How To Apply A Home Loam For First Time Buyers

http://springhillgrouphome.com/2012/12/how-to-apply-a-home-loam-for-first-time-buyers/ 

Purchasing and owning a home is one of the biggest financial investments you’ll ever make, and no doubt you’ll have many questions regarding the process. First-time buyers enjoy some special privileges and opportunities.

Some banks will offer first-time buyers a bond above 100% to help you cover the transfer and legal costs as well as the purchase price. And almost all institutions now offer a 30 year bond repayment period, to make the monthly costs more accessible, an option which banks created specifically for first-time buyers.

Make that very clear on your application that you’re a first-time buyer.

It is a general rule, make a quality purchase, buying a house is a big decision so you have to decide wisely.  When house hunting you can follow this tips.

Take a digital camera with you when house-hunting. Having photographs in front of you will help you recall specific details of each home you see – which is particularly useful if you’re viewing up to six homes in a single day.

Write down key points about each home you see as you’re inspecting it. In particular, record its size, special features, design and other factors which may influence your decision.

Take note of the area and its surrounds. Is the house close to all amenities, or is it in a remote location? Would you be happy to live in that particular neighborhood?

When you’ve narrowed down your options, ask to view the homes you like best a second time. This will help you to narrow down your options further.

Banks have many considerations before lending you loan, they don’t just look at your financial situation; they also consider the property that you want to purchase.  Then it is still subject to approval, if what you wanted to purchase seems that you will not going to afford it chances are you will be decline. The more money they have in their account, the less danger there is that you’ll suddenly be called on in the future to pay large amounts towards repairs or maintenance – affecting your ability to pay the installment on your home loan.

Get Help from Professionals, admit it, you are not so familiar with the big leap you are about to do.  It’s always advised that you get someone knowledgeable to help you interpret the information and prepare your application.

It is essential to ascertain whether you are ready to make such a big, constant financial commitment.  If you are secure in your job and gross a regular monthly salary, you’ll have a quite good idea of whether or not you can afford to buy a home.  Also important to bear in mind are the costs and fees linked with purchasing your new home.  You’ll need to have money saved to place a deposit on the home, and you’ll also have to consider moving costs, home-owners’ insurance and rates on your property.  To make certain that you can afford the purchase, it’s necessary to calculate all your monthly operating cost and those concerned in buying your first home.  As a general rule, your bond repayments, together with taxes and property insurance, shouldn’t go beyond 25% to 30% of your gross income.

Springhill Group Home : How To Apply For Bank Loans

http://springhillgrouphome.com/2012/12/springhill-group-home-how-to-apply-for-bank-loans/

Nowadays, banks doors are seem to be close for the public because of the effects of unfettered credit card debt, housing foreclosures, and price increases on everything from a gallon of gas down to a can of sardines, bank loans are fast becoming a shrinking commodity due to economic downfall.  The banking world is acting in response to the economic turmoil by tightening the reigns in the lending department.

With the cards stacked up against many bank loan applicants and with the big chances of getting knocked back can seem prohibitively high, this became sour news to consumers and small businesses in need of additional funding.

It may seem impossible so forget all the doom and gloom rather present a clear, compelling case, backed up by hard facts, you stand a great chance of getting the money you want.  Banks are still also a business and they want to lend money to viable businesses alone.  They will definitely lend you money if you can show them that your business can produce enough profit to prosper and you are able paying them back.  It will also be a plus point if you have track record to point to.

Being prepared is always the key, you will have a higher percentage of getting what you want if came prepared.  You need to know exactly what you want before you start pitching for a bank loan because if you aren’t clear in your own mind what you want, tendencies are you will be turned down at once.

You’ll need to present a credible business plan and be able to speak with confidence about your business’s commercial offering.  You may ask help from a business adviser towards your business plan.  Plan your dialogue; know exactly how much money you need and how you will spend it.  It will make you look organized and goal oriented.  You must explain them clearly how the cash you are asking for will increase profit in your company or business.  Be ready to present monthly cash flow projections for the next four quarters.  This is necessary so will be able to demonstrate you can comfortably meet interest and loan payments or in other words you can really pay them.  Expect that the higher amount you’re asking for the more details you are ask to give.  It is also better to include a ‘repayments’ figure in your calculations.

You must give the impression to the bank that you are the real deal.  Be ready to detail any market research you have carried out.  The people in your team is also a plus, make them realize that you have the best team and your business is a sure hit.

Nothing beats being honest but also remember to be energetic and enthusiastic to build rapport to the one your dealing with.  The bank will need a true picture of your business so it will also be a good idea if you mention weakness in the business but not too much or else you will fail.

After making sure about those details, also it is better to have all documents to hand so that you are able to furnish the bank with up-to-date personal and business financial histories. Bring with you acceptable credit score or personal reference, and to go through your latest accounts, tax returns, assets and liability statements.

Lastly, you need to think about terms.  This is very important.  How many years will you need to repay the loan?  Make sure you have fixed rate of interest, or a variable rate which moves up and down with the Bank base rate.  The terms should fit your business strategy, and ensure you can continue to meet your repayments even if the company hits turbulence.

Newscenter Springhill Group Home – Two Land Banking Fraudsters Convicted

http://newscenter.springhillgrouphome.com/2012/12/springhill-group-home-two-land-banking-fraudsters-convicted/ 

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.

The two were just funneling off the funds into a network of bank accounts while the investors received small returns while others lost everything.  In a matter of two years they manage to con 300 victims, one of which is an elderly man who was suffering from terminal cancer losing almost £300,000 and a woman fooled by as much as £373,000.  In order for people to buy their schemes, cold calling and high pressure sale tactics were put into play to target and then bully them.

According to DC Dave Parkinson, from the City of London Police, ”The pair preyed on the vulnerable, exploiting their desire to put their savings in something tangible that would provide them with long-term security. They cared not from whom they stole, but only for what they could take.”

