Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘mortgage’

Kroatien: Umstrittene Raika-Kredite könnten annulliert werden

Posted by hkarner - 19. Juli 2017

Ein neues Gesetz ermöglicht es kroatitischen Kreditnehmern, mit Klagen Kredite für nichtig erklären zu lassen. Raiffeisen-Banken, die seit Jahren Betrugsvorwürfen ausgesetzt sind, wollen das Gesetz anfechten.

Drei Jahre nachdem in Kroatien schwere Vorwürfe über umstrittene Kreditgeschäfte der steirischen Raiffeisenbanken erhoben wurden, wurde nun ein Gesetz beschlossen, mit dem die Hypothekarkredite für nichtig erklärt werden können. Raiffeisen will gegen das Gesetz mit einer Verfassungsklage vorgehen, berichtete die „Kleine Zeitung“ am Mittwoch.

Bei der Affäre, die 2014 ausgebrochen war, ging es um tausende Hypothekarkredite, welche die kleinen Raikas vergeben haben, ohne in Kroatien über Banklizenzen zu verfügen. Kroatische Kunden, die ihre Darlehen nicht zurückzahlen konnten und ihr Hab und Gut verloren haben, warfen den Kreditinstituten Betrug vor.

Das neue Gesetz soll nun „tausenden Menschen helfen, die vonseiten der Kreditgenossenschaften betrogen wurden und in Schulden-Sklaverei geraten sind“, verkündete der 26-jährige Oppositionspolitiker Marin Skibola, der das Gesetz ins Parlament eingebracht hat. Das Gesetz ermöglicht betroffenen Kreditnehmern mit Klagen die Kredite für nichtig erklären zu lassen. Eine Klageerhebung friert zugleich die Zwangsvollstreckungsverfahren ein, berichteten die Medien. Den Rest des Beitrags lesen »

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OeNB: Kaum Gefahr aus Osteuropa für Banken

Posted by hkarner - 6. Juni 2017

Osteuropäische Haushalte sind zwar relativ höher verschuldet als jene in Österreich. Die Risken für heimische Banken seien aber gering.

 , diepresse.com

Wien. Das Geschäft in Osteuropa ist für heimische Banken bereits seit langem Segen und Fluch zugleich. Einerseits gibt es nach wie vor keine Region, in der Raiffeisen oder Erste Bank so hohe Renditen erzielen können, wie in den östlichen Nachbarstaaten. Andererseits sorgen die wirtschaftliche Volatilität und die höhere Quote an Kreditausfällen in diesen Schwellenländern auch immer wieder für Kritik von Ratingagenturen und Verunsicherung bei den Aktionären.

Die Nationalbank hat sich daher in einer Studie nun angesehen, wie finanziell gesund osteuropäische Haushalte im Verhältnis zu ihren österreichischen Pendants sind. Eine Untersuchung, die erst seit kurzem möglich wurde, da die Datenbasis erst seit Ende des Vorjahres aufgrund einer von der EZB induzierten europaweiten Vermögensstudie (HFCS) verfügbar ist.

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Distorted financial advice

Posted by hkarner - 12. Oktober 2015

Luigi Guiso, Gabriele Foà 12 October 2015

Yale University

Axa Professor of Household Finance, Einaudi Institute for Economics and Finance; CEPR Research Fellow

When it comes to financial products, households have limited ability to make a choice and they must rely on the advice of experts, and the more complex the decision, the more this is the case. Often, the expert they rely on for advice is also the supplier of the financial product, so that a conflict of interest may arise and with it the question: Does the expert provide recommendations in the customer’s interest or in his own? Den Rest des Beitrags lesen »

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The costs of interest rate liftoff for homeowners: Why central bankers should focus on inflation

Posted by hkarner - 2. Oktober 2015

Carlos Garriga, Finn Kydland, Roman Šustek 01 October 2015, voxeu

Research Officer, Federal Reserve Bank of St. Louis

Jeff Henley Professor of Economics, University of California Santa Barbara; Carnegie Mellon University; LAEF; and NBER

Lecturer, Queen Mary University of London; Research Associate, the Centre for Macroeconomics

Den Rest des Beitrags lesen »

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Paying Off the Mortgage Is Becoming Harder for Older Workers

Posted by hkarner - 15. Juni 2015

Date: 14-06-2015
Source: The New York Times

Donald and Linda Potter still carry mortgages on their home and vacation house, but say the math makes sense with low rates.

