Posted on 04/26/2017 2:22:34 PM PDT by Reverend Wright
Home Capital Group Inc. said Wednesday its subsidiary has seen deposits drop by nearly $600 million in recent weeks and it is seeking a $2 billion credit line to mitigate the impact, which it expects to accelerate. ...
As part of the agreement, Home Trust would be required to pay a non-refundable commitment fee of $100 million and make an initial draw of $1 billion. The interest rate on outstanding balances would be 10 per cent, and the standby fee on undrawn funds would be 2.5 per cent, Home Capital added.
Gloyn said this translates to an effective interest rate of 22.5 per cent on the first $1 billion, declining to 15 per cent if fully utilized.
(Excerpt) Read more at business.financialpost.com ...
Talk to a good accountant. If you ran up a debt as part of a business venture, the interest may be tax deductible ... and you might be able to write the principal off as a capital loss, too.
Didn’t read Zero Hedge’s take yet, but I am sure it is spot on. The fact that this next bust might start in Canada or anywhere else is significant because the financial cancer has metastitized worldwide where we have no financial levers left to stop it.
Thank you very much.
Another stupid mistake I ALMOST learned the hard way.
Very much appreciated.
In terms of where it starts, I look to Canada and Australia because we are both so leveraged to commodity prices (esp oil in Canada)
In the 1920’s, the Depression was well underway in Australia and Canada before the 1929 crash. And commodity prices had been falling for years in the late 20’s
Yes, they did...............
South Bend Tribune - July 7, 1955.
Note the faceless 'Bob'. They used that logo up until the early 80's.................
It really did exist :)
i was born in 68. Should have at least seen an ad later on.
oh well.
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