“Plots of land that were good for nothing and worth a fraction of the asking price were marketed as a sound investment with planning permissions in the pipeline and development round the corner. The gang used all the tricks of the trade to give the appearance of legitimacy, picked off their targets over the phone and then disappeared without trace with their savings.” He added.

Springhill Group Home Loans: Avoid House Loans and Bank Financing Frauds

http://springhillgrouphome.com/2012/11/springhill-group-home-loan-avoid-house-loans-and-bank-financing-frauds/


Scams that are perpetrated through in house financing are almost limitless.  Having a house is not just a luxury but it is a necessity.  Buying a house is not just an investment but having a place you can call home.  This is a place where you can create memories and a place where you could go home to after a long day, a place where you can be with the family.   A place where you can be stress-free so buying should also be stress-free.  Nowadays it is hard to have one of your own added the trouble of being scammed by people who will do anything just to steal money to others.  Here are some tips to avoid house financing frauds:

Brokers will always find a way for you to extend payment terms.  Pay attention to the actual price and interest rate.  We often take more importance to the monthly rate rather than the actual price, remember it is always better to pay in shorter term; the longer you pay the higher the cost will be.  If ask, “what sort of payment you are looking for?”, he just wants to get an idea of how willing you are to pay so that he can tweak the loan to fit the payment by extending it.

Know your credit score, the scenario often goes like this.  A scam will let you believe that it is bad, he will tell you that he is not sure and he will talk to the manager and let you know.  And of course a few moments later he will go back and congratulate you because the manager granted and wishes to finance you.  They will give you an insanely high rate a 12 – 13 %, when you could have gotten a rate of half that you had financed trough your bank.  They have really approved you trough their bank but probably much less but they charge you above the interest.

Do not fall for “pay no interest for 6 months”, it is a trick!  Because it is definitely untrue, once the grace period is done sure your interest rate would skyrocket!

Fraud on the other hand is also being committed by the barrowers without the realizing it.  The FBI defines mortgage fraud as "any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan."  Lying about your application falls under the category of mortgage fraud.  Even a tiny white lie wouldn’t do, it is considered to be a mortgage fraud.  But more often than not, barrowers are not aware of this because a real estate professional suggested it’s no big deal.

It is actually a big deal, you can be penalize or sued because of it.  The so called “creative financing” went out in the 70’s.  If the lender finds put about you false application, even a tiny detail on it, not only they can demand immediate full payment of your plan but they could ask you to pay 6-figures fines. That is aside from the possibility of being sued for it.

If approached by someone who gives you offer that is too good to be true, most likely it is a fraud.  Being part of a mortgage fraud has it consequences; remember house loans and bank financing frauds are against the law.  Always make your own investigation first before engaging in to businesses and availing plans.

FHA Warns About Home Equity Mortgage Loan Scams

http://www.fhanewsblog.com/2012/10/fha-warns-about-home-equity-mortgage-loan-scams/

The FHA official site includes a page about reverse mortgages and Home Equity Conversion Mortgages. On that page, you’ll find a warning from the FHA and HUD about scam artists who take advantage of some loan applicants who don’t know enough about the FHA’s free information on HECM loans and reverse mortgage loans.

“Reverse mortgages are becoming popular in America” the FHA site says, “Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more. If you are interested in a reverse mortgage, beware of scam artists that charge thousands of dollars for information that is free from HUD!”

The warning is good–but what kind of information are these scam artists charging so much money for? According to the FHA, simple details such as the nature of a HECM loan, who is eligible, even free advice about whether a borrower should us an estate planner to find a participating lender.

On this topic, the FHA and HUD advise:

“FHA does NOT recommend using any service that charges a fee for referring a borrower to an FHA-approved lender.  You can locate a FHA-approved lender by searching online at www.hud.gov or by contacting a HECM counselor for a listing. Services rendered by HECM counselors are free or at a low cost.  To locate a HECM counselor Search online or call (800) 569-4287 toll-free, for the name and location of a HUD-approved housing counseling agency near you”.

Very good advice for borrowers age 62 an older (the only people who qualify for FHA HECM loans) interested in applying for an FHA Home Equity Conversion Mortgage. Here’s another fact about HECM loans you might not know–according to the FHA official site:

“By law, you have three calendar days to change your mind and cancel the loan.  This is called a three day right of rescission.  The process of canceling the loan should be explained at loan closing.  Be sure to ask the lender for instructions on this process.  Mortgage lenders differ in the process of canceling a loan.  You should ask for the names of the appropriate people, phone numbers, fax numbers, addresses, or written instructions on whatever process the company has in place.  In most cases, the right of rescission will not be applicable to HECM for purchase transactions.”

Los Angeles Man Tied to Series of Fraud Cases Sentenced in Medicare Scheme

http://www.nbcbayarea.com/news/local/LA_man_tied_to_series_of_fraud_cases_sentenced_in_Medicare_scheme-171479001.html  

A Los Angeles man was sentenced to six years in prison last week for his role in a power wheelchair scam, topping what prosecutors say has been a series of Medicare fraud cases.

David James Garrison, 50, a former physician assistant, was found guilty by a federal jury for his role in submitting $18.9 million in fraudulent Medicare claims for power wheelchairs and other equipment.

The wheelchair case is the third time Garrison has been accused of Medicare fraud.

In 2009, Garrison pleaded no contest to tax evasion for his role in what prosecutors described as a fraudulent medical clinic. He pleaded not guilty in October to charges that he forged prescriptions as part of an OxyContin ring that sold 1 million pills on the streets. That case is ongoing.

Garrison's attorney did not return a call for comment about the cases.

Garrison's physician assistant license lapsed in 2009, said Russ Heimerich, a spokesman for the Department of Consumer Affairs, which oversees many state licensing boards. He said the board examined the tax evasion case and did not see it as grounds for discipline.

