Friday, June 18, 2010

Coleman Research Group’s Business and Financial Services Expert Network highlights Foreclosure crisis China buys Greek when no one else will

Coleman Research Group's Business and Financial Services Expert Network facilitates consultations between our clients (institutional investors) and leading business and financial services professionals on a wide variety of topics including consumer credit trends, banking and investment services, insurance, residential and commercial real estate, student lending, and regulatory issues.

Our Business & Financial expert network includes an elite assembly of current and former CFOs and senior executives, accountants, former regulatory officials, academics, and top-level industry consultants.

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Foreclosure crisis hits minorities harder

NEW YORK (CNNMoney.com) -- The mortgage meltdown is hitting the African-American and Latino communities harder than whites, a new study has found.

Of borrowers who took out mortgages between 2005 and 2008, some 8% of both African-American and Latino borrowers have lost their homes to foreclosure, compared to 4.5% of non-Hispanic whites, according to a study by the Center for Responsible Lending, released Friday.

The racial and ethnic disparities continued even after controlling for income differences. The center's research shows that African-American and Latino borrowers were about 30% more likely to get higher-rate subprime loans than white borrowers with similiar risk characteristics.

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China buys Greek when no one else will

FORTUNE -- China is hunting for bargains in some unlikely corners of the world. Earlier this week, it opened its checkbook to make 14 commercial investments inside Greece, which is struggling to avoid defaulting on its mounting debt.

China's vice premier Zhang Dejiang signed off on each contract, securing deals in major industries such as telecommunications, real estate and shipping during his four-day visit to Greece, which began on Monday.

Among the contracts signed was a $123 million contract between Helios Plaza and BCEGI, a Chinese real estate company intent on developing a hotel and commercial complex for tourism in Piraeus, Athen's largest port town. Huawei Technologies, a Chinese telecom solutions provider, also inked a deal with Hellenic Telecommunications Organization SA. The company will equip the tourism complex BCEGI is financing.

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2 comments:

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