Ireland: Banks need euro24B more, will be overhauled
Ireland’s ailing banks need another euro24 billion in cash in a move that will leave all of them under state control and facing a complete overhaul, officials announced in a long-awaited effort to cap a 3-year banking crisis.
Read more on AP via Yahoo! Finance

ICBC Forecasts Loans to Expand at Slowest Pace in 3 Years
Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, said credit may grow at the slowest pace in three years as Chinese banks heed a government call to restrain loans.
Read more on BusinessWeek

Residents are not happy that these stores are opening up in their vicinity for the following reasons:

Not aesthetically pleasing – People may criticize that a payday loan store is an eye sore and is not aesthetically pleasing for their area. Many people do not want a pawn shop or tattoo parlour in the region because of the stigma attached to it. A cash loan store is no different to them.

Boost neighborhood crime – They are worried that these kinds of financial institutions will be the reason for rising of neighborhood crime. The companies who provide the service and some of the individuals who use their services understand the need for a cash loan for those hard working Canadians who are facing financial hardship with a bad credit score. With that said, it is hard to ignore that these places do bring in the wrong visitors to the local area.

How it affects other businesses in the market – Many will argue that having a coffeehouse or small restaurant next to a payday advance lender will drive their clientele away because firing neon signs stating “Quick cash” doesn’t exactly scream relaxed atmosphere.

The value of their property goes down – For people with several stores in your neighborhood, the value of your property can decrease. This could also be a way difficult to rent a house or sell a home because as a customer you will look at all elements and will think about the area as being a low income neighborhood.

The effect it’ll have on families in the community – For customers trying to find a quick loan for urgent matters, it might be a convenient resource. Nevertheless all these loans have extremely high rates of interest and charges and a lot of these vulnerable families can easily become trapped in the payday loan spiral causing more difficulty than just monetary hardship.

Not only can people pay a higher price from these kinds of loan providers but an entire area, the very community that has fought to scale back criminal activity can also.

There are choices to take a loan for people with bad credit backgrounds. There are loan merchants, like Prudent Financial Services, that won’t only give you money with a low interest rate but will also help to increase your credit history by reporting all your payments to Equifax.

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Get across negative gearing rules
There are two key tests applied by the tax office when assessing if an investment loss is tax-deductible. The first is to establish the taxpayer’s intention and the second is the commerciality of the transaction.
Read more on Brisbane Times

Jim Cramer anger over Federal Reserve to cut rates.

Rick Sharga talks about large pools of money purchasing these loans at deep discounts and then fixing the principles of the people in the homes.

Bruce then responds by talking about HR3221 about how HUD can buy first trust deeds at a discount and how the new structure would allow them to alter the loan of the person in the property. Bruce worries about the ramifications of this program. It is limited in who can apply since it applies to adjustable mortgages only. The people who really get burned are those next door who qualified for a fixed loan and are making the payments. They did everything correctly but they dont apply for the principle reduction. With California being a non recourse state, Bruce worries the dominos that might fall. Bruce then asks Philip Tirone if bailing from mortgages is becoming more acceptable.

Philip says clients dont care about the moral issue of walking away; they are more concerned about the credit ramification. Philip talks about the raised loan limits and how everyone thought it would make a difference. They think things are going to help but when you get into the legislation, it doesnt.

Bruce agrees with Christopher Thornberg in that the median price has to become more reasonable. Christopher thinks another 6 months and everyone will qualify.

Tommy Williams brings up the very important point of moral hazard in letting something like bailouts occur. Not holding consumers accountable sets up a larger problem for the future.

Bruce asks Christopher about Merrill Lynch taking .22 cents on the dollar for a $30 billion package of CDOs. He says they actually got 5% in cash and carried back a note and guaranteed the pile. Bruce asks whose money was actually lost. Christopher says it was the consumer investing in their company. Christopher says this buyout is another instrument and accounting mechanism. The financial system, Christopher says, is an absolute mess. All banks are having a difficult time. Were having an issue with cash because of it. [Part 17 Continues the panel discussion]

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Duration : 0:2:53

http://www.chrismartenson.com

Duration : 0:4:20

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Thanks to a YouTuber called “csabasand” here is a full transcript: http://www.csaba.se/2009/09/26/peter-schiff-mortgage-bankers-speech-2006-complete-transcript/

also check me out on http://www.facebook.com/PeterSchiff and http://twitter.com/PeterSchiff

Duration : 1:12:41