Mortgage Bank

Borsa coşarken, Doğan hisseleri tepetaklak oldu

ABD'deki olumlu gelişmeler İMKB'yi coştururken, Hilton Oteli arazisi yüzünden Başbakan Erdoğan'ın eleştirdiği Doğan Grubu'nun 7 şirketine ait hisseler sert düşüşle hareket etti.

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Mortgage 'erken' geldi



Bankalar mortgage sistemine 6 ay önce start verdi. Garanti ve Yapı Kredi kampanya başlattı. YKB konut faizini % 1'in altına çekti. Diğer bankalar sırada.

Mortgage erken başladı faizler % 1'in altına indi

Garanti Bankası ve Yapı Kredi mortgage kampanyalarına başladı. YKB yeni kampanyasında faizleri % 1'in altına çekti. Garanti bir müşterisine ev verecek.

Bankalar mortgage sistemini 6 ay önceden başlattı. Garanti Bankası, "Mortgage konusunda en uzman banka hangisi?" şeklindeki ödüllü reklamlarla tüketicinin dikkatini çekiyor. Yapı Kredi ise "Kendi Evim" isimli kampanya ile mortgage kredilerinde aylık kredi faizini yüzde 0.99'a indirdi, oldukça esnek seçenekler sunuyor. Geçen yıl mayıs ayından önce yüzde 1'e kadar gerileyen konut kredi faizleri, bir yıl aradan sonra ilk kez yüzde 1'in altına indi. Yapı Kredi ve Garanti'nin bu atağına karşın, Akbank başta olmak üzere konut kredilerinde uzman bankaların ise konuyla ilgili önemli hazırlıklar yaptığı belirtiliyor. Yeni kampanyalar yakın zamanda rekabetin artacağını gösteriyor.

ÇEKİLİŞLE EV VERECEK
General Electric (GE) ile sektörde ayrıcalık yaratmayı planlayan ve dünyadaki başarılı örnekleri Türkiye'ye taşımaya hazırlanan Garanti Bankası, son günlerde gazete ve televizyonlara verdiği ilanlarda, Mortgage uzmanı bankayı bilene İstanbul'da yepyeni bir daire vereceğini duyuruyor. Büyük harflerle yazılan MORTGAGE kelimesi içerisindeki GA harflerini yeşil renkle gösteren Garanti Bankası, sorunun cevabını cep telefonu mesajıyla gönderenler arasında yapılacak çekilişte bir daire vermeyi planlıyor. Bu reklam ve hemen ardından gelen Yapı Kredi atağı, 2008 öncesi bankaların mortgage kredilerinde yoğun rekabet edeceğini gösteriyor.

YKB FAİZİ DÜŞÜRDÜ
"Sahip olmak istediğiniz ve siz, nasıl sahip olacağını biz biliyoruz" sloganıyla mortgage kampanyasını başlatan Yapı Kredi, tüketicilere 9 farklı ödeme sistemi olan seçenekler sunuyor. Anahtar teslimi mortgage diye başlayan kredi türleri, düşük faizli, yüzde 100 mortgage, azalan taksitli, ileride ödemeli, dönemsel ödemeli ve dövize endeksli şeklinde sıralanıyor. Yeni kredi sisteminde tapu masrafları dahil tüm ödemeleri yapmayı taahhüt eden Yapı Kredi, oldukça esnek, herkesin bütçesine uyacak kredi imkanları sunuyor. Bin ya da 2 bin YTL hizmet bedeli karşılığında 36 aya kadar faizleri aylık yüzde 0.99'a indirin Yapı Kredi 240'a aya kadar vadede ise 1.49 oranında faiz uyguluyor. Garanti Bankası da belirli bir hizmet bedeli karşılığında faizleri aşağı çeken bankalar arasında yer alıyor. Öte yandan son dönemde diğer bankalar da faiz oranlarını hızla aşağı çekiyor. Anadolubank 1.39'a kadar düşürürken yılbaşında yüzde 2 seviyesine ulaşan konut kredileri son dönemde yüzde 1.50 seviyesine kadar geriledi. Temmuz sonundaki seçimlerden sonra faizlerde daha hızlı bir düşüş bekleniyor.

