Hi 82, I was always under the impression that the 'first loss' cover had to keep up with any increase of the loan book.? So mostly funding was the most basic problem, it became a catch 22 situation IMO....as you say, it wasn't executed well.
I find it surprising at some of the SPX claims, since they always said they only took on specially selected customers using an in house developed foolproof algorithm to weed out possible defaulters and only lend to customers that passed their test, hence there would never be any bad defaulters...i.e., no risk.
Another porky? Or Just me?
Ahh, the good old days LOL
Cheers,
Ballsup - by name and nature, NFA, IMO and as usual NFI
Expand
(20min delay)