PPCC: Pisitófilos Creditófagos. Verano 2023

[Derby]

https://finance.yahoo.com/news/russia-says-jpmorgan-stops-processing-170254121.html

Russia says JPMorgan stops processing its grain payments

UNITED NATIONS (Reuters) - Russia said on Friday that U.S. bank JPMorgan had this week stopped processing payments for the Russian Agricultural Bank as Moscow demanded action, not promises, from Washington to help Russian grain and fertilizer reach global markets.

Moscow has a list of demands it wants met before it will return to a deal, which it quit on July 17, that had allowed the safe Black Sea exports of Ukraine grain for the past year. Under a related pact - also brokered in July 2022 - U.N. officials agreed to help facilitate Russian food and fertilizer exports.

"As soon as this is done, this deal will immediately be renewed," Kremlin spokesman Dmitry Peskov told reporters.

U.S. Secretary of State Antony Blinken told reporters on Thursday that Washington would continue to do "whatever is necessary" to ensure Russia can freely export food if the Black Sea grain deal was revived.

A key Russian requirement has been the reconnection of the Russian Agricultural Bank to the SWIFT international payments system. It was cut off by the European Union in June last year following Russia's invasion of Ukraine.

As a workaround to that demand, JPMorgan had been processing some Russian grain export payments with reassurances from Washington. However, that cooperation stopped this week, Russia's Foreign Ministry said on Friday.

"The direct channel between the Russian Agricultural Bank and JPMorgan, which the West and the United Nations tried to present as a working alternative to SWIFT, was closed on Aug. 2," foreign ministry spokeswoman Maria Zakharova was quoted by Russian media as saying.

The United Nations declined to comment. The U.S. State Department and JPMorgan did not immediately respond to a request for comment.(...)

[sudden and sharp]

Viendo la foto... Calculad el número de ases que puede tener la ministra en la manga:







Hacienda priorizará el gasto en sanidad y educación frente al criterio poblacional en la reforma de financiación autonómica
https://cincodias.elpais.com/economia/2023-08-04/hacienda-priorizara-el-gasto-en-sanidad-y-educacion-frente-al-criterio-poblacional-en-la-reforma-de-financiacion-autonomica.html
El ministerio quiere que los factores sociales pesen más en el reparto de recursos, mientras que la dispersión o despoblación perderían protagonismo





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[ /MODO FORGES OFF ]

[Cadavre Exquis]

https://cincodias.elpais.com/opinion/2023-08-04/la-financiacion-autonomica-no-puede-ser-moneda-politica.html

https://cincodias.elpais.com/economia/2023-08-04/hacienda-priorizara-el-gasto-en-sanidad-y-educacion-frente-al-criterio-poblacional-en-la-reforma-de-financiacion-autonomica.html

Saludos.

[sudden and sharp]

 

[Cadavre Exquis]

https://cincodias.elpais.com/economia/2023-08-04/la-concesion-de-hipotecas-registra-su-mayor-caida-desde-2013-por-la-dureza-bancaria.html

Saludos.

[sudden and sharp]

 

[Cadavre Exquis]

https://cincodias.elpais.com/economia/2023-08-03/la-gasolina-sube-mas-de-un-2-en-plena-operacion-salida-en-agosto.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/opinion/2023-08-04/que-es-la-inflacion-de-la-avaricia.html

Saludos.

[Derby]

https://www.economist.com/finance-and-economics/2023/08/03/meet-americas-disguised-property-investors

Meet America’s disguised property investors

They do not live in the homes they have bet on. Can they live with the bets they have made?



Who really bought the house next door? In America purchasers of residential property typically fall into two categories. First are the owner-occupiers, buying a home and hearth where they can live out their white-picket-fence American dreams. The rest are investors of various kinds. They may be flippers, looking to spruce up an old home and sell it on. They could be buy-to-let landlords acquiring a property to rent it out. Or they could be pure speculators, more interested in betting on prices than collecting rent.

Owner-occupiers have traditionally dominated the market. For most of the decade to 2020 only a sixth of house purchases were made by investors, according to Redfin, a property platform. But their presence is growing. By 2022 the investor share was closer to a fifth.

And their numbers may be far greater than reported, according to a recent working paper from the Federal Reserve Bank of Philadelphia, written by Ronel Elul, Aaron Payne and Sebastian Tilson. The reason is occupancy fraud. When applying for a mortgage, some buyers say they will live in the home they intend to purchase. But then they never move in. These phoney owner-occupiers are investors in disguise.

Why might an investor indulge in this kind of masquerade? Their motives are easy enough to understand. Homeowners who live in their houses often get much better deals on their mortgages. The perks can include gentler interest rates, lower fees and smaller downpayments.

To sniff out fraudulent borrowers, the researchers looked at three kinds of data. In a database of mortgage loans, they identified borrowers who said they planned to be owner-occupiers. Then they looked at those who have more than one “first lien” mortgage, ie the primary loan taken out on a property. (Mortgages for second homes or investment properties are classified differently.) Finally, they used address data gathered by credit bureaus to look for those who did not move within a year of obtaining a new mortgage.

The authors define fraudulent borrowers as those who trip all three measures: they say they will move to the new property, they take out a second owner-occupier mortgage and then they never move. Once these disguised investors are added back in, the pool of mortgage-backed investors is 50% larger than commonly measured. That, in turn, suggests that total investors’ share of home purchases could be 20% higher than previously thought.

This finding raises three potential concerns. First, it implies that investors are more influential in the market than they appear. People are wont to blame rootless speculators for America’s rapid house-price rises. A common rebuttal is to point out that investors still represent a relatively small share of purchases. But that defence is weakened if many speculators are going uncounted.

