Coronavirus Credit Crunch

[TheCountOfNowhere]

25 minutes ago, reformed nice guy said:

Update from Funding Circle:

 

Today the British Business Bank (BBB) has accredited Funding Circle to the Government’s Coronavirus Business Interruption Loan Scheme (CBILS). This will allow us to help small businesses access crucial government-guaranteed loans during this unprecedented time. To ensure we are helping as many small businesses as possible, we have taken the decision to focus solely on originating loans through the CBIL scheme during this period. You and other individual investors (known as ‘retail investors’) are not currently able to participate in these loans, so we will pause new lending for all retail investors and any institutions not participating in the scheme from today. Offering CBILS loans will also further support the businesses you have lent to, helping them trade through this period and protecting your returns. We will continue to service your loans and collect repayments, and our team will continue to be on hand to support you. This is a temporary measure and we remain committed to providing investors like you with access to small business loans through the platform. We expect to re-open the retail investor marketplace in due course.

That's why their share price shot up them.

it went up yesterday too, so someone knew about this ( insider trading ).

FC is rotten.

So private lenders can't lend and they can't get their money out, but they're not lending out magicked up cash.

Holy f**k, steer clear.

[spygirl]

On 14/04/2020 at 09:08, TheCountOfNowhere said:

https://www.pymnts.com/loans/2020/jpmc-require-700-credit-score-20-percent-down-new-mortgages/

 

From the Unite Shambles of America

 

LOANS

JPMC To Require 700 Credit Score, 20 Pct Down For New Mortgages

 

This should have happened in 2008

Theres that magic 20% deposit again. people are going to have to get to used to it - 20% down.

Oh but FTB wail - We dont have (price of house * .0.2) as a deposit.

In which case, the house needs to fall so their cash deposit is 20%

 

To be honest, there was never any real problem with US prime mortgages - which is what the 7000 creditscore refers to (FICO)

https://www.investopedia.com/terms/f/ficoscore.asp

Te problem is 2008 is that subprime (outside of FICO) counted for the most of market, so pushed prices up.

Of course, it did start in the US, as the one eyed cunt said. But that ignores the simple fact the the shunting n dumping and market was all in th UK, as that had limited to no oversight.