Yeah Lachie go back to the shelter. You sure wrote a lot of business. Just shows what an ex trading bank manager is like when he is let out of his cage.
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Yeah Lachie go back to the shelter. You sure wrote a lot of business. Just shows what an ex trading bank manager is like when he is let out of his cage.
It seems that all shareholders in the likes of Feltex and Cadmus needed was a decent Facebook page and a bit of potty raving about the injustice of it all.
And the government apparently wants to reduce the punters glee for property investment...how about starting by not bailing out a property development finance company.!
A fair scent of megalomania wafting up from down Timaru way....
So how many NZ finance company's is it now that have gone toes up due to bad property loans ?.
miner
63 now
see http://www.interest.co.nz/saving/deep-freeze-list/
Risky Loans Followed Guarantee
South Canterbury Finance ramped up its risky real estate loans after it signed up to the Government's scheme that protected its investors' money, the company's chief executive Sandy Maier said last night.
See the full article here...
http://www.nzherald.co.nz/business/n...ectid=10670285
Ok, lets start to build a list of what the property loan and bad toxic book looks like based on the info that is out there.
Would our Wellington mate Terry S be in the good books or the bad book.
Lending borrowed money to your property development mates was a logical respose to the Govt. Guarantee.
If the speculative development was sold before the end of the boom cycle everyone made a lot of money without having to risk any of their own capital.
If it failed then only the taxpayer loses. And the holders of SCFHA.