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Eyes on Lehman rescue as Korea lifeline drifts

Reuters

A potential rescue from South Korea for troubled United Nations investment bank Lehman Brothers appeared to have lost further momentum on Monday but other possible investors continued to circle.

South Korea's top financial regulator called on state-owned Korea Development Bank (KDB) to carefully weigh its potential investment in the subprime-hit bank.

"Considering financial market conditions domestically and abroad, KDB should approach buying into Lehman at this point of time very carefully," Jun Kwang-woo, chairman of the Financial Services Commission, told reporters at a briefing.

KDB, headed by the former chairman of Lehman's South Korean branch, is considering an investment with other domestic banks reportedly worth up to $5.3 billion.

Doubt over the prospect of a South Korean lifeline had already emerged last week, when KDB said it was unsure there would be a deal and other lenders denied interest in taking part.

The commission's move followed news at the weekend of a senior management reshuffle at Lehman that saw the appointment of two executives to head the bank's fixed income operations.

Lehman on Sunday named Eric Felder and Hyung Soon Lee as global co-heads of fixed income, following the departure of current global head Andrew Morton.

The bank also appointed Riccardo Banchetti and Christian Meissner co-chief executive officers of Europe and the Middle East and announced that Jeremy Isaacs will retire as chief executive officer for Europe, the Middle East and Asia-Pacific at the end of the year.

NOMURA INTEREST
Separately, Japanese newspaper Yomiuri Shimbun reported on Saturday that Nomura Holdings Inc is considering acquiring a stake.

Japan's Nomura has a pool of funds exceeding 200 billion yen ($1.86 billion) for investing in or acquiring U.S. and European financial institutions, the brokerage's chief executive, Kenichi Watanabe, told Yomiuri Shimbun in an interview on Saturday.

Watanabe said Lehman was one of several candidates and that Nomura would decide whether to make an investment offer after confirming Lehman's business results, which could come as early as next week, and after checking share price moves.

On Friday, Reuters reported that Blackstone Group LP and Kohlberg Kravis Roberts & Co are each looking to buy parts of Lehman's real estate and asset management units, citing sources familiar with the situation.

The sources said Lehman's real estate unit could be worth about $5 billion but none of the companies would comment.

On Monday, the U.S. bank's Frankfurt-listed shares were up over 14 percent at 12.87 euros, outperforming the DJ Stoxx Banks index which surged more than 8 percent after the U.S. government's weekend move to take control of mortgage finance companies Fannie Mae and Freddie Mac.

Lehman is under pressure to raise capital ahead of its earnings announcement this month. It has racked up crippling losses and still bears more than $60 billion of mortgage and commercial real estate exposure.

Lehman is expected to post another big quarterly loss. The bank has already taken $7 billion in credit-related write-downs and losses since the start of the global credit crisis.

The bank has also raised about $12 billion in capital this year through common equity, preferred stock and convertible securities offerings, but analysts and fund managers say this may not be enough

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U.S budget deficit runs to near-record of $407 bln

AP

The federal government will run a near-record deficit of $407 billion for the budget year ending Sept. 30, according to the latest Capitol Hill estimates.

The Congressional Budget Office figures released Tuesday say the flood of red ink will spill over into next year, when the deficit would reach a record $438 billion - and could go even higher as the government takes over mortgage giants Fannie Mae and Freddie Mac.

The CBO figures for this year are slightly worse than White House predictions released in July. The White House foresees a $389 billion deficit for 2008, growing to $482 billion in 2009.

Next years figure would also increase assuming Congress steps in to fix the alternative minimum tax, or AMT, which could add $80 billion more, according to CBO.

The numbers represent about 3 percent of the size of the economy, which is the deficit measure seen as most relevant by economists. That's considerably smaller than the deficits of the 1980s and early 1990s, when Congress and earlier administrations cobbled together politically painful deficit-reduction packages.