LIKE Archie Bunker, who celebrated paying off his home mortgage by burning his
documents in a 1975 episode of “All in the Family,” many workers once routinely timed retirement to coincide with paying off a mortgage.

But now older workers, stung by a punishing decline in house prices or high consumer debt, are increasingly unable to pay off their mortgages and are heading into their retirement years with substantial amounts outstanding.

They have also been hit by unexpected expenses, layoffs, accumulated credit card bills or college loans, leaving them unable to pay off their single biggest debt unless they work longer, downsize or rely on other borrowing for the monthly payments.

Although conventional wisdom says you should pay off your mortgage before retiring, there are some exceptions. Those who are reasonably well-off financially could justify keeping the low-interest mortgage and using the money that would have paid it off to get better returns from investments elsewhere, or to fund renovations that would make it possible to stay in their home. Den Rest des Beitrags lesen »

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Kreditvergabe: Banken lockern Bedingungen

Posted by hkarner - 21. Januar 2015

20. Jänner 2015, 12:13, derstandard.at

Laut EZB zwingt der Konkurrenzkampf die Institute, ihre Bedingungen für die Mittelvergabe zu überdenken

Frankfurt – Firmen und Konsumenten in der Eurozone kommen wieder leichter an Kredite. Unter anderem wegen des wachsenden Konkurrenzkampfes um Kunden hätten die Banken im Euroraum ihre Bedingungen für die Mittelvergabe im Schlussquartal 2014 gelockert, teilte die Europäische Zentralbank (EZB) am Dienstag bei der Vorlage des vierteljährlichen „Bank Lending Survey“ in Frankfurt mit.

Außerdem hätten die Institute ihre Bilanzen verbessert, und auch die billigen Langzeitkredite der EZB für die Geschäftsbanken wirkten bereits.

Daher stieg die Kreditnachfrage von Unternehmen zum Jahresende genauso wie die Nachfrage nach Verbraucherkrediten. Hypotheken blieben sehr gefragt. Insgesamt bleiben die Hürden für die Kreditvergabe in der Eurozone aber auf einem vergleichsweise hohen Niveau: Die Geldhäuser hatten ihre Bedingungen nach früheren EZB-Angaben von Mitte 2007 bis Anfang 2014 allgemein verschärft. Den Rest des Beitrags lesen »

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The Transatlantic Growth Gap

Posted by hkarner - 22. Juli 2014

Date: 22-07-2014
Source: Project Syndicate

DANIEL GROSgros

Daniel Gros is Director of the Brussels-based Center for European Policy Studies. He has worked for the International Monetary Fund, and served as an economic adviser to the European Commission, the European Parliament, and the French prime minister and finance minister. He is the editor of Economie Internationale and International Finance.

BRUSSELS – The global financial crisis that erupted in full force in 2008 affected Europe and the United States in a very similar way – at least at the start. On both sides of the Atlantic, economic performance tanked in 2009 and started to recover in 2010.

But, as the financial crisis mutated into the euro crisis, an economic gulf opened between the US and the eurozone. Over the last three years (2011-2013), the US economy grew by about six percentage points more. Even taking into account the increasing demographic differential, which now amounts to about half a percentage point per year, the US economy has grown by about 4.5 percentage points more over these three years on a per capita basis.

