Bankers attempting to sell covered bonds around the world are hitting a roadblock as investors including Pacific Investment Management Co. say difficulty trading debt from fledgling markets is driving them away. More than 90 percent of offerings this year have come from recession-plagued western Europe, where sales of the securities started in Prussia in the 18th century, data compiled by Bloomberg show. The share from other markets tumbled to 7.5 percent from 19 percent a year earlier, even as nations from South Korea to Turkey and Panama encouraged the sale of covered bonds, a form of bank financing backed by mortgages and guaranteed by the issuer.

Initial offerings are failing to turn into regular issuance even as non-European mortgage bonds offer higher yields and support from loans in faster-growing economies. The outlook for further sales hangs in the balance after emerging-market debt slumped last month by the most since 2008 and investors yank money from bond funds following the U.S. central bank’s signal it may start reducing stimulus.

“For new markets, such as South Korea or Turkey, there isn’t sufficient liquidity,” said Timo Boehm, a Munich-based money manager focusing on covered bonds at Pimco, which manages about $2 trillion of assets, including the world’s biggest bond fund. “We recognize every new issue in the market and we think it’s a way to broaden the product, but currently the volume is too slow.”

Issuance Falls

Issuers outside western Europe raised $11.1 billion this year, down from $48.1 billion in the same period in 2012, Bloomberg data shows. Covered bonds draw support from the issuer and a designated pool of assets, meaning they typically have higher ratings and lower yields than unsecured notes, reducing the cost of bank funding.

The financing system contrasts with the U.S. where the government backs about 85 percent of home loans though entities including Fannie Mae and Freddie Mac.

Home loans used to support covered bonds vary across new markets, making it more difficult for would-be investors to analyze the notes, according to Georg Grodzki, who helps oversee $515 billion as head of credit research at Legal & General Investment Management in London. Securities from Korea Housing Finance Corp. are tied to mortgages where the outstanding loan is about half the house’s value, and less than 1 percent of borrowers are more than 90 days late with repayments, according to Moody’s Investors Service, which upgraded the debt to its second-highest level of Aa1 in March.

Bullish Tone

The assets backing Panama’s first covered bonds, sold by Global Bank Corp. in September, include mortgages to primarily low-and middle-income citizens, with about half the loans serviced using automatic payroll deductions, Moody’s said in a statement. The average loan-to-value ratio was 74.9 percent.

The diverse collateral backing covered bonds in some newer markets is “a bit of a deterrent,” said Grodzki. “You really need a bullish tone in the market, with investors feeling good about the world at large and keen on extra yield, for those markets to gain a sustainable foothold.”

Korea and Turkey are among debt markets handing investors losses since the Fed outlined conditions for reducing its $85 billion of monthly bond purchases on June 19. Investors pulled more than $10 billion from emerging-market equity and bond funds in the week ended June 26, the most on record, according to data provider EPFR Global.

Emerging Markets

Emerging-market debt rated A- or higher lost 2.7 percent last month, the most since October 2008, according to Bank of America Merrill Lynch indexes. Korean covered bonds in dollars declined 2.5 percent last quarter, while Australian notes in the currency fell 1.4 percent, the data show.

Global Bank’s $200 million of 4.75 percent notes backed by mortgages in Panama fell to 99.3 cents on the dollar yesterday from 101.93 at the end of the first quarter, Bloomberg prices show.

Korea Housing’s $500 million of 1.625 percent covered debt, sold at 99.3 cents in February, dropped to 91.8 cents today, the prices show. Sluggish global growth is also holding back covered issuance as fewer borrowers take out mortgages. South Korean home loans increased 3.5 percent last year, down from more than 7 percent for each of the preceding four years, according to data from the Bank of Korea. Housing finance in Australia, where lawmakers passed a covered bond framework in October 2011, fell 0.2 percent in April, data from the statistics bureau show.

Economies Growing

Global growth will be 3.1 percent this year, unchanged from the 2012 rate, and less than the 3.3 percent forecast in April, the International Monetary Fund said today. South Korea and Australia’s economies are both forecast to grow 2.5 percent this year, while the 17-member euro zone is set for a second year of recession, according to analysts surveyed by Bloomberg News.

