Friday, November 30, 2007

Friday November 30 Housing and Economic stories

Top Stories:

Florida Suspends Withdrawals From Investment Pool - (www.bloomberg.com)

but wait…..

Montana investment fund sees withdrawals in wake of Florida woes ... - (www.bloomberg.com)

Banks, U.S. near deal to freeze subprime rates: report (another bad idea) - (www.reuters.com)
Credit Agency Flags Adjustable Mortgage Holders - (www.efinancedirectory.com)
Homebuyers locked out as mortgages dry up - (www.ft.com)
Hot Property The housing bust is really a land bust - (http://www.businessweek.com/)
D.R. Horton Predicts '08 Worse Than '07 - (biz.yahoo.com)
One-Month Libor Soars as Banks Seek Year-End Funding - (www.bloomberg.com)
More Plunge Team mysteries - (www.nypost.com)
Buyout Firms, Hedge Funds See Year-Long Credit Slump - (www.bloomberg.com)
Sub-prime crisis hits IKB and Terra – (business.timesonline.co.uk)
Bay Area Condo owners hit by increased fees - (www.insidebayarea.com)
No Sunshine For Florida Real Estate - (keywestchronicle.blogspot.com)
Fraud deepens Michigan housing crisis - (http://www.detnews.com/)
Governmental Role Expands as Investors Walk Away - (www.realestatejournal.com)


Other Stories:

Subprime crisis claims top Morgan banker - (www.ft.com)
Fed seeks to calm markets - (www.ft.com)
Markets rebound as Fed hints at rate cut- (www.ft.com)
Florida moves to stop run on fund - (www.ft.com)
$10bn withdrawn from state-operated pool
Lex: Florida fund run - (www.ft.com)
Bernanke Says Fed to Judge Market `Turbulence' Impact – (www.bloomberg.com)
US Foreclosure Filings Up 94 Pct in Oct. – (www.ap.com)
U.S. New-Home Sales Lower Than Forecast in October - (www.bloomberg.com)
OFHEO:US Home Prices Saw First Quarterly Decline Since '94 - Dow Jones
Bernanke clears way for Fed rate cut - (www.ft.com)
Chapter 11 filings in 3rd quarter climb 35% - (www.latimes.com)
Inflation has Dallas Federal Reserve president 'very concerned' – (www.dallasnews.com)
U.S. Economy: Growth Is Faltering After 4.9% Surge - (www.bloomberg.com)

Florida suspends withdrawals from state investment fund - Orlando Sentinel
Municipal Bond Deals Squeezed By Credit Crisis – (www.washingtonpost.com)
California Forgoes Insurance on $1 Billion State Bond Offering - (www.bloomberg.com)
Libor feels strain as year-end looms - (www.ft.com)
Activist hedge fund returns hit hard - (www.ft.com)
Corporate bond costs climb to five-year high - (www.ft.com)
King Says Market Rate Increase Caused by Bank Capital Concern - (www.bloomberg.com)
E*Trade to Get $2.55 Billion Cash Boost From Citadel-Led Group - (www.bloomberg.com)


US bank earnings plunge in third quarter - (www.ft.com)
Beware of Liquidity Traps in Builders - (www.wsj.com) ($)
Sears' profit plunges 99% - (money.cnn.com)
Wells Fargo woes show breadth of mortgage meltdown – (www.sfgate.com)
After Wells Fargo, home equity has further to fall – (www.reuters.com)

Chinese,Japanese firms least able to fend off crisis – (www.CFO.com)
UK house prices fall at fastest rate since 1995 - (www.ft.com)
US subprime crisis hits Asia debt issuance - (www.ft.com)
U.K. Home Prices Drop Most Since 1995, Loans Decline - (www.bloomberg.com)
China Currency Reserves Rise to Record $1.46 Trillion - (www.bloomberg.com)
‘Snooty’ bankers blamed for crisis - (www.ft.com)
UK mortgage approvals fall sharply - (www.ft.com)
Fannie, Freddie Won't Get A Raise - (www.forbes.com)
Capital Is King Once Again – (www.nytimes.com)
Credit Cracks, Markets Close, Bonds Yelp `Help!': Mark Gilbert - (www.bloomberg.com)
L.A., O.C. house prices decline sharply - (http://www.latimes.com/)
Tips for selling your house - (Hint: lower the price) - (www.marketwatch.com)