According to court documents, Garrison's cases involved the use of “cappers” or “marketers” who recruited Medicare beneficiaries to submit to unneeded care or hand over their personal information. That information was used to bill the program for medications, services or supplies that the patients didn’t need.

In the wheelchair case, prosecuted by the Los Angeles U.S. attorney's office, one witness testified that  marketers had to recruit beneficiaries as far as 300 miles from Los Angeles because so many local people had already been used in other fraud schemes.

In the first health fraud case linked to Garrison, he was described as an “at large” suspect in October 2007 when then-Attorney General Jerry Brown announced arrests in a $1.5 million health fraud scam.

"The suspects create a fake healthcare clinic to line their own pockets rather than help the sick and elderly," a 2007 statement from Brown said.

In that case, Garrison was accused of ordering medically unnecessary diagnostic tests at Scott Medical Center in Burbank, where he had worked since 2003. Medicare and Medi-Cal beneficiaries were recruited to go to the clinic, where expensive tests were ordered and billed to the government.

Garrison pleaded no contest to tax evasion in 2009 related to his earnings from the clinic. 

When federal authorities arrested Garrison in the wheelchair scam in 2010, he was also charged for keeping a .357 handgun in an unlocked hatbox near the front door of his Inglewood apartment. Garrison pleaded no contest in 2010 to being a felon in possession of a firearm.

Heimerich said while the gun case was prosecuted by the state, it arose from a federal arrest that did not trigger a notice to the physician assistant licensing board. Also, he said a state court clerk was required to notify the board but did not.

During a two-week trial, evidence showed that Garrison worked at Van Nuys and Los Angeles clinics where he wrote prescriptions and ordered tests on behalf of six doctors, including one whose photo he couldn't identify.

With Garrison’s prescriptions in hand, co-defendant Edward Aslanyan sold them for $1,000 to $1,500 to owners of about 50 different medical equipment firms. The medical supply companies used the prescriptions to buy the chairs from wholesalers for about $900, then billed Medicare for up to $5,000 per chair.

The hefty profit margins have made the wheelchairs a major target for Medicare fraud throughout the U.S. Garrison and Aslanyan wrote and sold the prescriptions from March 2007 to September 2008, prosecutors said.

A jury found Garrison guilty of conspiracy to commit health care fraud, six counts of health care fraud and one count of aggravated identity theft. Aslanyan pleaded guilty to his role in the scam and was sentenced to six years in prison as well.

According to Assistant U.S. Attorney David Kirman, the medical equipment firms included one run by a pastor, Christopher Iruke, who relied on members of the Arms of Grace Christian Center to perpetuate  Medicare fraud.

Court documents show that two Garrison acquaintances told a defense investigator that he was their children's track and field coach and was honest and well-liked. One parent said Garrison's "integrity is unshakable."

In November, Garrison faces trial on drug charges related to a clinic that allegedly forged prescriptions for the addictive and powerful painkiller OxyContin, which was sold on the street for up to $30 per pill.

Prosecutors say he worked there from the summer of 2009 to February 2010. He has pleaded not guilty.

In that case, federal prosecutors allege that Garrison worked as a physician assistantat an Eighth Street clinic in Los Angeles where recruiters offered Medicare and Medi-Cal patients cash or free medical care to go to the clinic.

There, Garrison and others met briefly with patients and issued prescriptions of 90 top-strength OxyContin pills. Other members of the alleged drug ring went with the patients to obtain the pills from pharmacies and gave them to another man who sold them on the street.

Garrison told investigators that he issued the prescriptions if he felt the patients needed pain medications or had been taking OxyContin.

View this story on California Watch

Briefs..... - thenews.com.pk

http://www.thenews.com.pk/Todays-News-3-132475-Briefs  

Business digest

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 content, with revenue coming from advertising, aiming to cover key global business issues and reach readers around the world.“We’re really confident in the ad-supported model,” Delaney said. “There has been strong advertiser interest.”

The name Quartz was chosen “because it embodies the new brand’s essential character: global, disruptive and digital. Quartz, the mineral, is found all over the world, and plays an important role in tectonic activity,” a statement said.

South Korea think-tank cuts growth forecast

SEOUL: South Korea’s state-run think-tank on Monday cut its forecast for the country’s growth this year to 2.5 percent, citing the Eurozone debt crisis.

The Korea Development Institute’s latest outlook is well below the government’s revised growth forecast in June of 3.3 percent, and over a percentage point below a May prediction of 3.6 percent.

The country’s exports dropped sharply for a second straight month in August, suggesting the export-reliant economy is struggling with shrinking demand overseas.

It said Asia’s fourth-largest economy is expected to expand 3.4 percent next year, gradually recovering from the slowdown caused by slow exports and sluggish domestic demand.

Philippines tips economy to grow six percent

MANILA: The Philippine economy could grow by almost six percent this year thanks to improving business optimism despite a series of destructive storms in recent months, officials said on Monday.

The economy, which grew by 6.1 percent on year in the first half, could do even better in the rest of the year as the government implements measures to boost laggard sectors, socioeconomic planning secretary Arsenio Balisacan said.

He added outsourced businesses, trade and tourism were all doing well and agriculture and manufacturing were expected to pick up in the second half.

“With the healthy macroeconomic fundamentals and the higher business optimism, we will most likely hit the upper end of the 5-6 (percent) target,” he told a forum with investors.

Heavy rains and storms last month and early-September, which left huge parts of the capital flooded, killings scores and displacing millions, had only a minimal effect on the economy, Balisacan added.

He said farmers still had time to re-plant after the storms, adding that the floods affected mostly small businesses and not the large factories or call centres.

Tourism Secretary Ramon Jimenez cited the 11.68 percent rise in tourist arrivals to 2.2 million in the first half of the year as a further reason for optimism.