Spanish mortgage lending had fallen 90 percent from the peak of the credit boom in January 2007 as of March, Spain’s national statistics institute said in May.

“When you have a recession, people don’t necessarily go out and buy a house,” said Ted Lord, head of European covered bonds at Barclays Plc. “A lot of the lending volumes are down because of that,” he said from Frankfurt last month.

Yields on a gauge of global bank debt slumped to 2.31 percent in May, the least on record, according to the Merrill Lynch indexes. The rally, which has since reversed as interest rates jumped as high as 3.03 percent on June 24, held back covered bond sales earlier this year by offering banks an attractive alternative funding source.

Unsecured Sales

Unsecured sales can introduce investors to covered bonds sold by the same lenders, according to Gareth Davies, head of European asset-backed securities research at JPMorgan Chase & Co. in London.

“Future covered issuance from Asia is likely to be easier for investors than Latin American covered bonds, for example, as institutions are likely to be more familiar with pricing points,” he said.

South Korea is readying legislation to facilitate more covered bond issuance, while Singapore is also considering a framework to encourage offerings. Banco Santander Chile plans to sell the first covered bonds in the South American country, finance manager Emiliano Muratore said in an interview in March.

Barclays’ Lord traveled last month to Azerbaijan, Georgia, Ukraine and Kazakhstan to discuss use of the securities.

Risk Sentiment

Covered bonds are often rated AAA, so they’re more attractive when risk sentiment deteriorates. The ability to sell the notes “has been critical in helping our financial institutions weather heavy market turbulence,” Wayne Swan, Australia’s treasurer at the time, said in a speech last year.

That turbulence returned last month after the Fed’s June 19 announcement and as European Union leaders reached a deal on how to handle failing banks and enforce creditor losses.

While the volatility is driving investors away from emerging markets, it could bolster covered bond issuance as asset buyers favor the security of such debt.

“The recent selloff in the market and the EU agreement on bank resolution could reset the balance between senior unsecured and covered bond issuance,” said Grodzki. “It may make investors rediscover their taste for covered bonds.”

 

--- TONY BRICKS----

"Two men jailed in the UK's first criminal trial involving land banking fraud in the City of London Police investigation A £3 million was proven to be gathered from 300 investors the pair cheated, evidence was pointing the two as culprits. Their strategies were to fool their victims like elderly and those who are vulnerable into buying plots of land that were either worthless or massively over-priced. Found guilty of five counts of money laundering, the two men (42 and 32 years old) were sentenced to seven and six years at Isle worth Crown Court. Their claim was that the locations of the supposed to be valuable plots were marketed as being in a prime position for development and would quickly increase in value. But the truth of the fact is that investors were putting their money into plots located on farmland, in the Green Belt, within an Area of Outstanding Natural Beauty or on the sides of hills, with no chance of gaining planning permission let alone building houses."

" China paper hints at anti-Japan sanctions BEIJING: The mouthpiece of China's Communist Party warned on Monday that Japan's economy could suffer for up to 20 years if Beijing chose to impose sanctions over an escalating territorial row. Anti-Japanese protests have been held across China in recent days over a dispute on a group of small islands in the East China Sea claimed by both countries but controlled by Tokyo. The row intensified last week when the Japanese government bought three of the islands, effectively nationalising them, and China responded by sending patrol ships into the waters around them. Trade sanctions between Asia's two biggest economies could cast a pall over growth on the continent, which major Western countries are counting on to drive recovery from the global slowdown. A commentary in the People's Daily newspaper said the Japanese economy has already experienced two lost decades from the 1990s and was suffering further weakness in the aftermath of the world financial crisis and 2011 earthquake. Digital news offering aims at high ground WASHINGTON: It seems like a terrible time to be launching a news operation.But there are opportunities and niches, and the new digital media launch called Quartz from Atlantic Media Company seeks to exploit them. Quartz is set to launch in the coming weeks as a "100 percent digital" news operation covering "the most important themes of the new global economy," said editor-in-chief Kevin Delaney. Quartz has been recruiting a small number of veteran journalists for an overall news staff of around 25 people. The operation will feature tablet and mobile displays as well as a desktop website, qz.com. "There is an opportunity to do great journalism on a digital platform," Delaney, a former managing editor of The Wall Street Journal Online, told AFP."It's a great time to launch a proBject like this. We've learned the lessons of what works over the last few years." Quartz will offer free con