House sales record low despite largest drop in prices ever - (money.cnn.com)
Existing House Sales Fall Again - (biz.yahoo.com)
Housing Prices Set New Records - All of Them Bad - (http://www.seekingalpha.com/)
Our shadow banking system - (money.cnn.com)
Mortgages drive bank profits down 25% - (money.cnn.com)
Wells Fargo plunges into mortgage muck - (news.yahoo.com)
Wells Fargo sets aside $1.4 billion to cover loan losses - (http://www.marketwatch.com/)
Time to Hedge Your House? - (http://www.businessweek.com/)
Business and the credit crunch: At the gates of hell - (www.economist.com)

Thursday, November 29, 2007

Thursday November 29 Housing and Economic stories

Top Stories:

Florida School Fund Rocked by $8 Billion Pullout Amid Defaults - (www.bloomberg.com)
Norwegian investment house Terra Securities declares bankruptcy - (www.iht.com)
Conforming Loan Limit to Remain at $417,000 - (www.ofheo.gov)Dr. Copper Signals Deflation - (www.reuters.com)US bank earnings plunge in third quarter - (www.ft.com)
Bear Stearns to Cut 4% of Workforce to Curb Costs - (www.cnbc.com)
Wall Street Bloodbath: Layoffs Keep Growing - (www.cnbc.com)
What Happens if Freddie Mac Becomes Insolvent? - (www.seekingalpha.com)
Bay Area House Down 25% in 2 Years – (patrick.net/housing/crash.html)
History of Home Values: Chart. Uh oh. - (www.investingintelligently.com)
Idaho housing prices falling - (www.idahostatesman.com)
Easy money, risky loans drive Detroit house losses - (www.detroitnews.com)
Wisdom would have averted the subprime mess - (www.marketwatch.com)
King of the housing speculators - (www.salon.com)
Credit squeeze hits music industry - (www.ft.com)
Groups struggling to issue debt - 22:00



Other Stories:

US Consumers Down and Out - (www.forbes.com)
Consumers' Gloom Thickens - (www.businessweek.com)History of Home Values: Chart. Uh oh. - (www.investingintelligently.com)
Markets rebound as Fed hints at rate cut - (www.ft.com)
Stocks surged after Federal Reserve vice-chairman Don Kohn dropped what investors saw as a clear hint that the US central bank was ready to cut interest rates again next month unless market conditions improve - 23:48
Lex: Equities bounce back
Fed moves to open its options
Fed seeks to calm markets
Sagging housing market hits profits - 19:58
Citigroup in second review of staffing costs - (www.ft.com)
‘NatWest 3’ offer guilty plea over Enron - (www.ft.com)
Fed's No. 2 Sparks Markets With Hint Of Rate Cuts - (www.cnbc.com)
The Fed's No. 2 official signaled a willingness to cut interest rates further, saying renewed financial market turmoil could slow the economy more than thought.
Street Changes View of Fed - (www.cnbc.com)
Economy Will Be Hit Hard Even Without Recession - (www.cnbc.com)
Home Sales, Prices Tumbled Further In October - (www.cnbc.com)
House prices take steeper turn for the worse - (money.cnn.com)
House price drop largest on record - (news.yahoo.com)
House Sales and Prices Plummet in Third Quarter - (efinancedirectory.com)
Real Prices Actually Lower Than Reported - (www.thetrumpet.com)
Getting rich off the subprime mess - (articles.moneycentral.msn.com)
Wells Fargo Braces For Mortgage Losses - (www.thestreet.com)
Citi Sells Stake to Abu Dhabi Fund - (biz.yahoo.com)
One Citi Analyst Reversal Shows Housing's Challenges - (www.cnn.com)
Other Analyst Who Rocked Citi - (www.businessweek.com)
How low will LA prices go? - (www.latimes.com)
This Old McMansion - (Charles Hugh Smith at www.oftwominds.com)
Subprime cards' high fees can add to debt troubles - (www.usatoday.com)
The Rise of Family-Friendly Cities - (www.opinionjournal.com)

