Bear Stearns & Household Credit Usage
http://myvesta.org/articles/articles/76/1/Bear-Stearns-amp-Household-Credit-Usage/Page1.html
Steve Rhode
Steve Rhode is the founder of Myvesta US in the United States and the Chairman of Myvesta UK in the United Kingdom. By Steve Rhode
Published on 08/22/2007
Debt and credit news from America. Interesting bits of news and important links.
Debt & Credit News From the US - August 22, 2007
While passing through the damn Amsterdam airport yesterday I grabbed a couple of magazines to read on the flight. Some of the stories really jumped out at me and I wanted to share them with you.
Did you know that if you buy an American car you are more likely to miss payments and get it repoed than if you bought a foreign car? In fact, get this, Saturn buyers are 22 times more likely to default on their loans than a Toyota owner. Hum, what do we make of that now?
Japanese car owners are 56% less likely to stop paying than American car owners. All very interesting, but why? Here is a reasonable guess, remember when US car dealers were begging you to come in and buy a car? The offers were so ridiculous with the 0% financing and six and seven year loans that basically a bunch of people that never should have been given loans, were.
More information on this can be found in the upcoming book, Household Credit Usage: Personal Debt and Mortgages
. I can't wait to get my hands on that book. Looks interesting.
Sounds like the same intelligent lenders that raced to originate all the bad sub-prime mortgages that they could.
Quote of the day: Stupidity + Greed = US Sub-Prime Mortgage
Looks like Warren Spector, president and co-chief operating officer of Bear Stearns lost his job over the unbelieveable screw-up that Bear Stearns created in the loss of confidence from creditors and investors.
While Bear Stearns was once the 10th largest mortgage lender, they are now the first largest joke as two of their hedge funds, invested in mortgaged backed securities, went bust. I think we need to send Bear Stearns to collections over this.
I can hear it now, "Hello, is this Mr. Stearns? I have an urgent personal business matter to discuss with you."
In an interesting situation that I've never thought of before, apparently 6% of respondents to a recent survey said they've accidently called their boss mom or dad.
Nope, never done that but I was so stressed out during a math test in elementary school once that I forgot my name.
Also in the same survey, 90% of managers think they're among the top 10% of performers in their workplace.
Damn, say it ain't so. And all this time I thought I was a good manager. Appears I was just fooling myself along with all the rest.
More little jewels and nuggets can be found in the latest issue of BusinessWeek
.
Did you know that if you buy an American car you are more likely to miss payments and get it repoed than if you bought a foreign car? In fact, get this, Saturn buyers are 22 times more likely to default on their loans than a Toyota owner. Hum, what do we make of that now?
Japanese car owners are 56% less likely to stop paying than American car owners. All very interesting, but why? Here is a reasonable guess, remember when US car dealers were begging you to come in and buy a car? The offers were so ridiculous with the 0% financing and six and seven year loans that basically a bunch of people that never should have been given loans, were.
More information on this can be found in the upcoming book, Household Credit Usage: Personal Debt and Mortgages
. I can't wait to get my hands on that book. Looks interesting.Sounds like the same intelligent lenders that raced to originate all the bad sub-prime mortgages that they could.
Quote of the day: Stupidity + Greed = US Sub-Prime Mortgage
Looks like Warren Spector, president and co-chief operating officer of Bear Stearns lost his job over the unbelieveable screw-up that Bear Stearns created in the loss of confidence from creditors and investors.
While Bear Stearns was once the 10th largest mortgage lender, they are now the first largest joke as two of their hedge funds, invested in mortgaged backed securities, went bust. I think we need to send Bear Stearns to collections over this.
I can hear it now, "Hello, is this Mr. Stearns? I have an urgent personal business matter to discuss with you."
In an interesting situation that I've never thought of before, apparently 6% of respondents to a recent survey said they've accidently called their boss mom or dad.
Nope, never done that but I was so stressed out during a math test in elementary school once that I forgot my name.
Also in the same survey, 90% of managers think they're among the top 10% of performers in their workplace.
Damn, say it ain't so. And all this time I thought I was a good manager. Appears I was just fooling myself along with all the rest.
More little jewels and nuggets can be found in the latest issue of BusinessWeek
.