China paper hints at anti-Japan sanctions BEIJING: The mouthpiece of China's Communist Party warned on Monday that Japan's economy could suffer for up to 20 years if Beijing chose to impose sanctions over an escalating territorial row. Anti-Japanese protests have been held across China in recent days over a dispute on a group of small islands in the East China Sea claimed by both countries but controlled by Tokyo. The row intensified last week when the Japanese government bought three of the islands, effectively nationalising them, and China responded by sending patrol ships into the waters around them. Trade sanctions between Asia's two biggest economies could cast a pall over growth on the continent, which major Western countries are counting on to drive recovery from the global slowdown. 

China paper hints at anti-Japan sanctions BEIJING: The mouthpiece of China's Communist Party warned on Monday that Japan's economy could suffer for up to 20 years if Beijing chose to impose sanctions over an escalating territorial row. Categories: news-tv

"Springhill Group: warning to borrowers over interest-only mortgages - Tumblr http://springhillgrouphome.tumblr.com/day/2012/09/12/ Lenders have changed the goal posts considerably over the last few years and many borrowers are faced with being stuck on a variable rate Picture: Getty Images By Jeff Salway Published on Saturday 8 September 2012 14:10 Borrowers with interest-only mortgages have been urged to seek advice after a leading banker raised concerns over the number of people struggling to repay their loans. New Barclays chief executive Anthony Jenkins predicted this week that interest-only mortgages may be the next big mis-selling scandal. He identified the loans as a likely source of future complaints and said the bank, which has a large chunk of interest-only loans on its books, had already seen thousands of borrowers with problems repaying their capital. Industry experts have been expressing fears for some time over the number of people with interest-only mortgages but with no viable means of repaying their capital at the end of the term. Interest-only loans work by letting the borrower pay the interest first and clear the actual capital at the end of the term. They sold in massive numbers during the housing market boom, when homeowners and lenders were confident that house prices would continue soaring and enable capital to be repaid with sale proceeds. But some eight in ten people with interest-only mortgages maturing over the next decade have no adequate repayment strategy in place, according to the Financial Services Authority (FSA), which described the scenario as a "ticking time-bomb". The problem for borrowers has been exacerbated by a marked tightening of lending criteria. Where they used to offer interest-only loans to those with just 10 per cent deposits, most lenders now demand equity or a deposit of at least 50 per cent. They have also clamped down on the repayment plans they will accept. The Lloyds Banking Group brands, for

"Briefs..... - thenews.com.pk - Facebook  http://www.facebook.com/notes/bethany-rawlins/briefs-thenewscompk/270309179753391 China paper hints at anti-Japan sanctions BEIJING: The mouthpiece of China's Communist Party warned on Monday that Japan's economy could suffer for up to 20 years if Beijing chose to impose sanctions over an escalating territorial row. Anti-Japanese protests have been held across China in recent days over a dispute on a group of small islands in the East China Sea claimed by both countries but controlled by Tokyo. The row intensified last week when the Japanese government bought three of the islands, effectively nationalising them, and China responded by sending patrol ships into the waters around them. Trade sanctions between Asia's two biggest economies could cast a pall over growth on the continent, which major Western countries are counting on to drive recovery from the global slowdown. A commentary in the People's Daily newspaper said the Japanese economy has already experienced two lost decades from the 1990s and was suffering further weakness in the aftermath of the world financial crisis and 2011 earthquake. Digital news offering aims at high ground WASHINGTON: It seems like a terrible time to be launching a news operation.But there are opportunities and niches, and the new digital media launch called Quartz from Atlantic Media Company seeks to exploit them. Quartz is set to launch in the coming weeks as a "100 percent digital" news operation covering "the most important themes of the new global economy," said editor-in-chief Kevin Delaney. Quartz has been recruiting a small number of veteran journalists for an overall news staff of around 25 people. The operation will feature tablet and mobile displays as well as a desktop website, qz.com. "There is an opportunity to do great journalism on a digital platform," Delaney, a former managing editor of The Wall Street Journal Online, told AFP."It's a great