Kohn Sees Risk of Reduced Credit From Market Upheaval - (www.bloomberg.com)
Fed's Kohn Sees Risk of Deeper U.S. Credit Crunch From Market `Turbulence' - (www.bloomberg.com)
Home Sales Slide to Lowest Level in Eight Years - (www.bloomberg.com)
California Home Sales Down 40% - (www.car.org)
Fed in tricky situation – (www.thestreet.com)
Beware our banking system – (money.cnn.com)
Lenders’ Belt-Tightening Stifles Growth in Economy - (www.nytimes.com)
Mortgage crisis a drag on Atlanta economy – (www.ajc.com)
Squeeze hits US capital issuance - (www.ft.com)
Why Some LBOs Are Collapsing – (www.wsj.com) ($)
Foreclosures by Lender Investigated: Morgenson - (www.nytimes.com)
Wells Fargo plunges into mortgage muck – (www.ap.com)
For Abu Dhabi and Citi, Credit Crisis Drove Deal - (www.nytimes.com)
Lampert swings, misses - (www.chicagotribune.com)
Citi gets taste of its own medicine - (www.nypost.com)
European Money-Supply Growth Accelerated in October - (www.bloomberg.com)
German Consumer Confidence Declines to Two-Year Low - (www.bloomberg.com)
German lender's subprime woes deepen - (www.iht.com)
Squeeze set to hit UK housing market - (www.ft.com)
U.A.E. May Revalue Its Currency Dec. 2, Arabian Business Says - (www.bloomberg.com)
Why nobody wants to see inflation with no clothes on - (www.ft.com)
Ethanol Craze Cools As Doubts Multiply – (www.wsj.com)

Wednesday, November 28, 2007

Wednesday November 28 Housing and Economic stories

Top Stories:

Bad day for financial guarantee and insurance products companies (i.e., Ambac, MBIA, etc.) as their stock was down 7-10% on huge up-day for the market. Who is left provide bond insurance for municipalities, states, mortgage bonds, etc.?

MBIA Collapses its Hudson Thames SIV, Takes Writedown – (http://www.bloomberg.com/)
U.S. Home Prices Fell 4.5% in Third Quarter, Most in at Least Two Decades – (http://www.bloomberg.com/)
Fed to Inject $8 Billion to Lubricate Economy – (http://www.nytimes.com/)
L.A., O.C. home prices fall sharply – (www.latimes.com)
How NovaStar held clues to mortgage mess - (http://www.marketwatch.com/)
HSBC to bail out two funds – (http://www.latimes.com/)
Home Loan Bank Warned About Countrywide Debt - (http://www.cnbc.com/)
Countrywide Falls as Schumer Seeks Probe - (www.bloomberg.com)Bond Insurers Say Reinsurance Is Available to Increase Capital - (http://www.wsj.com/)
Bond insurers look to reinsurance for money - (http://www.cnnmoney.com/)
Ambac CFO says will defend triple A rating - (http://www.reuters.com/)






Other Stories:

U.S. Economy: Confidence Drops More Than Predicted – (www.bloomberg.com)
Home Prices Show Record Fall – (www.forbes.com)
Report: Foreclosures to Hit Metro Areas – (www.ap.com)
Foreclosures to have 'profound' impact, report warns – (www.usatoday.com)
Credit Squeeze Tightens Grip – (www.thestreet.com)
Here comes the recession - (www.cnnmoney.com)
$100 oil and the 'S' word - (www.cnnmoney.com)
Chicago Fed index falls to lowest mark since January – (www.chicagotribune.com)
Mayors see more foreclosure pain – (www.cnnmoney.com)
Homeowners' big question – (www.latimes.com)

four problems that could beset debt markets for years – (www.ft.com)
Why banking is an accident waiting to happen – (www.ft.com)
Borrowing costs slowing buyouts – (www.chicagotribune.com)
Pension Funds Are Pulling Back – (www.wsj.com)
S&P reviewing bond insurers – (www.businessweek.com)
Blackstone down 34% since IPO – (www.nypost.com)
Year-end rally may not bail out investors – (www.nypost.com)
Financials drag AA rated debt to the depths of 2002 – (www.ft.com)
Is home equity tapped out? – (www.startribune.com) – Minneapolis Star Tribune
Study Warns of Home Value Drop – (www.wsj.com)
Bond insurers look to reinsurance for money – (www.cnnmoney.com)
ARM Resets to Hit the Fan in 2008 - (seekingalpha.com)
Why 2011 might not even be the end - (blownmortgage.com)
Mortgage Meltdown on the Horizon - (seekingalpha.com)
O.C. foreclosures rising faster than in 90's - (mortgage.freedomblogging.com)
Mortgage Meltdown on the Horizon - (seekingalpha.com)
Today I would have closed on our house - (snarkolepsy.blogspot.com)