Central bank governor Amando Tetangco reported a 5.3 percent rise in remittances from the millions of Filipino working overseas to $13.3 billion in the first seven months of 2012.The officials also reported increased interest from potential foreign investors, following President Benigno Aquino’s election in 2010 on an anti-corruption platform.

Turkish unemployment rate drops to 8 percent

ISTANBUL: Turkey’s unemployment rate fell to eight percent of the workforce in the three months from May to July, the lowest in more than a decade, official data showed on Monday.

The number of unemployed people fell by 311,000 over the period to reach 2.226 million, Turkish Statistics Institute (TUIK) said on its website on the basis of a survey of 95,699 people.

Unemployed rate stood at 9.2 percent in the same period of 2011. Since then the number of people in jobs increased from 24.901 million to 25.577 million.

Turkey’s economy staged a spectacular recovery from the global crisis, growing by 8.9 percent in 2010 and by 8.5 percent in 2011.Unemployment remains a major challenge for the government in a 73 million strong country where many young people enter the workforce each year.

Turkey’s jobless rate is determined through household surveys across the country, which are then used to make a nationwide three-month projection.

But experts say the figures do not reflect the overall picture because of widespread undeclared or hidden unemployment, or the employment of highly-educated people in menial jobs. Turkish unemployment rocketed to an annual 10.3 percent in 2001 following a major financial crisis, from a steady 6.5 percent in the previous year.

Major Companies Declare Results

By our correspondent

APL announces final cash dividend of Rs32.50

KARACHI: Attock Petroleum Limited (APL) announced on Monday a final cash dividend of Rs32.50 per share though its profit-after-tax for the year ended June 30 slightly down by four percent to Rs4.12 billion from Rs4.25 billion last year, said a statement of the company.

The divided was in addition to interim cash dividend of Rs17.50 per share. Therefore, total divided for the year was calculated at Rs50 per share, according to the profit and loss account of the company.

The earnings per share stood at Rs59.61 from 61.58 last year.

Net sales of the company rose by 39 percent to Rs176.81 billion from Rs127.03 billion last year. However, the financing cost increased by 77 percent to Rs1.21 billion from Rs682.66 million.

POL earns profits of Rs11.85bn

The profit-after-tax of Pakistan Oilfields Limited increased by 10 percent to Rs11.85 billion for the year ended June 30 from Rs10.81 billion earnings last year, said a statement on Monday.

This translated into the earnings per share of Rs50.11 from Rs45.72 last year, according to the profit and loss account of the company.

The company announced a final cash dividend of Rs35 per share. This was in addition to Rs17.50 interim dividend. Therefore, the cumulative dividend for the year stood at Rs52.50 per share.

Net sales of the company increased to Rs30.82 billion from Rs27.10 billion last year. Exploration cost declined by 45 percent to Rs1.07 billion from Rs593.55 million. However, the financing cost increased by 206 percent to Rs684.57 million from Rs223.93 million.

ARL profit rises to Rs2.73bn

Attock Refinery Limited posted a net profit of Rs2.73 billion for the year ended June 30, which was 25 percent higher than Rs2.18 billion last year, said a statement.

The net profit included profit-after-tax from refinery operations of Rs1.14 billion and income from non-refinery operations of Rs1.58 billion during the period under review.

Last year, the company earned Rs1.11 billion from refinery operations and Rs1.06 billion from non-refinery operations, said the profit and loss account of the company. Therefore, total earnings per share stood at Rs32.07 from Rs25.63 last year.

The company also announced a final cash dividend of Rs6 per share. This was in addition to Rs1.50 per share the company has already paid to the shareholders The sales of the company surged by 33 percent to Rs154.38 billion during the period under review from Rs116.38 billion last year. The financing cost increased by 22 times to Rs994.73 million from Rs45.45 million last year.

Fauji Cement earns over half-a-billion profit

Fauji Cement Company Limited reported a profit-after-tax of Rs552.59 million for the year ended June 30, which was 30 percent higher than Rs425.66 million earned in the previous year, said a statement issued by the company.

The earnings per share (EPS) were calculated lower at 29 paisas against 52 paisas last year, according to the profit and loss account of the company available with the Karachi Stock Exchange.

M Affan Ismail, an analyst at BMA Capital, reported that EPS diluted in the year under review due to addition of 1,905 million shares. The increase in earnings was primarily attributable to strong gross margin coupled with improved sales, he said. Phenomenal surge in cement prices coupled with meager decline in coal prices resulted in gross margin growth of nine percentage points to 27 percent.

Moreover, the utilisation of additional capacity of 2.1 million tons resulted in higher sales, which further improved the profits.

The net sales of the company surged by 143 percent to Rs11.52 billion from Rs4.74 billion last year. However, financing cost on loan obtained for capacity expansion kept the earnings under pressure, as the cost augmented to Rs1.83 billion from Rs103.92 million last year.

Warning to borrowers over interest-only mortgages

http://www.scotsman.com/business/personal-finance/warning-to-borrowers-over-interest-only-mortgages-1-2514783 



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 example, will no longer accept cash savings (including Isas) as a way of repaying the capital on an interest-only mortgage.

The crackdown came in anticipation of a regulatory ban on interest-only mortgages. The Financial Services Authority (FSA) has now moved away from that option, but it still plans restrictions on the way interest-only deals are repaid.

“Lenders have changed the goal posts massively over the last two years and many borrowers are going to be stuck on a variable rate because they need to retain the interest-only payments,” said Alison Mitchell, mortgage expert at Edinburgh IFA Robson Macintosh. ”Lenders are choosing who they wish to lend to and interest-only is just another way of sifting out the unwanted.” That helps explain why lenders are being increasingly pro-active in checking if borrowers are on course to repay their mortgage.

Robin Purdie, director of MOV8 Financial in Edinburgh, said: “Many lenders with interest-only mortgages on their books are now writing to borrowers and asking them for an up-to-date picture of their repayment strategy, and whether it is on target or not.”