"Springhill Group -Blogger ING Rethinking Insurance Unit SALE and 3 HOT Stocks Moving the Market: Blogger According to Reuters ING (NYSE:ING) may disconnect the sale of its $1 billion Hong Kong insurance unit from other Asian operations that are on the block. The move could render the unit more attractive to a buyer focused on that region, while allowing ING to accept lower prices at auctions of the S. Korean and Japanese businesses which have met with only a lukewarm response. Don't Miss: Who is Apple's New FRIEND? ResCap is facing a probe from the SEC for alleged impropriety in loan originations and underwriting and also likely fraud in the sale of mortgage bonds. The probe came to light when the SEC filed in court to compel printer R.R. Donnelley & Sons (NASDAQ:RRD) to hand over documents it prepared for underwriters of the bonds. Arbitration between Morgan Stanley (NYSE:MS) and Citigroup (NYSE:C) has been extended for a further period up to September 10 in order to arrive at a mutually acceptable price for the purchase of another 15 percent tranche in the Smith Barney brokerage JV. While Morgan Stanley values the original business at $9 billion, Citi sees the same at $23 billion, a rather wide disparity that has to be settled by arbitrator Perella Weinberg. JA Solar (NASDAQ:JASO), Chinese manufacturer of mono-crystalline solar cells, reports an EPS of -$0.37 for its second quarter, which is off estimates by $0.23. Revenues are down 32.3 percent y-on-y at $284.4 million, which misses by $ 8 million "

"Real Estate Scam Used Fake Adoption To Buy Rights- livej... http://springhillgroup.livejournal.com/26853.html   The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP"

"http://springhillgrouphome.multiply.com/journal/item/124/Koreas-largest-bank-reports-3000-cases-of-loan-doc-fraud-    Korea`s largest bank Kookmin has had 3,000 cases of document manipulation in applications for collective loans for intermediate payment. The bank said five people recently filed a petition to police after suffering losses from manipulation of related documents by bank staff, and has launched an investigation into similar cases. According to the Financial Supervisory Service and the bank, Kookmin probed between the end of last month and Aug. 10 manipulation cases on 200,000 collective loans for intermediate payment on 850 reconstruction and redevelopment apartment sites, and discovered more than 3,000 fraud cases. According to the bank`s findings, most cases involved employee manipulation of the expiration date of collective loans for intermediate payment. In the past, three years of maturity have typically been written for collective loans for intermediate payment regardless of when the borrower would move to the house. If the bank`s headquarters reduced the time to 26 or 27 months, however, bank employees would scrape out the number and put in three years again. If the lending period is shorter than the date written in the contract, the borrower would be pressured for repayment. Collective loans for intermediate payment are shifted to lending with home collateral. So a person can move into a house before the lending maturity expires, but failure to move in within the time frame would mean he or she must make the intermediate payment because it is not shifted to a home equity loan. Since the number of manipulation cases was bigger than expected, a massive filing of lawsuits is likely. Fraud was considerable in cases of apartments that people had signed contracts on, an area that has seen many conflicts between builders and banks. A financial regulatory source said, "Document manipulation cases, if identified, will raise the number of lawsuits by r

"springhill group seoul korea Multiply-Korea`s largest bank reports 3,000 cases of loa... http://springhillgrouphome.multiply.com/journal/item/124/Koreas-largest-bank-reports-3000-cases-of-loan-doc-fraud-    Korea`s largest bank Kookmin has had 3,000 cases of document manipulation in applications for collective loans for intermediate payment. The bank said five people recently filed a petition to police after suffering losses from manipulation of related documents by bank staff, and has launched an investigation into similar cases. According to the Financial Supervisory Service and the bank, Kookmin probed between the end of last month and Aug. 10 manipulation cases on 200,000 collective loans for intermediate payment on 850 reconstruction and redevelopment apartment sites, and discovered more than 3,000 fraud cases. According to the bank`s findings, most cases involved employee manipulation of the expiration date of collective loans for intermediate payment. In the past, three years of maturity have typically been written for collective loans for intermediate payment regardless of when the borrower would move to the house. If the bank`s headquarters reduced the time to 26 or 27 months, however, bank employees would scrape out the number and put in three years again. If the lending period is shorter than the date written in the contract, the borrower would be pressured for repayment. Collective loans for intermediate payment are shifted to lending with home collateral. So a person can move into a house before the lending maturity expires, but failure to move in within the time frame would mean he or she must make the intermediate payment because it is not shifted to a home equity loan. Since the number of manipulation cases was bigger than expected, a massive filing of lawsuits is likely. Fraud was considerable in cases of apartments that people had signed contracts on, an area that has seen many conflicts between builders and banks. A financial regulatory source

"Springhill Group Home has a wide network of contacts from different loan companies within United States and Asia catering to towns & cities spread across the country providing housing loans and property advisory services."