Tuesday, November 27, 2007

Tuesday November 27 Housing and Economic stories

Top Stories:

NetBank says to liquidate in bankruptcy – (www.reuters.com) Largest US Bank to fail in 14 years.
Home Loan Bank Warned About Countrywide Debt - (www.cnbc.com)
US Sen. Schumer questions Countrywide borrowing – (www.reuters.com)
Unsigned letter accuses agent of mortgage fraud (sptimes.com)
HSBC in $35bn SIV bail-out - (www.ft.com)
Citi's $41 Billion Issue: Should It Put CDOs On the Balance Sheet? – (www.wsj.com)
Bank of England warns credit crisis to worsen – (www.telegraph.co.uk)
Freddie, Fannie Shares Will Continue to Slide - (www.bloomberg.com)
Bond Spreads Widen on Fear Factor – (www.cfo.com)
Blackstone defends private equity role in business – (www.reuters.com) Sounds an awful lot like Milken and junk bond days. Destroying companies, loading them up on debt, for the gain of a few.
Fed set to provide extra liquidity into 2008 – (www.reuters.com)
US Fed raises primary dealer borrowing limits – (www.reuters.com)
Pressure on bond insurers to save their credit ratings – (www.ft.com)


Other Stories:

Citi gets $7.5bn capital fill-up from Abu Dhabi - (www.ft.com)
The Abu Dhabi Investment Authority will shore up Citigroup’s overstretched balance sheet with a capital injection at a coupon of 11 per cent - 03:39
Stocks slide despite Fed move on funding fears - (www.ft.com)
$8bn long-term repurchase operation - 00:13

Happy Holidays? Recession Worries Are On the Rise - (www.cnbc.com)
UBS Cuts Fannie, Freddie View to Neutral - (www.cnbc.com)
At Home, but Not in Their Own - (www.washingtonpost.com)
Ex-U.S. Treasury Head Summers: Recession Likely - (www.cnbc.com)

Consider that house prices could fall 30% - (www.nytimes.com)
Unease in mortgage bond market spreads to Europe - (www.money.cnn.com)
U.S. housing outlook sends dollar to record low - (seattletimes.nwsource.com)
Citigroup Plans Cost Cuts After Mortgage Losses, Prince Ouster – (www.bloomberg.com)
Citigroup Feels Heat To Modify Mortgages – (www.wsj.com)
Banks' capital needs could end up tying them in knots – (www.economist.com)
Investor Sues AIG over Subprime Mess – (www.CFO.com)
Mortgages Weigh on E*Trade Sale – (www.wsj.com)
How the World Works - (www.salon.com)
Even average houseowners feel rising mortgage floodwaters - (www.marketwatch.com)
Prisoners of Debt - (www.businessweek.com)
SF Bay Area Housing Market Summary - (www.homeguide123.com)
In the housing crisis: a chorus of complaints - (www.realestate.msn.com)
Have we seen worst of mortgage crisis? - (www.news.yahoo.com)
The four stages of House Seller Sickness - (blogs.tampabay.com)
Foreclosure Watch: The Vultures Descend - (www.pacificariptide.com)

Fed sensitive to risks of rate cuts on dollar – (www.ft.com)
Don't look now: Here comes the recession – (www.Fortune.com)

Behind Freddie and Frannie's Free Fall - (www.biz.yahoo.com)Mortgage Giants: The cracks are spreading - (www.economist.com)The next credit scandal – (www.cnnmoney.com)
Bears are becoming harder to ignore – (www.latimes.com)
First CPDO unwind shows potential for volatility – (www.reuters.com)
For Banks, the Hurt Just Goes On – (www.wsj.com)
Will Sovereign Wealth Funds rule the world? – (www.csm.com)
GSEs go from saviors to victims – (www.economist.com)
Credit Mess Is Dashing Hope – (www.thestreet.com)
The Nine Lives of CDOs – (www.wsj.com)
Mortgage Mess Hits Financial Funds – (www.thestreet.com)

