[Sibongile] ended up using her family's savings, along with her mother's and aunt's retirement funds, to finance the first deal: leasing a plane from the Russian Federation. "I remember waiting for days at the airport for the plane to arrive, panicking that after paying so much money and risking people's savings it may not arrive." But all went well in the end, and Sibongile's business took off.1 Before the new law took effect in Cambodia, business owners could use only immovable property as collateral. With little land under private ownership, getting a loan was an unreachable dream for most small to medium-size businesses. The new law changed that. Cambodian entrepreneurs can now use a broad range of movable assets to secure a loan. That includes revolving assets such as inventory and...
...And they allow borrowers to inspect and dispute their information. Doing Bu... the legal rights of borrowers and lenders and the scope and quality of credit information sy...
What role did mortgage marketing practices play in the U.S. credit crisis? Was it the result of greedy lenders, deceptive loan originators, creators of mortgage-backed securities, and complacent investors? Or were consumers complicit with lenders in a market bubble fed by easy credit and a laissez-faire government? Critics claim that many contracts for loans at risk of default were the result of unscrupulous lending practices. Greedy lenders preyed on unsophisticated and vulnerable borrowers. Aggressive lenders steered creditworthy borrowers into profitable but risky subprime loans. Lenders (and borrowers) committed fraud. The U.S. government failed to protect borrowers and encouraged loose lending standards. As a result, loose lending standards destabilized the housing market. Industry...
Susan Urbach won't loan money to anyone with less than a B credit rating. And even then, she prefers to diversify her conservative $1,000 investment over several loans with a minimum return of 9 percent. It's harder than you'd think to decide which deals you're interested in, and then it's mesmerizing to watch the bidding process. You have to keep asking how low you're willing to go, the Oklahoma City resident said of her activity on Prosper.com. In just three months of lending, she's seen a $10 profit on her investment.
Bank of America CEO Ken Lewis knows what it will take to wake up investors to the risks of highly leveraged buyouts. "We need a deal to go bad, as long as we're not in it," he said earlier this month. Should that happen, many on Wall Street will be caught in the downdraft since they've largely chosen to ignore warnings that piling on big debt to corporate balance sheets puts both lenders and borrowers in danger.
The International Monetary Fund (IMF) and the World Bank are two supranational institutions with mandates to help resolve economic crises and to foster economic development. From their creation in 1945 with a membership of 45 countries, these institutions have grown to over 180 member countries; but they have the same clients, provide a similar service - conditional loans, and are subject to similar criticisms regarding adherence to what has been labeled as the Washington consensus. The objectives of this paper are to (i) review relevant research regarding the debate of whether the Bretton Woods institutions are part of the problem or part of the solution; (ii) evaluate the debate employing a political economy perspective; and (iii) assess recent reforms at both institutions as the worl...
... some of their sovereignty (more so for borrowers) in hopes of ensuring sustained and balanced econo... unrealistic? Did the fault lie with the lenders, with the borrowers, with the staff of the institu...
The Obama administration's Home Affordable Modification Program (HAMP) reports that it has generated about 900,000 loan modifications of some type. But the Mortgage Bankers Association in September reported that about 7.5 million households were behind on their mortgages or already well into the foreclosure process. A recent report states that just 30 percent of those homeowners who start the process for a loan modification complete the paperwork. Much more needs to be done, and done soon. The heart of the problem is that for most beleaguered homeowners, the economics of loan modification as it exists simply don't make sense. Most modifications depend on the lender reducing the interest rate on a mortgage loan or extending the term. Neither solution helps the financially strapped homeow...
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