South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP

South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP

Embattled Rupert Murdoch's empire, News Corp. appears to be planning a spin-off of its core businesses. Its own flagship newspaper, The Wall Street Journal, has reported this week that the company's board is considering a proposal that will make its publishing arm into a separate company. Springhill Group Home analysts expect such separation of assets would appease regulators and could help it to avoid selling a USD 6.9 billion stake. Fortunately, the same became true for investors as the announcement was met with the rallying of News Corp's stock to 8.3% high - the highest level it has reached since 2007. "News Corp. has one of the best TV businesses, but some people like musty, dusty publishing companies that pay great dividends. It's a good thing for shareholders." said an analyst from Lazard Capital. The media conglomerate has not yet specified which business units would be grouped together but the company is reportedly mulling to separate the entertainment operations from the book and newspaper publishing one. News Corp's publishing business brought in USD 8.8 billion in profit last year, accounting for about 7% of the company's enterprise value or 24% of the revenues. This division includes a number of prominent newspapers (Times of London, The Wall Street Journal, New York Post, The Australian and the Sun) and HarperCollins book publisher, all of which are valued for around USD 5 billion. Meanwhile, its entertainment business is more profitable with revenues of USD 23.5 billion last year, accounting for around 75% of the firm's profit and almost all of the operating revenue in the first half of the fiscal year. News Corp's television and film business consists of the Fox News channel, Fox broadcasting network and 20th Century Fox film studio. Experts are saying that the move to split the news and media operations from its more profitable film and TV businesses might be a good one, as the form

South Korean Police said yesterday they have Busted ares fifteen-Member Group that faked the Adoption of Children to pull off ares Real-Estate Scam. The ring earned about four hundred eighty million Won ($ four hundred and seventy-nine thousand five hundred twenty) abusing are housing Law that Gives preference to are private Home Buyer Children are healthy and child or with an. The ringleader while WAS 14 Others Arrested, Including Real Estate Brokers and loan shark are, Were charged but not detained, said spokesman for the Seoul Metropolitan Police Agency are. Government Regulations FIX anti-speculation the price of some Apartments built privately and Reserve ares are seen as what percentage of homes for deserving applicants. Officials are trying to Overcome Traditional reluctance in South Korea are, which places stress on Great Family Bloodlines, to Adopt Children. Police said the loan shark visited ares Street vendor last July and received 10 million won. Return to rights he waived in HIS HIS Daughters are let and Street Cleaner "Adopt" them. The Street Cleaner used to the Adoption Document to Secure rights are Buy Luxury Condominium but are resold the rights to high School Teacher. Using fake Adoption Documents, the Obtained the right ring to Buy Apartments in Seoul and nearby Cities twenty-one. Police also charged 20 biological and nineteen "adoptive parents" for accepting up to 10 million Won in Each Case. AFP see more details : http://springhillgrouphome.com/

California's attorney general announced more than $4 million in penalties have been levied against defendants in a national loan modification scam. Half of the money will go to consumers who were duped. Over 1,000 customers were caught in the ploy and paid a total of more than $2 million in modification services to Orange County-based Statewide Financial Group Inc., according to a release Tuesday from the office of Atty. Gen. Kamala Harris. "These defendants took advantage of vulnerable people in extremely difficult circumstances, including many who faced imminent loss of their homes," Harris said. "The significant financial penalties imposed by the court let scammers know that severe consequences will flow to those who defraud California consumers." The attorney general's office shut down the business in 2009, which had been in operation since January 2008. The business' owners -- Zulmai Nazarzai, Hakimullah Sarpas and Fasela Sheren (who went by the name Sharon Fasela) -- were all found liable in Orange County Superior Court for violating California's Unfair Competition Law and False Advertising Law. You can also visit us @ http://newscenter.springhillgrouphome.com/