Second, the research raises questions about financial regulation. Mortgage fraud is associated with all kinds of housing-market ills. America’s great property bubble of the 2000s, for example, became notorious for its mortgage mendacity. Brokers turned a blind eye to underwriting standards that required borrowers to show sufficient income or a secure job. Regulators have cracked down on most of this. But occupancy fraud seems hard to stamp out. According to the calculations by Mr Elul and his colleagues, it persists at the same rate today as it did in the early 2000s.

The third problem is that disguised investors are typically not the best kind of borrowers. They are 75% more likely to default on their mortgages than declared investors. And they are more likely to default than true owner-occupiers, too. This makes sense. Investors driven to commit fraud are probably in greater need of the perks their deception allows. Compared with self-declared investors, they may be stretching themselves thin to afford the property they buy. Their downpayments are also likely to be smaller, giving them less skin in the game.

Compared with genuine owner-occupiers, the phoney kind are also probably quicker to indulge in “strategic default”, walking away from a property when its value falls below the debts secured against it (a predicament known as negative equity). Genuine owner-occupiers are often more sentimentally attached to their homes, staying put within their white fences even when their equity turns red.

The housing and mortgage markets are certainly in better shape than they were two decades ago, when the seeds of calamity were being sown. But it is hard to weed out all the bad actors and, therefore, all sources of fragility. House prices are still grinding slowly upwards in America. But if a downturn ever arrives, it may rip the mask off many speculators next door. They do not live in the homes they have bet on. Can they live with the bets they have made?

[Derby]

https://www.ft.com/content/fbd3c163-6e7b-40ab-a693-dba500c82d9e

Ukraine attacks Russian naval vessel in first threat to oil infrastructure

Moscow downplays scale of damage caused by drone strike on infrastructure and army base in Novorossiysk

[Maloserá]

Reconocimiento internacional... no se como lo véis desde ahí, pero el link me lo envió un colega de trabajo, y me quedé tan ancho.

Why is Spain’s inflation so much lower than the UK’s? Because it stood up to business

https://www.theguardian.com/commentisfree/2023/aug/03/spain-inflation-lower-bank-england-interest-rates

The government seems to be claiming that it’s winning the fight against inflation. But we are not out of the woods yet. Inflation currently is still far too high and the Bank of England has today increased rates again to 5.25% and lowered its growth forecast. But it doesn’t have to be like this. The case of Spain is a great counter-example. Its inflation has just fallen to the 2% target. How is it that it has already achieved this important milestone?

The reason is more forceful management of the economy – the Spanish government took quicker, more concerted action than ours did. Spain capped energy prices by more than the UK, lowered the cost of public transport, taxed excess profits and put in place limits on how much landlords can raise rents. While also coming with costs, this kept inflation from spreading more widely and more persistently than elsewhere
...

[Derby]

https://www.ft.com/content/f5711b56-e82e-441f-9e0c-41fa13cf603d#post-471ec0aa-f2e7-41fc-8967-f5f4f23811fb

UK housebuilding activity falls sharply

Housebuilding activity in the UK fell sharply in July, the eighth consecutive month of contraction, according to a closely watched survey published on Friday.

The S&P Global/CIPS UK construction purchasing managers’ index for housebuilding was 43 in July — well below the 50-points level that divides expansion from contraction, although a slight improvement from previous months.

Matthew Pointon of Capital Economics said leading indicators showed that demand for new builds was still falling. The PMI was consistent with a 15 per cent year-on-year fall in housing starts; he expects a fall of 20 per cent overall this year.

[asustadísimos]

[Ejemplo de voto útil al PP, el del Sr. García Serrano:
https://www.youtube.com/watch?v=6TTYu09NX9s
«Isabel Díaz Ayuso era una falangista de rompe y rasga» (min. 02:15).

La Sra. Ayuso tiene la culpa:
— del descabezamiento del PP;
— de la precipitación del aterrizaje del Sr. Feijóo;
— del fiasco electoral del Sr. Feijóo el 23-julio-2023;
— del hundimiento de Vox el 23-julio-2023...
https://www.youtube.com/watch?v=6E9cgDQPSck ;
— del plus de odio a Madrid que hay actualmente en España; y
— de que Madrid vaya a ser la capital occidental que más va a sufrir en la suelta del modelo que sustituye al popularcapitalista.

La Sra. Ayuso es la gafe-jefe de los siete magníficos: la trimurti chamánico-demoscópica, el duunviro del cachondeíto radiofónico y la pareja «ii» de mentirosos...
https://www.youtube.com/watch?v=iGfD859EJDQ .

¿Creen que es posible que la Sra. Ayuso pueda sustituir al Sr. Feijóo en el papel de General Armada durante la segunda entrega del 'tour de force' SSS —Sánchez, Sáanchez, Sáaanchez—?

Que el PP no tenga capacidad de alternativa es mucho más problema de lo que parece.]

[Cadavre Exquis]

https://www.eleconomista.es/vivienda-inmobiliario/noticias/12396776/08/23/crees-que-la-vivienda-esta-cara-aun-podria-ser-peorsigue-un-192-por-debajo-de-los-precios-de-la-burbuja-.html

https://www.eleconomista.es/vivienda-inmobiliario/noticias/12396394/08/23/la-compraventa-de-viviendas-retrocede-un-64-en-junio-y-ya-suma-cinco-meses-de-retrocesos.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/vivienda-inmobiliario/noticias/12397405/08/23/greystar-dws-via-celere-colonial-e-inbest-avivan-la-inversion-inmobiliaria.html

Saludos.