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Changes on the High Street
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Old 15-07-2020, 08:12   #481
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Re: Changes on the High Street

Quote:
Originally Posted by nomadking View Post
NRs problem wasn't deposit-loan ratio. When they sold on the loan, it was not that different to the mortgagee repaying the loan, because they sold the house or took out a mortgage elsewhere. That mortgage was no longer on their books. If a loan has been repaid, it no longer figures in any deposit-loan ratio.

---------- Post added at 22:55 ---------- Previous post was at 22:52 ----------


People lie about their outgoings, and the capital was the property, especially with houses prices increasing. In the US, mortgage brokers were falsifying documents in order to "earn" commission.
I worked for a UK sub-prime lender (2003-2007, approx. £3 billion market cap) as Head of Technology, then for a year as IT Programme Manager for Barclays Capital - your interpretation is not congruent with actuality.

Quote:
With half a decade’s hindsight, it is clear the crisis had multiple causes. The most obvious is the financiers themselves—especially the irrationally exuberant Anglo-Saxon sort, who claimed to have found a way to banish risk when in fact they had simply lost track of it. Central bankers and other regulators also bear blame, for it was they who tolerated this folly. The macroeconomic backdrop was important, too. The “Great Moderation”—years of low inflation and stable growth—fostered complacency and risk-taking. A “savings glut” in Asia pushed down global interest rates. Some research also implicates European banks, which borrowed greedily in American money markets before the crisis and used the funds to buy dodgy securities. All these factors came together to foster a surge of debt in what seemed to have become a less risky world.

Start with the folly of the financiers. The years before the crisis saw a flood of irresponsible mortgage lending in America. Loans were doled out to “subprime” borrowers with poor credit histories who struggled to repay them. These risky mortgages were passed on to financial engineers at the big banks, who turned them into supposedly low-risk securities by putting large numbers of them together in pools. Pooling works when the risks of each loan are uncorrelated. The big banks argued that the property markets in different American cities would rise and fall independently of one another. But this proved wrong. Starting in 2006, America suffered a nationwide house-price slump.

The pooled mortgages were used to back securities known as collateralised debt obligations (CDOs), which were sliced into tranches by degree of exposure to default. Investors bought the safer tranches because they trusted the triple-A credit ratings assigned by agencies such as Moody’s and Standard & Poor’s. This was another mistake. The agencies were paid by, and so beholden to, the banks that created the CDOs. They were far too generous in their assessments of them.
tl:dr - the companies that were supposed to provide oversight and manage risk didn’t in the chase for profits and bonuses.
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Last edited by Hugh; 15-07-2020 at 09:54.
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Old 15-07-2020, 22:01   #482
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Re: Changes on the High Street

Another use for high streets
Quote:
Shops on the UK’s high streets could soon become retirement accommodation thanks to government plans to shake up the planning system, according to the head of the country’s biggest senior living provider.

McCarthy & Stone is looking closely at opportunities to buy up commercial property in city centres that it can turn into housing for its elderly residents, said John Tonkiss, the company’s chief executive.
https://www.ft.com/content/9d585476-...0-9755806e261a
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Old 16-07-2020, 05:21   #483
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Re: Changes on the High Street

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Originally Posted by 1andrew1 View Post
They have a place in our City now where they replaced a leisure centre , trouble is many of the units in there are still up for sale now.
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Old 16-07-2020, 15:12   #484
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Re: Changes on the High Street

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Originally Posted by 1andrew1 View Post
Middlesbrough Council have bought a shopping centre and a nice old building. They're looking at using some of the space for flats and turning the area into a little leasuire park.
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Old 16-07-2020, 15:21   #485
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Re: Changes on the High Street

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Originally Posted by cimt View Post
Middlesbrough Council have bought a shopping centre and a nice old building. They're looking at using some of the space for flats and turning the area into a little leasuire park.
I like the idea of more council housing.
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Old 16-07-2020, 20:57   #486
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Re: Changes on the High Street

Pizza Express £1.1bn in debt.

https://www.theguardian.com/business...king-1000-jobs
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Old 16-07-2020, 21:00   #487
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Re: Changes on the High Street

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Originally Posted by jfman View Post
And they can’t blame Covid, they plunged to that figure by December 2018. That’s absolutely shocking.
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Old 16-07-2020, 21:01   #488
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Re: Changes on the High Street

Quote:
Originally Posted by jfman View Post
l was quite surprised they carried so much debt as some debt in itself is not a problem if a company can service its debt comfortably but it seems their problems go back quite a bit..
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Last edited by denphone; 16-07-2020 at 21:04.
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Old 16-07-2020, 21:07   #489
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Re: Changes on the High Street

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Originally Posted by denphone View Post
l was quite surprised they carried so much debt as some debt in itself is not a problem if a company can service its debt comfortably but it seems their problems go back quite a bit..
Debt in itself is not a problem but it’s hard to see how they ever thought they could service a pile that big. There have been some dreadful decisions made in that company.
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Old 16-07-2020, 21:13   #490
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Re: Changes on the High Street

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Originally Posted by Chris View Post
Debt in itself is not a problem but it’s hard to see how they ever thought they could service a pile that big. There have been some dreadful decisions made in that company.
It shows how capitalism has become more about finance than the bread and butter of economics.

Den, you or I couldn’t get £1.1bn into debt selling pizza. We’d, individually or collectively, get laughed out of town.
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Old 16-07-2020, 21:19   #491
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Re: Changes on the High Street

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Originally Posted by jfman View Post
It shows how capitalism has become more about finance than the bread and butter of economics.

Den, you or I couldn’t get £1.1bn into debt selling pizza. We’d, individually or collectively, get laughed out of town.
My younger brother worked for a company called Palmer and Harvey for quite a few years who repeatedly said they were in decent shape financially but of course they were convenient with the truth and it went tits up 3 years ago.

https://en.wikipedia.org/wiki/Palmer_and_Harvey
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Old 16-07-2020, 21:25   #492
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Re: Changes on the High Street

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Originally Posted by denphone View Post
My younger brother worked for a company called Palmer and Harvey for quite a few years who repeatedly said they were in decent shape financially but of course they were convenient with the truth and it went tits up 3 years ago.

https://en.wikipedia.org/wiki/Palmer_and_Harvey
Looks like they spent the noughties buying up businesses with other people’s money then couldn’t pay the bank back.
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Old 16-07-2020, 21:34   #493
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Re: Changes on the High Street

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Originally Posted by Chris View Post
Looks like they spent the noughties buying up businesses with other people’s money then couldn’t pay the bank back.
Not business savvy myself but it seems it was a business collapse just waiting to happen.
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Old 16-07-2020, 21:43   #494
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Re: Changes on the High Street

Same end result as Carillion winning contracts it couldn't fulfill

Business eh, a risky venture if you push too far
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Old 16-07-2020, 21:55   #495
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Re: Changes on the High Street

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Originally Posted by Carth View Post
Same end result as Carillion winning contracts it couldn't fulfill

Business eh, a risky venture if you push too far
With other people’s money.

Not so risky.
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