dental costs at a rate of 14.7percent, gets half its business from cosmetic surgery, chief operating officer Stuart Johnson said.
UK lenders steer away from 100% mortgages
Mortgage lenders are withdrawing from offering 100 per cent home loans over fears that such products will now attract a flood of high-risk borrowers. Those lenders still offering 100 per cent deals are now charging interest rates of 8 per cent or more. In recent months, 10 lenders have stopped offering to advance the full value of a property, reducing the availability of these mortgages by almost one third compared with a year ago. But while brokers blame concerns over liquidity and a weakening housing market, some lenders admit they do not want to bear the cost of processing – and rejecting – applications from bad credit risks. Some providers fear as competitors withdraw from the market, they will face a sharp increase in applications. Norwich and Peterborough has now reduced its maximum loan-to-value from 100 per cent to 90 per cent.
Credit crunch imperils lender
Angelo Mozilo, chief executive of Countrywide Financial Corp., has been fond of saying that the company became America'sNo. 1 mortgage lender by being smarter than the competition.
In a harangue to Wall Street analysts early last year, the combative Mozilo denounced upstarts for shoveling out too many loans, too easily, to too many people with bad credit, heavy debt and skimpy income.
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Commerce Bank's profit slips 47%
CHERRY HILL, N.J. (AP) -- Commerce Bancorp's profit tumbled 47 percent in the fourth quarter as a book of loans to real estate developers soured amid flagging property values, the bank said. Commerce Bank earned $33.4 million, or 17 cents per share, in the fourth quarter, compared with $62.8 million, or 32 cents per share, in the fourth quarter of 2006. Analysts expected profit of 30 cents per share, according to a Thomson Financial survey. Profit from lending climbed 14 percent to $370.7 million. The bank's portfolio also grew 14 percent, to $17.64 billion. However, Commerce said the credit quality in its portfolio weakened, forcing the bank to set aside $55 million to cover bad loans. The provision is more than five times bigger than the reserve established in the fourth quarter of 2006.
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TheStar.com | Business | Judge grants Quebecor World's $1B credit ...
The ruling brought the struggling company one step closer to getting the money it needs to keep going – the proposal will now go to a judge in New York who is expected to approve the proposal on Tuesday. "We want to focus on getting the money there so we can do whatever is right and whatever is necessary to make this company strong and get everybody comfortable that it's business as usual going forward," Derrick Tay, a lawyer acting for Quebecor World (TSX: IQW), said in an interview after appearing in court. The 28,000-employee company, one of Quebec's most prominent businesses, said Monday it would file under the Companies' Creditors Arrangement Act in Canada and Chapter 11 of the U.S. bankruptcy code. The two laws are intended to prevent creditors from seizing an insolvent company's assets while it continues to operate, but under court supervision.
Megson is the man for Gartside
Several shrewd moves in the transfer market helped. He is a good manager & he signed Kanu. KANU at ALBION !!!! We couldn't beleive it. It's only under Robson & Mowbray that Megson's signings have gone onto better things. He will get the Foxes results & make them difficult to beat like he did with the Baggies. As for Forest, there are so many problems at that club it does'nt matter who the manager is. comment by dibbdroid posted 5 Weeks Ago You can never tell how successful/unsuccess ful a manager will be. Megson did well for a while but the wheels fell off at Forest, so what. Let's judge the guy on what he does at Leicester in the future. One thing's for certain, he know's more about the job than any of us. comment by metallicheatman posted 5 Weeks Ago When I read that Warnock was in line for the position I thought that was bad enough- but Megson is a complete waste of time.
Economic stimulus a big break for home buyers
Although Fannie and Freddie are independent, publicly traded companies, there is universal belief that the U.S. government would ride to their rescue if need be. "If they end up buying up bad loans or getting themselves in trouble so that their own survival is in question, the federal government will bail them out, I don't doubt it," Baker said. Supporters of the cap hike say that the housing market is in such crisis that a quick infusion of capital is the best way to prevent foreclosures from spreading even more. Now that the Bush administration and House leaders from both parties have agreed on the stimulus package, it will go to the full House and then to the Senate. Underscoring how urgently Congress views the economic situation, legislators plan to fast-track the bill so it reaches Bush by mid-February.
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