“They are doing so sooner than they historically might have done, or when a borrower is attempting to renew their product.”

If you do want to remortgage while staying on an interest-only loan, the lender will want evidence of a solid repayment strategy.

Many, as mentioned already, will lend only to those with 50 or, in some cases, 75 per cent equity in their home.

As Mitchell, pointed out, the change in criteria means a lot of borrowers face being stuck on their bank’s variable rate for the long-term because they don’t have sufficient equity to secure another interest-only mortgage. In other words, they will become mortgage prisoners. Worryingly for that group, lenders are raising the cost of their standard variable rate (SVR) mortgages even while the Bank of England base rate remains at 0.5 per cent.

“The individuals coming off their current products and hoping to grab one of the many great low fixed rates on offer are in for a shock, unless they bite the bullet and switch to repayment.”

That switch to a capital repayment plan is the best option for many people, according to Purdie. But it may be unrealistic for those in or near retirement, he warned.

“It could be a problem for any older borrowers as their repayment period will be dramatically reduced now that lenders are reluctant to lend into retirement,” said Purdie. “This shortened repayment term could deem this to be an unaffordable option for many.”

There are other options, however. One is to work out if there’s another repayment vehicle you can use that will be acceptable to a lender. For instance, most lenders are still happy with savings and investment vehicles, so if you’ve got plenty of time left on your loan you could put together a savings plan that has capital repayment as the eventual goal.

Another possibility while mortgage rates are low is to overpay your loan, provided your terms allow it. This may improve your chances of securing either another interest-only mortgage or a decent fixed rate capital repayment deal.

Younger borrowers could also take advantage of some lenders increasing the maximum age on their products – generally up to age 75 – by extending their term. “This potentially allows for a 40-year term and so reduces the monthly payments applicable,” said Mitchell. “By taking the loan over a longer period and reducing the capital, the mortgage can still be affordable.”

There are fewer options open to older borrowers, however, with the slow housing market and lower house prices effectively ruling out downsizing as a solution.

There are ways out, though. A growing number of over-55s are looking to lifetime mortgage where interest payments are made, according to Mitchell.

“This means that the level of debt remains the same and doesn’t eat away all the equity in the property,” she explained. “There is no requirement to prove income and it can be set up with competitively priced rates. Its gives the borrower peace of mind knowing the debt will be cleared from the property.”

But with lenders not in the mood for compromise, the reality is that many borrowers will become mortgage prisoners. If you’ve got no capital repayment vehicle set up you may have little choice but to take whatever you’re offered.

It’s vital to explore the options open to you before settling for that, however, which is why Mitchell urges borrowers to get help from a financial adviser.

“By doing this you can ensure all your options are fully considered and that the best route is taken, whether that be remaining with your current lender or finding a way to switch to a repayment mortgage.”

BOJ official sees China "in danger zone" for facing financial crisis

http://www.cnbc.com/id/48734843 

TOKYO (Reuters) - The combination of a property price bubble, demographic changes and rapid loan growth heightens the chance a country will face a financial crisis, a Bank of Japan deputy governor said on Tuesday, warning that China is now entering a "danger zone" in this regard.

Kiyohiko Nishimura, one of the BOJ's two deputy governors and a former university professor with expertise on data analysis, noted that there were similarities between Japan's asset-price bubble of the 1990s and the U.S. housing market bubble of the 2000s.

In both cases, when the ratio of working-age people to the population peaked at a time of high property prices and sharply rising loans, these coinciding conditions led to "malign" bubbles that spawned a financial crisis, he said.

"China has not yet peaked with respect to working-age population ratio, but it is close," while loans are on the rise and property prices showed a clear upsurge through 2010, Nishimura told a conference in Sydney hosted by the Reserve Bank of Australia and the Bank for International Settlements.

"It is clear that not every bubble-bust episode leads to a financial crisis. However, if a demographic change, a property price bubble, and a steep increase in loans coincide, then a financial crisis seems more likely. And China is now entering the 'danger zone'," he said, according to the text of his speech posted on the BOJ's website.

Nishimura made the remarks at the research conference, where policymakers studied asset bubbles and discussed how they affect financial stability and what tools they had at hand to prevent them or minimize the damage to the economy once they burst.

His speech, titled "How to detect and respond to property bubbles: challenges for policy-makers," analyzed in theoretical context the historical trends of asset bubbles.

Nishimura also said policymakers themselves sometimes sow the seeds of property bubbles by nourishing overly optimistic expectations about the economy among the public.

"It is extremely difficult to persuade people who (want to) believe 'this time is different' and are convinced they are now on the foothills of eternal prosperity, just as long as their path is not blocked by some stupid policymaker," he said.

ING Rethinking Insurance Unit SALE and 3 HOT Stocks Moving the Market

http://wallstcheatsheet.com/stocks/ing-considers-dumping-insurance-unit-and-3-morning-hot-stocks-demanding-attention.html/  

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

Korea`s largest bank reports 3,000 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 residents."

Korea`s largest bank reports 3,000 cases of loan doc fraud

http://english.donga.com/srv/service.php3?bicode=040000&biid=2012081662348 

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 residents."

SpringHill Group Home Loans: About Us

http://www.slideshare.net/elynwilliam/springhill-group-home-loans-about-us

SpringHill Group Home Loans: About Us from elynwilliam

Real Estate Scam Used Fake Adoption To Buy Rights

http://newscenter.springhillgrouphome.com/2012/07/real-estate-scam-used-fake-adoption-to-buy-rights/

http://article.joinsmsn.com/news/article/article.asp?total_id=3085827&cloc=

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

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Group of Springhill South Korea: The Laziest Scams in Internet History

http://www.slideshare.net/springhillcare/group-of-springhill-south-korea-the-laziest-scams-in-internet-history

BusinessWeek Articles – LIFESTYLE - A certain “SehwanJung” in South Korea has been sending a number ofdesperate requests for funds over Twitter: “I am in urgentneed of money. Can you lend me 500,000 dollars?I will makeit up to you later.” A diabolical plot, indeed, though Mr.Jung’s scam is unlikely to work. For one, people can seeeverything someone sends on Twitter and quickly realize he’ssent the exact same message over and over. For another, heis tweeting almost exclusively to celebrities, includingChanning Tatum, Rosario Dawson, Carly Simon, journalistNicholas Kristof (who today sarcastically answered, “Sure!”),and the foreign minister of Bahrain, Sheikh Khalid binAhmed Al Khalifa and Group of Springhill South Korea.