The main reason for the gap is the difference in private consumption, which grew in the US, but fell in the eurozone, especially in its periphery. A retrenchment of public consumption actually subtracted more demand in the US (0.8 percentage points) than in the European Union (0.1 points). This might appear to be somewhat surprising in light of all of the talk about Brussels imposed austerity.

In fact, public consumption in the eurozone has de facto remained fairly constant over the last three years, whereas it has declined substantially in the US. (The same is true of public investment, though this constitutes such a small proportion of GDP that transatlantic differences could not have had a large impact on growth over a three-year horizon.) Den Rest des Beitrags lesen »

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The future of finance: Leviathan of last resort

Posted by hkarner - 11. April 2014

Date: 10-04-2014
Source: The Economist

State subsidies and guarantees are once again corroding the financial sector and creating new dangers 

EVER since Lehman Brothers went bankrupt in 2008 a common assumption has been that the crisis happened because the state surrendered control of finance to the market. The answer, it follows, must be more rules. The latest target is American housing, the source of the dodgy loans that brought down Lehman. Plans are afoot to set up a permanent public backstop to mortgage markets, with the government insuring 90% of losses in a crisis. Which might be comforting, except for two things. First, it is hard to see how entrenching state support will prevent excessive risk-taking. And, second, whatever was wrong with the American housing market, it was not lack of government: far from a free market, it was one of the most regulated industries in the world, funded by taxpayer subsidies and with lending decisions taken by the state.

Back in 1856 one of this newspaper’s editors, Walter Bagehot, blamed crashes on what he called “blind capital”—periods when credulous cash, ignoring risk, flooded into unwise investments. Given not only the inevitability of such moments of panic but also finance’s systemic role in the economy, a government had to devise some special rules to make finance safer. Bagehot invented one: the need for central banks to rescue banks during crises. But Bagehot’s rule had a sting in the tail: the bail-out charges should be punitive. That toughness rested on the view that governments should as far as they could treat financiers like any other industry, forcing bankers and investors to take as much of the risk as possible themselves. The more the state protected the system, the more likely it was that people in it would take risks with impunity. Den Rest des Beitrags lesen »

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The New Dutch Disease: Mortgage Debt

Posted by hkarner - 19. August 2013

Date: 16-08-2013
Source: The Wall Street Journal

The Dutch economy is suffering from the after-effects of a housing bubble

Back in the 1970s, an economy was said to be suffering from Dutch disease if it was stagnating because a resource windfall had ended up hollowing out other sectors.

Well, now the Dutch have a new economic malady.

Except this time it’s considerably less exotic and significantly more self inflicted. In a nutshell, the Dutch economy is suffering from the after-effects of a housing bubble inflated by government policies that for a long time encouraged, through tax breaks, massive household leverage and prompted ever inflating prices.

And as with all things that can’t go on for ever, Dutch house prices didn’t. The financial crisis struck, triggering a euro-zone recession and government belt tightening all of which contributed to a reversal of the long-running trend.

Dutch house prices have been falling since the start of 2009. The most recent data show them down nearly 10% on the year and, in all, they’ve dropped by a fifth. Den Rest des Beitrags lesen »

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MGIC, Radian Private Mortgage Insurers in Trouble: Another Hampered Business in the Subprime Aftermath?

Posted by hkarner - 13. November 2009

Fannie Mae and Freddie Mac remain liable if the mortgage and bond insurers they bought protection from fails to pay. „Fannie Mae has about US$109.5 billion of mortgage-insurance coverage in force, which represents 4% of all single-family home loans it owns or guarantees. Freddie Mac had US$63.4 billion in mortgage insurance and US$12.2 billion in bond insurance.“ Moreover, The GSEs can only buy high LTV loans if the buyer has mortgage insurance. In October 2009, S&P downgraded MGIC, the largest insurance provider for the GSEs, and placed seven other mortgage insurance companies on watch for downgrade. (Wall Street Journal)

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