HSBC Will Take on $45 Billion of Assets From Two SIVs – (www.bloomberg.com)
Bank of England warns credit crisis to worsen – (www.telegraph.co.uk)
Weak dollar a 'problem' for world economy - EU president – (www.AFP.com)
More insolvencies ahead for 2008 – (www.bbc.com)
FSA hits at mortgage brokers – (www.ft.com)
How a housing boom turned bust – (www.usatoday.com)

Monday, November 26, 2007

Monday November 26 Housing and Economic stories

Top Stories:

Detroit area housing slump wallops condos (detnews.com)
Levitt bankruptcy leaves Orlando buyers without houses (orlandosentinel.com)
Investors fear new round of turmoil - (www.ft.com)
Investors fear the financial system is moving into new credit turmoil, which could create further losses for financial institutions – and potentially hurt sentiment in the “real” economy - 20:32
Credit 'heart attack' engulfs China and Korea (telegraph.co.uk)
Three U.S. Banks to Ask Others for Superfund Help - (www.cnbc.com)
Freezing Mortgage Rates Will Fail– (http://globaleconomicanalysis.blogspot.com/)
Fannie and Freddie pullback would devastate economy - Reuters (11/24/2007 08:24 AM)
US vs. Japan Land Prices: Autumn 2007 Pictorial Update – (http://globaleconomicanalysis.blogspot.com/)
European Credit Markets Deteriorate Dramatically – (http://globaleconomicanalysis.blogspot.com/)
California homes deal to avert defaults - FT (11/25/2007 01:32 PM)
French bank Natixis says it took €407 million hit from subprime credit crisis - IHT (11/25/2007 01:33 PM)
Sub-prime ‘time bomb’ is set to explode in Britain - UK Times (11/24/2007 08:36 AM)


Other Stories:

Investors fear new round of turmoil - (www.ft.com)
Investors fear the financial system is moving into new credit turmoil, which could create further losses for financial institutions – and potentially hurt sentiment in the “real” economy - 20:32
Tony Jackson: Turning the screw back to 1973 - (www.ft.com)
Lawrence Summers: Wake up to the dangers of a deepening crisis
Fed sensitive to risk of rate cut
1000% hedge fund wins subprime bet

Boris Nemtsov, a former deputy prime minister of Russia and a potential presidential candidate, is among the protesters arrested at a rally in St. Petersburg against the government of President Vladimir Putin a week before parliamentary elections
California homes deal to avert defaults - (www.ft.com)
Agreement will see low rates extended - 19:14
New refinancing scheme offers relief
Outlook darkens for Detroit carmakers - (www.ft.com)
US consumer spending slowing down - 19:29
Sarkozy raises China currency concerns - (www.ft.com)
EU seeking fair rate for the renminbi - 04:42
Man in the News: Nicolas Sarkozy

Retailers Ring Up Strong Start to Holiday Shopping - (www.cnbc.com)

The lure of bargains trumped economic concerns at the start of the holiday shopping season. Retailers logged sales that were up significantly from a year ago.
Northern Rock to Name Virgin as Preferred Bidder - (www.cnbc.com)
Buffett Potential Buyer of Northern Rock: Report - (www.cnbc.com)
Sarkozy Turns Up Pressure on China Over Yuan - (www.cnbc.com)
Week Ahead: Credit Worries Abound - (www.cnbc.com)
E-Trade Financial Holding Talks With Possible Buyers - (www.cnbc.com)
Credit Crunch Hits Commercial Real Estate – (http://globaleconomicanalysis.blogspot.com/)
Big Discounts, Expanded Hours, More Foreclosures – (http://globaleconomicanalysis.blogspot.com/)
U.S. Consumers Spent 3.5% Less on Holiday Shopping - Bloomberg (11/25/2007 05:33 PM)
Wake up to the dangers of a deepening crisis - FT (11/25/2007 02:50 PM)
Don't look now: Here comes the recession - Fortune (11/25/2007 05:31 PM)
Housing woes have domino effect - USA Today (11/25/2007 01:02 PM)
Eating out is getting lonelier - LA Times (11/24/2007 08:35 AM)

