Friday, March 7, 2008

M6- BORROWERS PIG PEN

THE PLACE TO GET A LOAN.. IS THE PLACE YOU DON'T HAVE TO PAY IT BACK...
What a way to run a business, any other private business would be gone by now. So the question is... Who is taking these losses? Where does CDA get their money to lend out, ( or should I say give away)? They must print it to be able to operate at such a horrific loss.
The Story here...
A Snippet here...
As of Dec. 31, 2007, about 63 percent of the Commonwealth Development Authority's direct loans were in delinquent status. This translates to about $15.76 million in loans that are in default. According to a report compiled by acting executive director Oscar Camacho, the 63 percent does not include other outstanding balances such as the debt relief program, judgment, bankruptcy, buybacks, and matured loans. If factored into the equation, this will boost the delinquency rate to 80 percent. The CDA had loaned out a total of $36.275 million by end of December last year. Of the 194 total number of borrowers, 179 are delinquent. The report stated that, by just looking at the numbers, it would seem as if 92 percent of CDA borrowers are delinquent and 80 percent of the amount loaned out is delinquent.
Is there any other way to look at a lending institution THEN by the numbers? Do these poor judgment lenders use pictures too. This is a travesty of stupidity and ignorance all in one befuddled mess. Jeezzzzuss!
Now I'll go out on a limb and guess (bet) that the majority of the delinquents are, were or are wannabe politicians, whats your best bet? Don't take this one I'll win for sure...
Unbelievable!!!!
.....GED.....

10 comments:

lil_hammerhead said...

That's unbelievable. Not that I don't believe it. I'd like to see the names of the delinquent borrowers.

It's ashame. There were good intentions with the CDA. A place where the regular guy could get a much needed loan to facilitate their business. The fisherman could get a boat engine, the restauranteur could get kitchen equipment, etc.

What it seems to have turned out to be, is a place where criminals could get easy cash/"loans" they'd never have to pay back.

We know a couple of people who have loans with the CDA. Small loans for minor equipment. They make their regular payments. I'd venture to say, the majority of that debt is not racked up by the small loaners.. but by bigger "projects".

Public debt information should be PUBLIC.

Anonymous said...

Hey Glen,

So what is your opinion about Greg Cruz's letter to the editor today's paper?

I remember that you praised him for supporting the minimum wage increase 100%, but his letter today contradicts his previous statement.

Any comment?

lil_hammerhead said...

I couldn't figure that one out. It read like most of their previous positions.. all over the place.

It is my opinion that they are so racist.. if they had to choose between helping themselves out and doing the right thing, or shooting themselves in the foot to take a swing at the perceived "white man".. they'd shoot themselves in the foot.

They really don't care about the betterment of local people.. this is all a front. They care about power. They now think they can achieve this through attacking any position that is not forwarded or approved by them.

They don't get any more powerful, they just end up looking stupider.

Idiots.

glend558 said...

Anon: These guys, and I don't know who they all are but seem to have many different points of view, shoot from all different places. I've been saying that. I've tried to support some of their more logical reasoning but everytime you think they may be getting on track they completly go beserk again. I guess if you shoot with a scattergun you will hit everything out there, and this is what they seem to be doing. This is worse then flip-floping on issues but rather trying to be on all sides. The more they do this the less and less they will taken seriously, or be considered a force at all. This will, and is, leading to the eventual demise of TTT and reduce it to a laughing stock, so as to not even be considered.
They must choose how they stand and where they stand and be firm. The way it is going now is not workable and will not accomplish anything, not even the well meant issues..
A loose cannon. I agree with Lil..
(above)

Anonymous said...

Glen,

Go to your previous post No. 981 where you praised Greg Cruz for his 100% support of the the US minimum wage.

I asked you a very simple question and you went into a stupid spin.

It just goes to show that you should stick to getting drunk and pimping. You have no business sticking you honky nose into local politics.

And Hammerhead, please put some libstick on because you are one ugly bitch!

lil_hammerhead said...

Coming from you.. I'll take that as a compliment.

lil_hammerhead said...

.. And it's "lipstick". We have "lips", not "libs".

Tamara said...

ROTFLMSAO!

If your going to insult someone at least spell correctly..he he he

Ai adai...thank god it's friday!

me said...

This is a 3 crime story...

1) It is a crime that these loans were even approvedl

2) It is a crime that they are not being repaid on time; and

3) It is a crime that they are now being refinanced to reduce the delinquency rate.

The criminals:

1) The former executive director and board who approved the loans;

2) The borrowers who are not making timely payments; and

3) The present executive director and board who are fixing the numbers so they look okay.

glend558 said...

me said: So true! Bet they won't get repaid either!