The Borrower's impaired credit
profile made it difficult to obtain conventional financing.
The decision to restate was taken in the interest of good corporate governance in order to provide clarity for Shareholders due to information which came to light about an existing impaired credit
exposure after approval of the original set of financial statements on 27 February 2015.
According to a Reuters report, one in four South Africans is unemployed and the number of borrowers with impaired credit
records had risen to nearly 50 percent from 36 percent in 2006.
Guarantees will only be available to borrowers who can afford the mortgages, while those with impaired credit
ratings will be excluded, the Treasury insisted.
Provisions for impaired credit
rose 27% year-on-year to 822 mln euros.
Stulz, Ohio State University and NBER, "Financial Policies and the Financial Crisis: Impaired Credit
Channel or Diminished Demand for Capital?
LENDING CHANGES The Financial Services Authority's proposals on responsible lending include: requiring all mortgage applicants to verify their income, to help prevent mortgage fraud and ensure consumers do not overstate their earnings; imposing affordability tests for all mortgage applications, and making lenders responsible for assessing a borrower's ability to pay; and extra measures to protect vulnerable mortgage customers with an impaired credit
GSG will also host a free webinar on auto lending options for members with impaired credit
at 1:00 p.
The group, which lends to people with impaired credit
histories, released long-delayed results late last year for the nine months to September 2009 showing a pre-tax loss of pounds 347.
Swedbank, the largest lender in the Baltic states, said on April 27 that impaired credit
and loans that are more than 60 days overdue have stopped rising in the region and that the real estate market has "shown signs of recovery.
The Authority is also calling for a ban on mortgages containing "toxic combinations" which put borrowers at a higher risk, such as lending a high proportion of a property's value to people with impaired credit
Officials at the Financial Services Authority are also calling for a ban on mortgages containing "toxic combinations" which put borrowers at a higher risk, such as lending a high proportion of a property's value to people with impaired credit