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The Predatory Lending Machine Crushing Small Businesses Across America
In May 2012, Yellowstone became what appears to be the first company in the industry to file a confession in court. Others copied the trick. The innovation didn’t just make collections easier; it upended the industry’s economics. Now, even if a borrower defaulted, a company stood a chance of making a full recovery. By tacking on extra fees, it might even make more money, and faster, than if the borrower had never missed a payment. In some cases, the collections process became a profit engine.
crime  debt 
12 hours ago by craniac
hidden-bad-loans-highlight-struggles-of-rural-banks-101358933.html

In June, the CBIRC ordered city and rural commercial banks to classify all loans more than 90 days overdue as nonperforming by the end of next year, which has led to a surge in their nonperforming-loan ratios, according to CBIRC data. Analysts have attributed the rise in rural banks’ credit risk to their poor risk management and aggressive expansion over the past few years.
NPLs.
china  debt  deleveraging 
yesterday by jayyy
A Financial Analogy for Technical Debt | AKF Partners
An interesting analogy of tech debt with real debt.
coink  financial  technical  debt 
2 days ago by paunit
This Vancouver home could become Huawei exec’s $5.6-million prison | The Star
"The mortgage documents may appear to indicate a tiny or non-existent down payment, but Usher said that would be a misinterpretation. He said the documents indicate a common type of mortgage offered not just by HSBC but by many Canadian banks.

“This is an open-ended mortgage. You may be using it to buy your car, to fix your house, to go on a vacation,” Usher explained.

“What it means is, they’ll give you money for buying your house, but it will also be like a line of credit. So what they put on the title is not what you’re actually paying; you’d have to see the loan agreement to actually understand that.”"

"Those policies include a 20 per cent foreign buyer tax when properties change hands, an increased property tax on properties worth over $3 million, Vancouver’s empty homes tax (one per cent of assessed value, although the current mayor has vowed to raise it to three per cent) and a provincial speculation tax that also targets underused properties.

“That’s the really interesting part of this case,” Yan said. “It really touches upon how Vancouver has become this city of hyper-transiency that has really shaped its housing markets.”"
vancouver  housing  debt  china  tax  crime  politics 
3 days ago by pacpost
Rethinking how the housing crisis happened | MIT Sloan
"And yet when the bottom fell out, the researchers found, there was a sharp increase in delinquencies for middle-class borrowers and borrowers with “prime” — or high — credit ratings.While all types of people participated in the crisis, borrowers defaulting on bigger mortgages were responsible for a greater dollar amount in defaults. The researchers found that the top quintile of borrowers by income were responsible for 13 percent of delinquent mortgage debt in 2003. That share increased to 23 percent by 2006. Meanwhile, the bottom quintile of borrowers saw their share of delinquent mortgaged debt drop from 22 percent in 2003 to 11 percent in 2006."
debt  finance  housing  research  history  mortgage 
4 days ago by pacpost
Online Property Sales Are Booming in China

Distressed property listings on Alibaba Group Holding Ltd.’s Taobao auction site, the country’s largest, rose 88 percent in October from a year earlier as the company expanded its offerings by working with courts and asset managers. Across all auction sites in China, distressed real estate listings surged to a record 1.3 trillion yuan ($190 billion) this year, data compiled by realtor Seatune show.
china  housing  debt  realestate 
4 days ago by jayyy
Design Debt (DesignMap San Francisco)
Audrey Crane описывает суть дизайн-долга и перечисляет проблемы в развитии продукта, к которым он приводит.
UX  debt  issue  management  strategy 
5 days ago by jvetrau
The Economy Killed Millennials, Not Vice Versa - The Atlantic
Why would young people feel such revolutionary fervor? Maybe it’s not because Millennials have rejected the American dream, but rather because the economy has not only blocked their path to attaining it but punished them for trying to.
USA  economy  millennials  youth  income  spending  media  consumerism  housing  affordability  cars  DemocraticParty  education  debt  politics 
5 days ago by petej
The Economy Killed Millennials, Not Vice Versa - The Atlantic
As Med put it, “This strikes me as being the correct take on the matter. To understand Millennials, assess the amount of debt most of them are carrying.”
(via: https://twitter.com/Mededitor/status/1071021521978777600)
via:Mededitor  millennials  economy  spending  debt  theatlantic  2018 
7 days ago by handcoding

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