Still, the new figures are so eye-popping in dollar terms that it may restrain the appetite of the next president, who takes office Jan. 20, to add to it with expensive spending programs or new tax cuts. Pressure may build to allow some tax cuts enacted in 2001 and 2003 to expire as scheduled at the end of 2010, with Congress also feeling pressure to curb spending growth.

The deficit for 2007 totaled $161.5 billion, which represented the lowest amount of red ink since an imbalance of $159 billion in 2002. The 2002 performance marked the first budget deficit after four consecutive years of budget surpluses.

"Today's estimates provide the latest evidence of the fiscal legacy of Republican policies: record deficits and a weak economy," said House Budget Committee Chairman John Spratt Jr. "It’s another reminder of the dismal economy and budget that Republicans are leaving others to sort out."

Under the promises of Democratic presidential nominee Barack Obama and Republican nominee John McCain - who both say they want to extend most of the tax cuts passed in 2001 and 2003 at the urging of President Bush - the deficit is likely to remain high.

Even if all of the Bush tax cuts were allowed to expire at the end of 2010, the budget would still run a considerable deficit of $325 billion in the following year, CBO says.

The cost of extending the Bush tax cuts and other expiring pieces of the tax code, along with making sure the AMT doesnt trap more and more middle class families, would reach more than $400 billion a year by 2012, CBO says.

The worsening deficit picture is largely due to continuing weakness in the economy, CBO said. And the economy could still slide into a recession, according to the forecast.

"The economy is likely to experience at least several more months of very slow growth," the new report said. "Whether this period will ultimately be designated a recession or not is still uncertain, but the increase in the unemployment rate and the pace of economic growth are similar to conditions during previous periods of mild recession."

The nonpartisan agency, which makes economic and budget estimates for Congress, also sees unemployment averaging 6.2 percent next year.

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Dow Jones yüzde 2.59 yükseldi



ABD’de mortgage devleri Fannie Mae ve Freddie Mac’a el konmasının ülkedeki konut piyasasını istikrara kavuşturacağı ve dünya mali piyasalarını teşvik edeceği tahmini, New York Menkul Değerler Borsası’nda hızlı bir yükselişe yol açtı.

Dow Jones Sanayi Endeksi, yüzde 2.59 artarak 11.510’dan, Nasdaq Bileşik Endeksi de 13,88 puan artarak 2.269,76’dan kapandı.

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Jubilation over Fannie, Freddie bailout fades quickly

Reuters

Asian stocks retreated and government bonds rose on Tuesday in a sobering realization the United States takeover of Fannie Mae and Freddie Mac addressed some risks stemming from the financial crisis but has not solved it.

Increased uncertainty about the global economic outlook favored the dollar, which hit a one-year peak against a basket of currencies, and other currencies associated with safety and stability, such as the yen and Swiss franc.

Such concerns were likely to spread to European share markets, which were seen opening slightly higher in Britain but lower in Germany and France. Britain's FTSE 100 index was predicted to open as much as 4 points higher, the German DAX down 2 to 16 points, and the French CAC 40 down 3 to 10 points, according to financial bookmakers.

Large bank shares fell after a broad global financial sector rally on Monday, though they slightly outperformed the broad market.

In a 24 hour span, market sentiment went from relief that the top U.S. mortgage finance companies would not be allowed to fail and spark a broad meltdown, to caution that problems at other financial institutions have yet to be resolved and could still have a knock-on effect on the region.

"It was a knee-jerk reaction yesterday, but the long-term outcome is that you are not going to expect the U.S. economy to improve if the housing market does not fix itself," said Lucinda Chan, a division director with Macquarie Equities Ltd in Sydney.

Japan's Nikkei share average fell 1.8 percent, led by shares of companies associated with the technology sector or consumer demand, such as Kyocera Corp and Honda Motor.