“Now this one is a real winner,” says Dan Ring, aspokesperson for Boston-based data protection companySophos. “Sehwan Jung’s list of celebrities is almost asentertaining and as random as his actual request, andit’s one of the more optimistic requests out there. I hopethere’s no way someone will fall for this.” The “Sehwan gambit” joins the following examples asone of the laziest scams in Internet history. • “JOHN” fails to mention what he even wants to conyou out of:Subject: what are you saleGreetings,My name is JOHN, i am highly interested inbuying your{ what you want to sale } from you ,I willlike you to give me the FINAL ASKING price and thelastes condition,also i will like you to scan the pics forme for proper verifycation.

News Center – Springhill Group Home Loans -prezi

News Center – Springhill Group Home Loans on Prezi

3 comments

emic hansen: Springhill Group Home Loan’s unrelenting aim on Corporate Governance, superior standards of ethics and focus of perspective - Confidence, Reliability, Transparency and Expert Service are the essential attitude of SGH.

tony bricks: 1. You must know the person you are dealing with. Most company that hires employee do not offer to employ you directly, just to sell you training and materials and to look for customers for your work. 2. Do not be a dime a dozen. Managing a business is just like any other ...

xian king: In a blog post, Trusteer CTO Amit Klein ays the scams “exploit the trust relationship between users and these well-known service providers, as well as the Visa and MasterCard brands, to steal users’ debit card data.

Real Estate Scam Used Fake Adoption To Buy Rights

http://newscenter.springhillgrouphome.com/2012/07/real-estate-scam-used-fake-adoption-to-buy-rights/

http://article.joinsmsn.com/news/article/article.asp?total_id=3085827&cloc=

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

Xing.Com | Companies | Springhillgroup - Home Loans

http://www.xing.com/companies/springhillgroup

SpringHill Group
Spring Hill, Birmingham B18 7BH
B18 7BHWest Midlands
United Kingdom

springhillgrouphome.com/

0121 464 7423

Industry: Business Supplies & EquipmentType: Publicly held corporationSize of company: 11-50 employeesEmployees on XING: 3Job Offers: 0

About us

Springhill Group Home is a housing finance company with the principal goal of achieving a social requirement of motivating home ownership by offering long-term finance to households. Springhill Group Home has turned the idea of housing finance in Springhill into a world-class business venture with outstanding reputation for dependability, honesty and outstanding services.

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.

For inquiries, email us at info@springhillgrouphome.com

Foursquare | Newscentershgh - Springhill Group

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https://foursquare.com/newscentershgh
Spring Hill Group Home

News Center – Springhill Group Home Loans

Springhill Group Home is a housing finance company with the principal goal of achieving a social requirement of motivating home ownership by offering long-term finance to households. Springhill Group Home has turned the idea of housing finance in Springhill into a world-class business venture with outstanding reputation for dependability, honesty and outstanding services.

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.

For inquiries, email us at info@springhillgrouphome.com

News Corp Splitting Into 2 Companies

http://newscenter.springhillgrouphome.com/2012/07/news-corp-splitting-into-2-companies/

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 former has been marred by the phone-hacking scandal in UK and is continuously under pressure from failing advertising target revenues.

News Corp is retaining the investment banks Blair Ephron’s Centerview and Goldman Sachs in handling the process.

Q + A July 8 - Panel Discussions | Scoop News

http://www.scoop.co.nz/stories/PO1207/S00093/q-a-july-8-panel-discussions.htm

Sunday, 8 July 2012, 6:35 pm

Press Release: TVNZ

Panel Discussions

HOSTED BY GREG BOYED

In response to DAVID SMITH/DR ANDREW MARSHALL interviews

GREG BOYED

Time to welcome the panel. Dr Claire Robinson from Massey. Good to have you along with us. Heather Roy, former minister in the National-ACT Government and now head of the Pharmaceutical Association. Welcome along. Matt McCarten, head of the Unite Union, a political strategist and Herald on Sunday columnist. Got all that out of the way quite well, I thought. Matt, first of all, going back three years - Kate Wilkinson, the back down then. You were on the panel then. What was your reading of how all that played out?

MATT McCARTEN - Unite Union

Well, I think she just came unprepared, and she got spooked, and she didn’t know, she didn’t think about it, and she stumbled into it. It became a political management problem, not about the science itself. And as soon as she said, ‘We think it’s safe, but we’re not sure about the risk,’ it was all over. Key had to come in a step in, and they put the whole thing on hold, because Key is risk-averse. Now the debate’s back, and now we’ve got to have it, and it’s instructed that you’ve got to go all the way to Sweden to get somebody because everyone has run away. The people that were given the responsibility of making the decision on this won’t front, which then makes people even more concerned. So it is turning into a political football.

GREG Claire, are you satisfied that this has been politically transparent enough, as opposed to three years ago when it clearly wasn’t?

CLAIRE ROBINSON - Political Analyst

Well, I think the fact that it’s been out for public consultation for a few weeks now, and nobody is really knowing about it in the broader general public is quite telling. I think we haven’t heard- The minister, Kate Wilkinson, didn’t actually make the announcement of the public consultation period. That came out of the Ministry of Primary Industries. So it’s been kind of one of those clayton’s consultations. It’s one that they want to do because they have to do it, but they’re not really wanting to have a big public debate on it.

