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After years of turning down all but the best borrowers, banks and other lenders are now extending credit to a surprising group of customers: former homeowners who defaulted on their mortgages.
In another sign that borrowing is easing up, some banks are extending credit beyond the best borrowers to include those with significant blemishes on their credit reports, says James Chessen, chief economist at the American Bankers Association. At the moment, borrowers who have defaulted on their mortgages — but are current on all other loans — are among the attractive candidates for new loans. Between February 2009 and August 2010, 64,500 borrowers who had defaulted on a mortgage received a consumer loan, according to a study released last week by credit bureau TransUnion. The majority secured credit cards, but almost 40% got car loans or a personal loan or line of credit, according to TransUnion’s study.
And while more recent data isn’t available, experts say the number of loans granted to mortgage defaulters has likely continued to grow.
Brazil’s national development bank BNDES’s disbursements to the chemical and petrochemical sector were up by 39% year-on-year to 1.17bn reais (US$728mn) in the first quarter of 2011, bank president Luciano Coutinho said in a press conference in Rio de Janeiro.
The number of projects approved by BNDES in the sector rose 129% to 2bn reais in Q1, while over the 12-month period to end-March, approvals climbed 28% to 35.3bn reais, a BNDES spokesperson told BNamericas.
Over the last 12 months, the bank’s disbursements to the sector have totaled 34bn reais, a 37% improvement on the previous 12-month period, the spokesperson added.
The quarterly figures for the sector, however, contrast with the overall 2% year-on-year decline in BNDES disbursements in the first quarter, which totaled 24.9bn reais.
The state-owned bank is reducing its lending pace, as part of the government’s efforts to control increasing credit and curb the rising inflation in Brazil.
1. We have healthy options but they’ll cost you more.
After years of serving 1,000-calorie meals, most fast-food chains have started to offer healthier options salads, fruit cups and other un-fried options. But if you reach for the lower-cal options, be prepared for some sticker shock. On average, the salad with chicken at a fast-food restaurant tends to be the most expensive option on the menu ($4.85 on average) and costs $1.90 more than a large burger, according to a study published in December 2010 by the Yale Rudd Center for Food Policy & Obesity. And the healthy chicken sandwich costs $3.73 on average, about 26% more than a large “red-meat sandwich.”
This pricing, in addition to the heavy marketing of unhealthy food options, undercuts what the fast food industry says is its commitment to healthy options, says Jennifer Harris, a spokesperson for the center.
Dutch paints and chemicals company AkzoNobel plans to double its revenues in Brazil by 2015, to 4bn reais (US$2.45bn), CEO Hans Wijers told Brazilian newspaper Valor Econфmico.
In 2010, the firm’s Brazilian subsidiary reported revenues of 2bn reais, the same as posted in 2009, according to the report.
Wijers said AkzoNobel is restructuring its Brazilian operations, introducing a new management structure, with a CEO and a single identity for all of the company’s ventures in the country.
“Brazilians don’t know about the AkzoNobel brand, and that is something we want to change,” said Wijers.
AkzoNobel plans to invest on average 120mn reais each year for the next five years in Brazil. If an acquisition opportunity arises, additional resources could be allocated to the country, the executive added.
Several of the amendments in the Bill of Rights, notably the second and the tenth, are no longer treated by many folks as real. Just old TJ kidding around.
Over the last several years, I have worried that the Fourth Amendment is rapidly heading in the same direction. This week has been a bad week.
First up, todays decision that if cops have some reason to think valuable evidence is being destroyed, they can bust down your door without a warrant. Toilet flush? Must be getting rid of drugs. Can be seen in the window at the computer? Must be deleting child porn. Silence? Must be destroying evidence really quietly.
Think I am exaggerating? Here are the facts of the case:
It began when police in Lexington, Ky., were following a suspect who allegedly had sold crack cocaine to an informer and then walked into an apartment building. They did not see which apartment he entered, but when they smelled marijuana smoke come from one of the apartments, they wrongly assumed he had gone into that one. They pounded