Nightmare on Wall Street.
1984. A teenager from Elm Street, has a horrible nightmare where he is pursued by a strange guy who wears a red and green jersey, a hat and a glove with knives in his right hand. He pursued by a boiler room that seems not to end until the trapped and she wakes up screaming. The next day she realizes that her friend Nancy had the same dream. The man is named Freddy Krueger
2008. An executive of a company creditícea Wall Street has a horrible nightmare where Americans who had received junk mortgages, no longer pay them. He is wearing a black suit, tie and hand a maletíin. The next day she realizes that a colleague of competition had the same dream. The mortgage company Freddie Mac was known, that of his colleague called Fannie Mae
Both entities, Copan almost 80 percent of mortgage loans that are granted today in the U.S., accumulate capital next to 83000 million dollars, while its debt exceeds the nearly 5 trillion. Such is the scenario, the U.S. government could be forced to come to the rescue of the two financial companies, which would be another punishment for the pockets of American citizens.
If this were not enough, now comes the regional banking collapses in bag, let's see your nightmare yesterday in numbers.
The greater the drop starring Washington Mutual, which declined by 29.90% to 3.47 U.S. dollars per shares. National City is still with a 25.34%. Zions Bancorp and 1st Horizon, also sank just over 22%. Sovereign Bank, an entity in which Banco Santander has a 25% stake, rozaba a drop of 16%.
While in the U.S. have nightmares with banks in Spain have with the real estate, this is the case with the suspension of payments Martins. The problem here is that after the real estate are the banks, bringing the problem is twofold.
The promoter who presides over Fernando Martin has paid dearly to buy Fadesa Manuel Jove. Just two months ago, the property was saved by the hair of the suspension of payments. He closed the renegotiation of a debt of 4,000 billion euros with 45 financial institutions. Caja Madrid are in the lead, which gave 800 million to Martin, and La Caixa, with a somewhat smaller amount. It was followed by the People's Bank, whose weight in the syndicated loan is around 400 million.
To better understand how this situation came to the company, just pull library and read what it said its chairman (the charismatic Fernando Martin who chaired the Real Madrid for a few days). Do not miss money / 2007/12/23/0003_6428279.htm "> this surreal interview just 7 months ago.
Interviewer: "This company has problems ...
Fernado Martin: This company does not have a problem, or one payment. We had a debt of 5,700 billion euros in four months and we have canceled 603. And only we had the obligation to have paid 420. But there's more. Is the least indebted in the industry. We no longer want to hear that is very indebted. It is a lie. On its assets, debt accounts for 40%, while in the sector which is less than 60%. There is no possibility that housing does not pay its commitments. Nin-gu-na. The routine business allows you to cope with debt. Martins-Fadesa does not have to sell anything. Neither is going to sell. Our debt was 5,000 million, of which 2500 are corporate debt and the remainder of the routine business. In four years I cancel all debt, even without renegotiating anything and without doing anything other than their own activity. The newspapers gave another headline: 'Fadesa is negotiating with the sale of international funds ppb soil. " Bullshit. We have said we are going to make arrangements with funds to jointly develop that land. The funds charge it to me and pay me what I do not have to sell anything to pay the debt, na-da. Once withdrawn from the market 2,500 homes, we have sold since 6500 until yesterday. I have nothing to sell what I'm selling.
I really do not want to make firewood from the fallen tree, but with this attitude and this vision of the business, that has become normal what we see. It's very interesting to see in the business interests who were paying some real estate.
Today we are in the Euribor over 3.50. Some companies are paying 10 to 12% in the property sector.
Almost nothing ...
The collateral damage of this crisis are unimaginable real estate, for example, we have to rock poses a ERE of 398 workers at its centers in Barcelona, Madrid and Seville, or that Simon dismissed 80 workers. As you can see, the crisis is no longer a debate political and financial commitment to become a problem for the citizens.
Go summer friends.
(Unrated) 
Loading ... Written by Carlos Lopez on July 15, 2008 with 368 points.
# 1 holidays
hello to everyone. Often picture! I dare not say anything. Back from vacation is going to be VERY VERY raw for most.