Mortgage Failures Could Create Nightmare - AP (11/24/2007 06:41 AM)
Crunch May Hit Insurers Of Bonds - Washington Post (11/24/2007 08:23 AM)
Oil Closes at Record in New York as Fuel Inventories May Drop - Bloomberg (11/24/2007 08:26 AM)
Investors fear new round of turmoil - FT (11/25/2007 05:50 PM)
Euro is becoming the it currency - USA Today (11/24/2007 08:28 AM)
Turning the screw back to 1973 - or perhaps further - FT (11/25/2007 01:33 PM)
Subprime Mess to Worsen - WSJ ($) (11/25/2007 03:22 PM)
Refinancing May Be Harder to Enjoy - WSJ ($) (11/25/2007 03:28 PM)
Hedge Funds:Leveraging The Numbers - WSJ ($) (11/25/2007 03:29 PM)
CDOs explained: Eavis - Fortune (11/25/2007 05:30 PM)
Dollar Displaces Yen, Franc as Favorite for Funding Carry Trade - Bloomberg (11/25/2007 05:38 PM)
Derivative liquidity crisis ‘to continue’ - FT (11/25/2007 03:04 PM)

Carmakers face more pain to get back on right road - FT (11/25/2007 03:00 PM)
Freddie to raise $5 bln in preferred stock sale: report - Reuters (11/24/2007 08:27 AM)
Countrywide Woes Mount - New York Post (11/24/2007 08:38 AM)
Freddie and Fannie's Achilles' heel - Fortune (11/25/2007 05:49 PM)

In Europe, Weathering Credit Storm From U.S. - NY Times (11/24/2007 06:41 AM)
Yen Gains Versus 16 Major Currencies as Investors Reduce Risks - Bloomberg (11/24/2007 08:25 AM)
The dwindling dollar takes toll on Europe - UK Times (11/25/2007 06:41 AM)
UK manufacturing productivity outstrips global rivals - FT (11/25/2007 02:56 PM)

Krugman: Banks gone wild - IHT (11/25/2007 08:03 AM)
Wake up to the dangers of a deepening crisis: Summers - FT (11/25/2007 01:05 PM)
The next credit scandal: Eavis - Fortune (11/25/2007 05:32 PM)
Fortunes shift as oil prices soar - LA Times (11/24/2007 08:30 AM)
Blame the Borrowers? Not So Fast: Morgenson - NY Times (11/24/2007 07:17 PM)
A Time for Bold Thinking on Housing: Shiller - NY Times (11/24/2007 07:18 PM)

Friday, November 23, 2007

European Central Bank set to pump cash into frozen money markets

ECB set to pump cash into money markets

By Ralph Atkins and Ivar Simensen in Frankfurt and David Oakley in London
Published: November 23 2007 11:46 Last updated: November 23 2007 11:46

Fresh emergency action to pump funds into the money markets was announced on Friday night by the European Central Bank amid renewed fears that liquidity in the credit markets is again starting to dry up.

On Friday night, the bank said it would inject an unspecified amount of extra liquidity next week, noting “re-emerging tensions” – and would do so until at least the end of the year.

Earlier, Jean-Claude Trichet, ECB president, had pledged continuing action to keep short-term money market interest rates in line with its main policy rate.

The new promise of intervention came as three-month US interbank rates rose for the eighth day in a row to 5.04 per cent, more than half a point higher than the US Fed Funds target rate of 4.5 per cent.

Three-month money usually trades just above the Fed Funds rate which is 4.5 per cent. Europe and UK money markets are showing similar strains.

Continuing problems in the markets were highlighted again on Friday as key interest-rate indicators hit fresh highs while
the dollar plumbed new lows against the euro, falling to a record low of $1.4966.

The
credit squeeze is also showing signs of dragging down eurozone economic growth, according to a closely watched survey published on Friday.

Service business growth in the 13-country eurozone slumped to the weakest level for more than two years, according to November’s purchasing managers’ indices, almost certainly because of financial sector weakness.
The eurozone’s services sector slowdown was “particularly relevant as it has been the engine of growth of the euro area on the past two years”, said Jacques Cailloux, economist at Royal Bank of Scotland, which releases the survey with NTC Economics.

The latest data will knock European policymakers’ confidence that the eurozone can remain relatively immune from the US subprime mortgage crisis, although few economists expect a serious slump.

Mr Trichet hinted that he expected financial turmoil to result in structural changes, saying banks’ losses “may trigger a reassessment by some of them of the suitability of the so-called originate-and-distribute business model”, which relies heavily on loan securitisation.