"Telecommunications in the bad old days were run through the Post Office. It often took many weeks to get a home telephone connected – even if you were shifting house. Delays were dreadful. Bureaucracy ran riot. And the reality was that New Zealand’s economy in 1984 was genuinely dysfunctional and headed for a crisis. The reforms laid the groundwork for the relative prosperity of the 1990s and 2000s."
Yet when moving house in 1990 the telco service contractor refused to connect us on settlement and possession Friday. It was only because I happened to meet the telco head office counsel at a function and kept his phone number and used it that the contractor changed his mind. It's always and for ever not who you are, it's who you know
Yes it was but it was the beginning. The subprime mortgage scandal was a major financial crisis triggered by U.S. lenders issuing high-risk loans to borrowers with poor credit, which were then bundled into toxic securities. When housing prices fell and borrowers defaulted, it triggered a global financial collapse, massive foreclosures, and the failure of major financial institutions.The collateral securities that were developed in the mid 1980's ultimately led into this crisis. Many of these securities were backed by Fannie Mae and Freddie Mac which made them attractive. These all started with Ranieri.
I can remember when our then financial advisor who, it turned out, was a bit of a wide boy, tried to interest us in investing in them, but it seemed incredibly shonky and we didn't. It wasn't until later that I registered that it had been subprime mortgages he was talking about and he did not remain as our advisor for long.
6 weeks! Not too bad, when we moved to the North Shore in 1976 it was over 3 months!!
But “Antilibraries” A lovely concept and one I embrace. But I have 2. The “A” one is the 60+ physical books scattered around bookshelves, and the “B” one in an A3 notebook , books to be found/purchased/acquired/read.
I can never grasp the attraction of the cesspit of (un)social media when there’s such a vast repository of great books.
But, the “B” anti library has just increased by 3, the books you cite today. Thank you
Thank you. I drafted docs for what I believe were NZs earliest collateralised mortgage syndications. Wonderful to be paid for putting together elegant legal crosswords. And as far as I know they did not go sour. The rating agencies and loan vetters were still doing their work properly then
Interesting. Prime Housing Corp mortgages (first home, low start, low interest and fixed 5 year terms) were bundled and sold to be managed by a Westpac subsidiary. The interest rates went from concession to above prime. To refinance at current trading bank terms and conditions required the borrower to pay interest to the end of the unexpired term. I think Capital Markets were the engineers
"Telecommunications in the bad old days were run through the Post Office. It often took many weeks to get a home telephone connected – even if you were shifting house. Delays were dreadful. Bureaucracy ran riot. And the reality was that New Zealand’s economy in 1984 was genuinely dysfunctional and headed for a crisis. The reforms laid the groundwork for the relative prosperity of the 1990s and 2000s."
Yet when moving house in 1990 the telco service contractor refused to connect us on settlement and possession Friday. It was only because I happened to meet the telco head office counsel at a function and kept his phone number and used it that the contractor changed his mind. It's always and for ever not who you are, it's who you know
But you didn't have to wait 6 weeks as I did when shifting house in 1981.
That's shocking. With hindsight maybe you could have asked John Faloon
Was what you describe part of the sub-prime scandal?
Yes it was but it was the beginning. The subprime mortgage scandal was a major financial crisis triggered by U.S. lenders issuing high-risk loans to borrowers with poor credit, which were then bundled into toxic securities. When housing prices fell and borrowers defaulted, it triggered a global financial collapse, massive foreclosures, and the failure of major financial institutions.The collateral securities that were developed in the mid 1980's ultimately led into this crisis. Many of these securities were backed by Fannie Mae and Freddie Mac which made them attractive. These all started with Ranieri.
I can remember when our then financial advisor who, it turned out, was a bit of a wide boy, tried to interest us in investing in them, but it seemed incredibly shonky and we didn't. It wasn't until later that I registered that it had been subprime mortgages he was talking about and he did not remain as our advisor for long.
6 weeks! Not too bad, when we moved to the North Shore in 1976 it was over 3 months!!
But “Antilibraries” A lovely concept and one I embrace. But I have 2. The “A” one is the 60+ physical books scattered around bookshelves, and the “B” one in an A3 notebook , books to be found/purchased/acquired/read.
I can never grasp the attraction of the cesspit of (un)social media when there’s such a vast repository of great books.
But, the “B” anti library has just increased by 3, the books you cite today. Thank you
A "B" anti library - what a great concept. Glad to have been of assistance.
Thank you. I drafted docs for what I believe were NZs earliest collateralised mortgage syndications. Wonderful to be paid for putting together elegant legal crosswords. And as far as I know they did not go sour. The rating agencies and loan vetters were still doing their work properly then
Those were the days..
Interesting. Prime Housing Corp mortgages (first home, low start, low interest and fixed 5 year terms) were bundled and sold to be managed by a Westpac subsidiary. The interest rates went from concession to above prime. To refinance at current trading bank terms and conditions required the borrower to pay interest to the end of the unexpired term. I think Capital Markets were the engineers