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SimonGr

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16/11/18

11:01

Post #: 36529873
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Originally posted by James A ↑

Originally posted by SimonGr
Where did you read that?

The plan is for the fed to use its AAA credit rating to borrow money itself ... then to charge more when buying securitised loans. The fed govt will make an arbitrage (as they did during the GFC when they bought mortgage backed securities) and they’ll compete with others for bundles from Fintechs like AXL (thus lowering the funding costs for AXL etc).

The whole idea is to provide additional and lower cost lending via Fintechs that aren’t secured via property (as banks generally insist of property security). They’re talking both secured and unsecured - but secured will only be secured against equipment (not properties).
I read an early AFR article (https://www.copyright link/opinion/...ionise-small-business-lending-20181113-h17ult):

"Since the government will only be investing in highly rated warehouse facilities and ABS issues, it will bear little to no risk (no AAA-rated Australian securitisation has ever defaulted)."

It made sense to me. The hospitality industry is notoriously risky, for both lenders and operators. Think about all the SME's in Australia, across all the industries - IMO there are far safer options for long term lending of tax payers money.

Expand

I don’t disagree! It’s a very socialist move by the Libs. One arm of Govt is asking the banks to be more cautious while others want them to be more reckless.

Looks like AFR caught on in later stories about risk. This from this morning.

'Risky' $2b SME loan fund could cost taxpayers
http://www.copyright link/news/poli...und-could-cost-taxpayers-20181115-h17x3n?btis

AXL Price at posting: $1.63 Sentiment: None Disclosure: Held
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