“Banks’ consumer loans reach P413B in 4Q 2009 (Malaya)” plus 2 more |
- Banks’ consumer loans reach P413B in 4Q 2009 (Malaya)
- 2 car loans could kill your credit (Bankrate.com)
- Gov't official warns on home down payment hikes (Washington Post)
| Banks’ consumer loans reach P413B in 4Q 2009 (Malaya) Posted: 11 Mar 2010 06:39 AM PST More consumer loans sourced from universal, commercial and thrift banks were recorded in the fourth quarter of last year, data from the Bangko Sentral ng Pilipinas (BSP) showed. As of end-December 2009, the consumer loans (CLs) of universal/commercial banks (U/KBs) and thrift banks (TBs) reached P413.1 billion, higher by 3.2 percent than last quarter's P400.1 billion and by 8.7 percent than last year's P380.0 billion. Meantime, the proportion of total CLs to total loan portfolio (TLP), exclusive of interbank loans dropped to 15.2 percent from last quarter's 16.0 percent but went up from last year's 14.8 percent ratio. By type of CLs, Residential Real Estate Loans accounted for the bulk of total CLs at 39.4 percent or P162.6 billion. Credit Card Receivables came second with a share of 27.9 percent or P115.5 billion. Auto Loans and Other Consumer Loans followed with shares of 22.9 percent or P94.5 billion and 9.8 percent or P40.5 billion, respectively. By industry, U/KBs held the majority of the banking industry's total CLs at 60.3 percent or P249.2 billion. TBs accounted for the remaining share of 39.7 percent or P163.9 billion. Loan quality improved as the ratio of non-performing CLs to total CLs of U/KBs and TBs dropped to 9.0 percent from last quarter's 9.2 percent but rose from last year's 8.6 percent ratio. BSP said that the easing of the ratio from last quarter occurred as the growth in non-performing CLs was outweighed by the larger expansion in total CLs. Non-performing CLs settled at P37.3 billion, up by 0.7 percent or P0.3 billion from last quarter. Meantime, the non-performing CLs to total non-performing loans (NPL) ratio stood at 29.2 percent, up from 28.0 percent last quarter and 25.3 percent last year. Meanwhile, non-performing CLs to TLP ratio settled at 1.4 percent, easing from 1.5 percent last quarter but up from 1.3 percent last year. As of end-December 2009, other consumer loans (Other CLs) of U/KBs and TBs amounted to P40.5 billion, up by 10.4 percent from last quarter and by 9.4 percent from last year. The proportion of Other CLs to TLP, exclusive of interbank loans stood at 1.5 percent, same as last quarter but slightly up from last year's 1.4 percent ratio. Other CLs refer to loans granted to individuals to finance other personal and household needs such as purchase of household appliances, furniture and fixtures and/or to pay taxes, hospital and educational bills. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| 2 car loans could kill your credit (Bankrate.com) Posted: 11 Mar 2010 03:53 PM PST
If you must keep the Excursion, then call your lender and ask if the bank will change the terms of your car loan to reduce your payment. Keep in mind that you will most likely end up paying more in the long run if you take this approach. If your financial situation improves later, do what you can to pay down the car loan quicker. Because insurance costs also are an issue, consider some tips from Bankrate to reduce the insurance coverage if you continue to drive it. Another alternative is to stop driving it, unregister it and drop the coverage entirely as long as you have a secure place to store it. Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use. Read more Driving for Dollars columns and Bankrate auto stories. If you have a car question, e-mail it to us at Driving for Dollars. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Gov't official warns on home down payment hikes (Washington Post) Posted: 11 Mar 2010 12:28 PM PST FHA commissioner David Stevens said at a House hearing Thursday that his agency would insure 300,000 fewer loans per year if the mandatory down payment was hiked from the current level of 3.5 percent to 5 percent. That's a 40 percent drop. The result would a potential "double-dip in housing prices," because fewer people would qualify for loans, Stevens told lawmakers. The FHA does not make loans, but offers insurance against their default. It has been insuring roughly 30 percent of new loans, and is the largest backer of mortgages to first-time buyers. The agency said in January it would raise fees and tighten lending standards to shore up its strapped finances in hopes of avoiding a taxpayer bailout. The government agency, which has faced rising losses from foreclosed homes, has seen its reserves sink below the minimum level required by Congress. The agency, however, is facing pressure on both sides. Democrats fear that hiking standards too much will cut off many borrowers - particularly minorities - from being able to buy homes. Republicans, however, are pushing for even tighter standards than the agency has proposed - such as the 5 percent down payment requirement. "The question now is: Have we gone far enough?" said Rep Scott Garrett, R-N.J. Under the proposed changes, many of which need to be approved by Congress, homebuyers would pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount. That's an increase from the current level of 1.75 percent. A borrower taking out a $200,000 mortgage would pay a $4,500 fee, for example, rather than the current fee of $3,500. Credit score requirements also will be hiked. Many FHA lenders already require a higher score, but there had been no standard requirement across the program. Borrowers with a score lower than 580 now would need a down payment of at least 10 percent. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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