Originally Posted by
minimoke
As a borrower all SCF's marketing collateral was very clear that money was available for home loans, personal loans, boats etc. I don't recall one bit of collateral thats said we'll pay you 8.5% for your money which we are going to use to pay off existing borrowers. Sure they talked about the "wall of Maturities" - but they also said they were making good with existing loans that were maturing and writedowns were under control with the majority of impairments done Dec 09. We now hear there was no new lending in 2010!
I don't think we even want to go down the track of trading while insolvent do we?