Outside of Japan, Asia-Pacific stocks dropped 2.5 percent after posting their biggest daily gain of 2008 on Monday, according to an MSCI index. Financial sector stocks in the region fell 2.1 percent, while the materials sector dropped 4.5 percent.

Hong Kong's Hang Seng index fell 2 percent and is off 26.7 percent so far this year.

Goldman Sachs downgraded its view to neutral from attractive on Chinese banks, whose shares have been one of the bright spots in an otherwise dismal market. Among the reasons, analysts at the bank cited the risk of rising bad loans at property developers and a slowing economy.

BANKS IN THE CROSS HAIRS
High-profile financial sector analysts were out in full force on Tuesday, cutting their profit estimates for an array of banks.

Richard Bove, an analyst with Ladenburg Thalmann, increased his fiscal year 2008 loss per share view for Lehman Brothers by 17 percent, citing a volatile month in the securities industry. He also said the third quarter business of Goldman Sachs, the largest U.S. investment bank, was "lousy".

Washington's bailout of the top U.S. mortgage finance companies on Sunday, which could be the most expensive ever, won acclaim from policymakers around the world, eager for positive news after more than a year of fallout from the credit crisis.

The move to place the companies under conservatorship, similar to bankruptcy, also had an immediate effect on U.S. mortgage rates, which fell half a percentage point.

However, whether housing prices will stop falling is another issue altogether.

"The bottom line is that buyers are still not interested in buying depreciating assets and in any case have less money to do so whilst lending conditions remain tight and the inventory overhang is still huge," Calyon analysts said of the U.S. housing market in a note sent to clients.

"For now, the taxpayer is becoming increasingly embroiled in the housing market crisis and things will get worse before there is any sign of a turnaround."

The U.S. dollar rose against the euro but fell against the yen as more cautious trades pushed out the rush of risk taking on Monday.

The dollar fell 0.5 percent against the yen to 107.60 yen, though it remains well above a two-month low around 105.50 yen hit on Friday.

"The market has gone back to credit worries and concerns about a global economic slowdown, and the yen is being bought across the board," said Hideaki Inoue, chief manager of forex trading at Mitsubishi UFJ Bank.

The euro edged down 0.2 percent to $1.4090, creeping back down toward an 11-month low around $1.4050 hit on Monday.

Oil prices slipped as the firmer dollar outweighed the threat to U.S. production of another storm. Hurricane Ike was heading toward rigs in the Gulf of Mexico, an energy-rich area still recovering from Hurricane Gustav, though it had lost some strength.

The October U.S. light crude future was down 96 cents to $105.37 a barrel , having plunged more than $40 from an all-time high reached in July.

The benchmark 10-year Japanese government bond yield fell 3 basis points to 1.495 percent, pulling away from a one-month high of 1.550 percent hit on Monday.

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UK house prices fall again, sales at record low- RICS

Reuters

British house prices kept falling sharply in the three months to August even as the average number of home sales per surveyor hit a new low, a survey showed on Tuesday.

The Royal Institution of Chartered Surveyors said its house price survey balance improved slightly to -81 in August from -83 but still showing a weak picture for the housing market, which is now slumping after a decade-long boom.

"A lack of mortgage liquidity is the key issue which is keeping the housing market from showing any real sign of recovery," said RICS spokesperson Jeremy Leaf.

Faced with a global credit crunch, mortgage lenders have tightened up the terms on which they make new loans, demanding as much as 25 percent of a property's value as a deposit when before they would look for 5 percent or even provide as much as 120 percent of the value themselves.

The result has been a sharp fall in house prices and transactions drying up -- the effects of which are being felt right across the economy with construction and furniture retail companies particularly hard hit.

RICS said completed sales per surveyor stood at just 12.7, the lowest figure since the question was first included in the survey in 1978. Inventory levels on surveyors' books also fell back.

As a result, the ratio of sales to the stock of unsold property --an indicator of market slack -- fell to 15.4 from 16.9 in July.

The tentative improvement in sentiment seen in July's survey have also proven to be short-lived, with a bigger balance of surveyors expecting sales to fall further.

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