The Four Yorkshiremen of the Acropolis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : The Four Yorkshiremen of the Acropolis

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: maceng2 who wrote (15)	7/24/2008 9:08:27 AM
From: maceng2	Read Replies (1) of 43

FOURTH YORKSHIREMAN: I was happier then and I had nothin'. We used to live in this tiny old house with great big holes in the roof. China's banks told to tighten mortgages By Jamil Anderlini in Beijing ft.com Published: July 24 2008 03:00 \| Last updated: July 24 2008 03:00 Chinese officials and government economists have warned domestic banks to tighten their mortgage lending criteria after the US government's action to prop up Fannie Mae and Freddie Mac, the giant mortgage agencies. Liu Mingkang, China's top banking regulator, has in recent days urged the country's state-owned commercial banks to beware of risks in the real-estate sector and ordered them to tighten loan approval processes. Others among China's policy community have also begun to express concerns about the health of the country's banks amid signs a once-booming property sector has begun to slow. Average house prices in China's 70 largest cities were up 10.2 per cent from a year ago at the end of June, according to official figures. But sales volumes in important cities, including Shanghai, Beijing and Shenzhen, have fallen precipitously in recent months. Some analysts fear steep price falls. "If financial institutions of Freddie Mac and Fannie Mae's calibre could get into such a bad situation, then what does that mean for Chinese financial institutions?" asked Yi Xianrong, an economist at the China Academy of Social Sciences. "The only reason we haven't seen similar problems here is because property prices have continued to rise rapidly." Lending standards at Chinese banks are often much looser than in developed countries, in part because China is in the early stages of building a credit rating system. "Anyone can get a mortgage loan in China, no matter who they are," Mr Yi told the Financial Times.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next