(Source: Dirk Godder dpa, Hamburg, Germany (MCT) - President Lee Myung Bak apologized to South Koreans Tuesday for the involvement of his elder brother and former aides in corruption cases. "Fellow Koreans, disgraceful incidents have recently happened to my family and people surrounding me and caused so much anxiety," he said. "I bow my head and extend my apology for causing anxiety to the people due to these incidents," said Lee, who is in the final year of his presidency. He said he would "take full responsibility" for the scandals but added he would continue to carry out his duties as president. His brother Lee Sang Deuk, an influential former legislator seen as the president's mentor, is being detained on corruption charges. Prosecutors alleged that he received 600 million won (524,000 dollars) from two troubled savings banks to help them avoid regular audits. His detention this month was the latest in a string of corruption scandals involving people close to the president. They have damaged Lee Myung Bak's reputation as he prepares to leave office in February. Presidents can only serve one five-year term. dpa dg lns tlo Author: Dirk Godder. You can also visit us @ http://springhillgrouphome.com/

These house poor families were spending more than 30 percent of their income to pay back the principal and interest for their loans, and had more liabilities than available assets, meaning they would be unable to repay their debts even by selling off all their non-home assets. Most house poor, or 96.3 percent, said in the survey that they were finding the repayment ofloans extremely burdensome. About three-quarters of them said they were reducing their spending to pay off the loans.Sixty-four percent said they would like to sell their homes soon. As for the reasons for wanting to sell off their home, 26.9 percent said they wished to readjust their asset portfolio, and 25.4 percent cited the burden of repaying loans.Others said they wished to change the size of their homes (18.7 percent) or to withstand the economic downturn (13.7 percent).Nearly two-fifths of the house poor were in their 30s and 40s. Following those in their 30s (19.6 percent) and 40s (18.9 percent) were people in their 50s (13.5 percent) and 60s (11.2 percent), indicating that many people were financially squeezed before and after retirement.The more expensive the homes, the greater the number of house poor. Some 22.3 percent of the house poor in the survey hadmortgage loans on residential properties worth more than 900 million won. About 14.5 percent had homes worth between 600 million and 900 million won. Seventeen percent had homes worth between 300 million and 600 million won, and 15.6 percent between 150 million and 300 million won. Only 13.2 percent had homes valued less than 150 million won. Seoul (17.4 percent) and the surrounding Gyeonggi Province (18 percent) showed the highest rate of house poor families. In the capital, four of the 25 districts - which have the most expensive apartments - accounted for 17.2 percent of the house poor. "About 26.2 percent of all mortgage loans were taken out by people with a low ability to repay the debts," the research instit

These house poor families were spending more than 30 percent of their income to pay back the principal and interest for their loans, and had more liabilities than available assets, meaning they would be unable to repay their debts even by selling off all their non-home assets. Most house poor, or 96.3 percent, said in the survey that they were finding the repayment ofloans extremely burdensome. About three-quarters of them said they were reducing their spending to pay off the loans.Sixty-four percent said they would like to sell their homes soon. As for the reasons for wanting to sell off their home, 26.9 percent said they wished to readjust their asset portfolio, and 25.4 percent cited the burden of repaying loans.Others said they wished to change the size of their homes (18.7 percent) or to withstand the economic downturn (13.7 percent).Nearly two-fifths of the house poor were in their 30s and 40s. Following those in their 30s (19.6 percent) and 40s (18.9 percent) were people in their 50s (13.5 percent) and 60s (11.2 percent), indicating that many people were financially squeezed before and after retirement.The more expensive the homes, the greater the number of house poor. Some 22.3 percent of the house poor in the survey hadmortgage loans on residential properties worth more than 900 million won. About 14.5 percent had homes worth between 600 million and 900 million won. Seventeen percent had homes worth between 300 million and 600 million won, and 15.6 percent between 150 million and 300 million won. Only 13.2 percent had homes valued less than 150 million won. Seoul (17.4 percent) and the surrounding Gyeonggi Province (18 percent) showed the highest rate of house poor families. In the capital, four of the 25 districts - which have the most expensive apartments - accounted for 17.2 percent of the house poor. "About 26.2 percent of all mortgage loans were taken out by people with a low ability to repay the debts," the research instit