GREG Interestingly, no one’s really owned it. We’ve had education and Hekia Parata, we’ve had ACC and Judith Collins. Everyone’s just sort of-

CLAIRE I think because of Kate Wilkinson’s experience three years ago, she’s probably very nervous about it, and I think the government never really wanted fortification because they don’t like the idea that they have to instruct business. But I think, unfortunately, the evidence is showing that they have to have some position on it.

GREG Heather, what are your thoughts on this?

HEATHER ROY - Former ACT MP

Well, I think it’s hard to extricate the science, actually, and the decision should be based on science, not on a political whim or strong-arming by any particular sector. I think we’ve got it right with voluntary fortification. We are three years further down the field in the debate, and the science has progressed since then. I think that Andrew’s commentary about Professor Smith was- it’s always a bit untidy when you have scientists arguing in public. But, with respect, Andrew is a paediatrician. Professor Smith is a pharmacologist, and a very well regarded one with a high position at Oxford University. We’re not talking about a technical college from the back of beyond. And I think that there is emerging evidence that there may be harm. If we’re going to go down the mass-medication route, we need to be absolutely certain that the benefits outweigh the harm.

GREG Do you think people have been well enough informed, though, given that there comes a point that what they’re talking about and what the mass of us will understand-?

HEATHER You mean informed about the benefit of folate?

GREG Either way, actually?

HEATHER No, I don’t, and I think the education campaigns are the things that should be embarked on first before we go down the road of mass medicating the whole population.

CLAIRE Mass medication is a very emotional term. It’s a bit like mass extinction. It’s one of those triggers that people think, ‘Oh my God, how could they possibly do this?’ We were discussing this before. You look at a box of anything, a packet in the supermarket, there’s a thousand ingredients in there. We don’t have any idea, actually, what they do. They’re all in there. People are very scared of that they could potentially get cancer from something.

GREG But Marshall said it’s categorically, absolutely 100% safe.

HEATHER That’s one opinion, and that’s not what others around the world are saying, and the benefits do have to outweigh the risks.

MATT We’ve got to hope that the pointy heads that are studying the science of this get it right. It’s a bit like GE, you know? That, actually, was the boost to the Greens and shoved them in that whole debate. But it was political, and this is the danger of science and politics meshing. And then you’ve got fluoride. Same thing. It goes in the water for the greater good, and you can argue both sides to it. But the thing is that for the greater good, it has made a difference.

GREG What I want to know on this is what are we missing here? Because there’s been so many people apparently calling out with bits of information, but I don’t want to talk. Another bit of information, I don’t want to talk. What’s the great secret agenda we’re not hearing here? If we’re talking half a cent a loaf. I can’t see there’s a massive cost there. Putting that to one side, what’s going on?

HEATHER It’s not just that. If people are scared that there’s going to be harm caused, they will stop buying bread. And that’s a much greater risk than the cost of adding folate to the bread.

CLAIRE But on top of that, there’s this idea that we don’t want to be told to do something. In the other example that I’ve been thinking about is when they were going to ban smoking in pubs and clubs. There was this, ‘Oh my God, how could the government possibly tell us that we can’t smoke where we choose?’ But, again, it came in. Everybody’s happy. There’s little smoking areas. They cope. We just don’t like to be told that we have to do something.

GREG Is this the thin edge of the wedge? If this goes ahead, are they going to go, ‘Right, we’re going to bung this in your water, and we’re going to put that in your bread, and we’re going to spray your vegetables with this, that and the other’? Does this open the door to do it more?

MATT No. I think it’s got to be seen on its merits. I think genuinely that doctors do see the results, and they say this simple thing will cure it or fix it to some extent. So I get all that, and I think it’s real. The thing that we were discussing before, the whole point of us even having to do this is because our diets are inadequate. We eat processed food because we’re served the stuff up from a young age. Crap, crap, crap, crap, crap, and we have deficiency of nutrition. No one understands it. If the government spent more time putting resources into education when you read the bottles and the packages and there are laws actually preventing harmful materials being put in food, but no one wants to do that. So this is a band aid on a problem which has been with us for generations.

HEATHER That, combined with the fact that the evidence isn’t conclusive. If you read the Ministry of Primary Industries-

GREG You’re stuck on this one.

HEATHER I am. Because I was a physiotherapist once upon a time. I took folic acid when I wanted to get pregnant and I was pregnant because I realised the risk of neural tube defects, and I wanted to do all I could to prevent that.

GREG But a lot of women don’t, and that’s who this aimed at.

HEATHER That’s exactly right, but the voluntary regime - 34 breads, actually - and many of our breakfast cereals have folate now. The evidence shows that New Zealand women have the same or better than levels of folate than American women who already have mandatory fortification.

GREG All right. We will leave that there.

PANEL DISCUSSIONS

HOSTED BY GREG BOYED

In response to PETER DUNNE interview

GREG BOYED

First of all, Heather, if I can start with you. Peter Dunne’s stance on asset sales, has that damaged his reputation, which way he voted?

HEATHER ROY - Former ACT MP

Um, some people will say it might have, but I don’t think so. I think that he did signal before the election that that’s where he stood on this matter. I think the more damaging thing is people see him as one man who’s- the tail wagging the dog, if you like. But I don’t buy that either. He’s one man, one vote. To get something through, it’s the way democracy works. You need a majority. 59 National MPs, one John Banks, one Peter Dunne is a majority. And so he is one of that set.

GREG We have had this road with Winston Peters, and it was a little bit different. How do you think Peter Dunne has been perceived as a result of this and where he’s still not quite standing on the pokies aspect?

CLAIRE ROBINSON - Political Analyst

I think the remarkable thing about Peter Dunne is he’s the longest serving continuous electorate MP in the House. I mean, you have to give the man kudos for being able to do that, for having incredible political smarts to be in a Cabinet role in just about every government since 1984. You know, he plays this game better than anybody else, and the fact that he is this last vote on many things is just extraordinary. I mean, he’s a survivor, that man. Regardless of what happens in this current term over asset sales or over pokies, he will get to that election in 2014, and he’ll probably still be the electorate member for Ohariu.

