The remaining loans

Posted 02/10/2014 - 08:41 by bobbymann

Hi everyone
I have been a very long time off the board - my account ceased working for some reason! Well done everyone for keeping spirits up on this long and painful journey. Wondering about these remaining loans... normally, if a bank is lending money to buy superyachts and fancy foreign property, the bank will take additional security to the charges/ mortgages over the asset, to protect the bank from falls in the asset values (which of course have happened here). Since we are talking about "billionaires' playthings" here - it seems very odd that KSFIOM (who were pretty strict and well advised on security issues) haven't recorded any differences from the personal guarantees they would have got from the super-rich individuals behind the borrowing companies for these loans. The only explanation seems to be the super-rich individuals were not really super-rich at all. Who are the likely culprits? Sadly, I expect they were our old chums the Icelandic executives and investors behind KSFIOM/ KSF etc who I suspect were lent our money to buy themselves the kinds of toys they thought their aplomb merited. Any other suggestions? Can't see any great signs of recovery in the superyacht/ foreign property prices anytime soon unfortunately. How long do we allow the borrowers to hang on to these securities before we enforce and sell them.. I imagine any asset-earning assets have been taken into possession already. Let's hope and pray something changes to mean these deals finally work out. With best wishes to all Bobby

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