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September 17th, 2008 04:12 PM #11
IMO, a subprime crisis can't happen here. Local bankers lack the sophistication of their US counterparts, and mortgage loans are not packaged here as they are in the States. Mas advanced lang talaga ang financial system nila, and even some economists there are complaining of the nature of certain securities which seems overly complicated.
Sa Tate, mortgage loans approach the complexity of derivatives and even esoteric particle physics equations. It's getting too hard to decipher for laymen to understand. Also, there is no potent middle-class here, the type who can afford to take and amortize decent housing loans. Lastly, uber conservative din mga banko dito.
Yung payment options din ng mortgage borrowers sa US, puwede rin ang interest lang ang bayaran, tapos balloon payments. Medyo risky yun pag dito gagawin sa Pinas, since balloon payments are not encouraged by banks for housing loans.Last edited by Galactus; September 17th, 2008 at 04:22 PM.
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September 17th, 2008 04:21 PM #12
Meron dito nyan.
the NHMFC buys mortgage loans and turn them into securities po.
National Home Mortgage Finance Corp. (our version of Fannie-Freddie)
NHMFC then turns these mortgages around, then securitize or document them as financial currencies that they could then sell as bonds to potential investors. They are like financial intermediaries between people who would like to park their money in bonds and housing loan borrowers who signed a mortgage document where they promise to pay in a future date.
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September 17th, 2008 04:37 PM #13
^^^ AFAIK, NHMFC only buys housing loans (AR's) from GFI's. Hindi yata kasama ang private banks. And since NHMFC is a GOCC, while SSS, Pag-IBIG and GSIS are public agencies, may pseudo-sovereign guarantee yun, unlike sa US na puro private investment and mortgage banks lang ang nagpa-package ng housing loans
Also, technically, Fannie Mac and Freddie Mac were converted into private corporationsLast edited by Galactus; September 17th, 2008 at 04:46 PM.
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September 17th, 2008 04:55 PM #14
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September 17th, 2008 10:51 PM #16
^ Thanks for all your replies...appreciate it.
It was very informative...I just do hope that with the current inflation that we have now would not contribute to something similar to this...and it is quite reassuring to know that our system in the philippines are still sound and working properly.
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September 18th, 2008 02:08 AM #17in addition, people in the States are required to get out of their parent's shadow by 18 or so. and so they have to get a place of their own. imagine 18, and you have to get your own place. pano yun? syempre loans.
unlike here, when teenagers turn 18, ang magbabago lang siguro eh yun posters mo sa kwarto. kung dati si winnie the pooh or transformers, ngaun movie or rock idols naman. pinoys can also stay as long as they like in a parent's house. kahit 40 ka na. kahit mag-asawa ka, mag-kaanak puwede pa din kay papa.
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September 22nd, 2008 05:15 PM #18
Hindi na mangyayari dito sa pinay and subprime or ala Lehman Bros dahil dapat naman natututo na tayo from the US mistakes. Another thing, it's fairly recent that many of the working class Filipinos are learning to live off their credit card limits. I think the aggressive manner of credit card companies of practically shoving their cards to employees will be tempered.
The Americans have been consuming the products of the world (mostly from China and Japan) by borrowing from the world (actually mostly from the savings of Asians). The problem is if Americans temper their voracious appettite they would be buying less from the world which may lead to global slowdown unless the rest of the world increases their appetite and consume their own produce.
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September 23rd, 2008 07:34 AM #19
I'd say not yet.... The current situation and outlook here in our country will not support or encourage such scenario as the one in the US..... Marami pa ring takot mangutang dito....
6707:choir:
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September 23rd, 2008 02:33 PM #20
Well... this is a bit different... you can't pay for the condo, it reverts to the company and they just sell it to another sucker... errh... buyer (I know some people who were conned into this because they didn't read the fine print). In the US, with double-mortgages and all that, people were piling money on top of bad money and they flooded the market... in the Philippines, not enough people are investing in new housing to make this possible... and the Asian crisis, IMHO, was our crisis. Same problem... people putting more money tha logic or even wild fantasy would dictate was the going price for those land developments... there are huge empty subdivisions left over from this crisis...
We were victims of this... imagine around 200+++ million in loans suddenly ballooning into nearly half a billion? We've only just finished paying off the extra surcharge from that.
Other companies weren't so lucky. I think RJ Jacinto was one of the hardest hit... he'd been expanding businesses like mad right before the bubble burst, and he lost a ton of money. Good thing he's recovering now, too.
Ang pagbalik ng comeback...
Buhay na buhay ang BGC this evening. Bukas halos lahat ng restaurants. Sabi pa nung isang cashier...
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