GREG To a degree, though, has his longevity not, to an extent, been down to kind of keeping his head down and grafting? He’s now got no choice. He’s at the forefront at the pointy end of things.

CLAIRE He’s been in all sorts of ministerial positions over that period of time, and he’s dealt with lots of difficult positions. No, he’s a survivor.

GREG What did you take from what he said on the pokies, Matt? It sounds like he’s leaning maybe backing it.

MATT McCARTEN - Unite Union

He’s going to vote with Key. I don’t think there’s any doubt in that. He’s going to vote with him on every occasion where it’s down to his vote. He’s National-lite. He’s there because National, like John Banks, allows him to be there. He’s not going with Labour. Labour won’t have him. Because if it comes down to only his vote to determine which government it’s going to be, it’s National. Everyone knows it. So it’s all just playing games. For all intents and purposes on all the main issues, he votes with National, and he has consistently. The only time he was in with Labour because at the previous election, he got a good vote, and he had seven MPs, and Clark wasn’t sure if that could happen again, so she was better to have him in the tent. But that is gone. That world has gone by now.

GREG He said he’s the only MP who’s actually honoured his word. Given what he is about-

MATT I think that is right. I actually don’t get as upset as others, because people come to me. ‘He’s the swing vote.’ I said, ‘What did he say in the election?’ And they said, ‘Oh, he’s going to support it.’ And I said, ‘Well, he’s going to support it.’ And I think that’s his legitimacy. And I think today by him being able to explain it just now, I think that actually helps his position. ‘I said it before the election. I’m voting on it now.’

GREG Heather, you were in a similar position with civil unions. How much pressure were you under? How much pressure will he be under with things like pokies, alcohol reform and so forth?

HEATHER Quite a lot. But I think Matt’s absolutely right. He’s signalled that he’s part of this government. He’s going to vote with National when it’s important to them. There might be the odd thing. But also remember that most legislation actually gets through the house with about 80% support from everybody. Occasionally the Greens will vote against something, but the majority is usually there. So he does have some power, and let’s hope that he actually uses it for the greater good.

GREG That’s costing him in his electorate, though, isn’t it? Is that something Labour’s going to hone in on come 2014?

MATT Yes, but it’s a Tory electorate. Let’s not keep thinking it’s some swing electorate. It’s always been deep blue. It’s like Epsom. If National gives him the nod, he’s not going to have any trouble at all.

CLAIRE Also the other thing is that his vote actually, his majority over Charles Chauvel increased in the last election.

GREG But it was only 1400 votes.

CLAIRE But it increased over a thousand in the 2008 election, so he’s still there. The bizarre thing about that Ohariu electorate is that the combined vote of Labour, the Greens and National over United Future is twice.

HEATHER And that’s important, because MMP means that you can still support the party you want, but have a bit of a flutter with the person that you want in. I wouldn’t be surprised if that did go-

MATT You’re starting to talk like him now.

GREG The word flutter. I remember it quite well.

PANEL DISCUSSIONS

HOSTED BY GREG BOYED

In response to DR KERRY SPACKMAN interview

GREG BOYED

Heather, I’m going to start with you. Do we have winning politicians?

HEATHER ROY - Former ACT MP

Do we have winning politicians? Well, some people say that government’s lose elections, not win them, so I’m not sure. But I think that certainly politicians want to win, and that’s what they’re there for. They’ve got things that they’re passionate about. They want to be in power so they put in place the policies that they believe in.

CLAIRE ROBINSON - Political Analyst

We’ve got winning politicians. We’ve got politicians that do pay a lot of attention to being leaders and qualities of leadership that matter.

GREG Actually, watching Peter Dunne in action before, the footwork on him is akin to anything Cassius Clay every managed. He managed to just… (IMITATES DODGING) He’s done it for years.

MATT McCARTEN - Unite Union

Here’s my thing about New Zealand politicians. I don’t think they actually do. If you look at Shearer, you look at Key, how they win is they appear not to want to win. It’s almost like-

HEATHER That’s part of it. It’s a matter of style.

MATT It just becomes their turn. We have a thing in this country. The parties go backwards and forwards.

GREG But you contrast that with- The Helen Clark MO was different to that, though. Why did that work for so long?

CLAIRE Helen Clark has exactly the same MO. This is something I look at quite a lot. It’s all about the relationships that they build with certain people and how they appear to be building them. So, Helen Clark has an extremely good ability to be seen to be relating to ordinary people. John Key has also had that. Slightly more diminished now. But it’s really important. How do you appear like an ordinary person?

MATT Clark was in Opposition for nine years. Led the Opposition for nine years before she won.

HEATHER That actually shows perseverance.

CLAIRE Or nobody else. (LAUGHS)

MATT If we had an approach at the Olympics - ‘We’ll wait and we’ll go on.’ I’m saying that in New Zealand, I think they don’t put the big vision up, and you actually just wait your turn. We know perfectly well as political observers that when Labour lost and Goff because the Opposition leader, the scuttle bug within the party is we’re going to be out for two terms, and then we’ll have a real go. And it was just pacing time. Same with when a government comes in, we’ll get at least two terms, and we’ll coast along. I was quite interested in this technology-

GREG What about the exodus to Australia, because that would determine, ‘They’re the winners; we’re not.’

MATT That’s ok. It’s not winning.

CLAIRE It’s not about following winners. Those people are just following the dollar. You look at the news this last week. You know, you’ve got Australian businessmen asking John Key if he can come over the work over there because they want some of his leadership as opposed to Julia Gillard’s.

MATT Well, we should warn them. (ALL LAUGH)

GREG We’ll wrap it out.