So
what is President “I will not bail out the big financial
intitutions” Hollande going to do now that they are collapsing?
21
May, 2012
While
President Holland of France was sharing a televised
soccer game with
fellow world leaders in the camp David G8 meeting the Money Masters
took up the challenge he presented them with when he told the
French he would not bail out the big financial institutions. So now
he is left with two choices. Start the collapse of the entire money
system or Nationalise the second biggest mortgage bank of France.
I
wouldn’t like to be in his shoes because either he triggers the
collapse of the 1.2 Quadrillion in Derivatives bubble or there is
going to be a lot of Guillotine sharpening going on in France and
that guilotine has his name on it.
Name
the plunging bond below:
If
you said some sovereign or corporate issue based out of Spain, Italy,
Ireland, Portugal, or even Greece you would be close… but no cigar.
No – the bond in question is an issue of Caisse Centrale du Credit
Immobilier de France (3CIF), which together with its sister entity
CIF Euromortgage (CIFE), is a 100% subsidiary of Credit
Immobilier de France Development (CIFD), which as Fitch describes it,
is a French “housing loans specialist, with business exclusively
directed to France.” CIFD is in turn owned by Procivis Group, which
just happens to be France’s
second largest full-service real estate group.
In
other words, CIFD, together with its subsidiaries 3CIF and CIFE
represent a critical glance into the functioning (or lack thereof) of
the French mortgage market. The various CIF mortgage entities are
related as per the following Org Chart:
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