“Abu Dhabi Commercial Bank Sues Unit of Saad Group Over Loans (Bloomberg)” plus 3 more |
- Abu Dhabi Commercial Bank Sues Unit of Saad Group Over Loans (Bloomberg)
- UAE borrowers keen to settle loans despite tough times (Zawya)
- FSA emergency loans available (Altus Times)
- Mortgage rates edge down, still above record lows (Washington Post)
| Abu Dhabi Commercial Bank Sues Unit of Saad Group Over Loans (Bloomberg) Posted: 03 Sep 2009 06:32 AM PDT [fivefilters.org: unable to retrieve full-text content] Sept. 3 (Bloomberg) -- Abu Dhabi Commercial Bank , the United Arab Emirates' third-biggest bank by assets, sued a unit of Saad Group, which is owned by Maan al-Sanea , a billionaire accused of falsifying documents to obtain $10 billion in funds for his personal use. This posting includes an audio/video/photo media file: Download Now |
| UAE borrowers keen to settle loans despite tough times (Zawya) Posted: 03 Sep 2009 12:15 AM PDT Emirates Business 24-7, 03 September 2009 Borrowers in the UAE have been keen on settling their loans despite tough financial circumstances, said a senior bank executive. "In the first two-and-a-half weeks of test launch of our unique debt counselling service, we saw 10-12 customers on a daily basis walking in seeking restructuring of their loans," Niranjan Mendonca, Head of Retail Assets, MashreqMashreq The bank has launched Mashreq Assist, a service that would help individuals and SME customers restructure their outstanding cards, loans and facilities, easing the pressure of re-payment worries. The restructuring would be done for all retail products, including credit cards, personal loans and SME overdrafts, said Mendonca. Regarding the way the restructuring would be done, he said: "There is no one size, that fits all. It would depend on how the customer's situation is and what his problems are." Controlling the NPLs would be a natural result of launching such a scheme, he said. "But for us, it is a customer service. We aim to ease things for our customers. In the past three-four months, we have seen customers asking for help. By launching this service, we give them options. Every customer would want to settle his liabilities and does not want to default. The circumstances are different and we need to help them. "We understand that managing finances in these difficult times can be quite a challenge with unexpected situations arising, which is why it is now more important than ever for us to reach out and offer support and assistance to our customers. We firmly believe that Mashreq Assist will go a long way in encouraging our customers to raise concerns early, so we are able to understand the circumstances and develop a workable restructuring and payment plan. Our ultimate goal is to support our customers and give them the counsel and advice they need." Within the Mashreq Assist programme, customers who are facing financial difficulties can liaise directly with officers to look at debt restructuring. Each individual circumstance will be dealt with separately, offering tailor-made financial solutions to help restructure outstanding payments, which will ease financial stress. Mashreq Assist works across all of MashreqMashreq "Over the past few months we have received an increasing number of customers who have come to us for financial counselling and support. Their concerns have risen from a multitude of issues including; job loss, reduction in salary, personal issues, investments that have been affected by the financial situation or simple over leveraging. We strongly recommend our customers to alert us at an early stage, to be able to arrive at a manageable solution," said Douglas K Beckett, Head of Retail Banking Group. By Shveta Pathak © Emirates Business 24/7 2009  This posting includes an audio/video/photo media file: Download Now |
| FSA emergency loans available (Altus Times) Posted: 03 Sep 2009 11:36 AM PDT Secretary of Agriculture, Tom Vilsack, has designated Jackson, Greer and Harmon counties in Oklahoma as primary disaster areas due to losses caused by extreme weather including drought, floods, hail, freeze, fire, and high winds that began Sept. 1, 2008 and ended June 30, 2009.Eligible producers, in the designated counties, may apply for emergency loan assistance, according to Larry Daniel, Farm Loan Manager for Harmon, Greer, and Jackson Counties. Emergency loan funds may be used to purchase seed, fertilizer, fuel, and repairs. "A farmer can use the money for the most essential operating and living costs," Daniel said. To be eligible for a loan, an applicant must have suffered losses as a direct result of the disaster and be unable to get credit from other sources. Loans covering actual losses are at an interest rate of 3.75 per cent per annum. The amount of the loan is determined by actual certification of loss less any compensation received, repayment capacity of the borrower, and availability of security. EM loan applications will be received through close of business April 13, 2010. Those who believe they can qualify, may contact the Harmon County FSA Office at 580-688-9266 for additional details.  This posting includes an audio/video/photo media file: Download Now |
| Mortgage rates edge down, still above record lows (Washington Post) Posted: 03 Sep 2009 09:24 AM PDT The average rate for a 30-year fixed mortgage was 5.08 percent, down from 5.14 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still at attractive levels for people looking to buy a home or refinance. "Low mortgage rates are helping to keep housing very affordable," Frank Nothaft, Freddie Mac's chief economist, said in a statement. To revive the economy, the Federal Reserve is spending $1.25 trillion on mortgage-backed securities, which has driven down rates on home loans. That money is set to run out by winter, though some analysts expect the central bank to gradually scale back its purchases, allowing the program to last longer. Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day. The average rate on a 15-year fixed-rate mortgage fell to 4.54 percent, from 4.58 percent last week, according to Freddie Mac. Rates on five-year, adjustable-rate mortgages averaged 4.59 percent, down from 4.67 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.62 percent from 4.69 percent. The rates do not include add-on fees known as points. The nationwide fee for all loans in Freddie Mac's survey averaged 0.7 point for 30-year loans and 0.6 point for 15-year, five-year and one-year loans.  This posting includes an audio/video/photo media file: Download Now |
| You are subscribed to email updates from Add Images to any RSS Feed To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 comments:
Post a Comment