All GLG News Analyses Filed Under: Mortgages, Consumer & Specialty Finance

Ronald IngramDirector of Product ManagementADVANCE AMERICA, CASH ADVANCE CENTERS, INC.

The 5Cs of Credit, P2P Lending, Social Lending, Self-Directed Lending

November 11, 2009

Analysis of:BlackRock's Fink: Forget 'Bubble' | online.wsj.com

Laurence Fink, Chairman and CEO of BlackRock Inc. in response to questions about bank failures and economic conditions suggested today that; “…the financial system needs to be a lot more responsive to society and make sure this doesn't happen again. Risk has to be a lot more transparent to investors. I think that is happening."; and, “the financial system needs change, including increased disclosure, more derivatives trading on exchanges and regulatory change…". But what about the 5Cs of credit?

Daniel LintzPresident & Chief Executive OfficerSafe Harbour Japan K.K.

Japan Consumer Finance Regulation Faces Final Hurdle

November 1, 2009

Analysis of:Govt May Backtrack On Tighter Moneylender Regulations | www.nni.nikkei.co.jp

A committee of policy makers assigned to the Financial Services Agency, Consumer Affairs Ministry and Ministry of Justice will convene this month to assess the impact of Revisions to the Money Lending Business Law on the consumer credit industry in Japan. The committee will either recommend to proceed with full implementation of interest rate harmonization and quantitative lending restrictions or propose new legislation to alleviate the burden on the industry.

Daniel LintzPresident & Chief Executive OfficerSafe Harbour Japan K.K.

Japan Financial Affairs Minister Reviews Debt Moratorium Proposal

October 10, 2009

Analysis of:60% Of Smaller Firms Critical Of Debt Relief Plan: Poll | www.nni.nikkei.co.jp

Senior bureaucrats in Japan's Financial Services Agency allayed the worst fears of financial markets by unveiling draft legislation that bears little resemblance to the original pledge by Financial Affairs Minister to place a 3-year moratorium on repayment of small business loans. The draft legislation, which provides no blanket relief to borrowers and places no apparent financial burden on lenders, would be more appropriately described as an emergency bailout measure for SME borrowers.

Daniel LintzPresident & Chief Executive OfficerSafe Harbour Japan K.K.

Secure Future for Promise Under Former SMBC Exec

October 10, 2009

Analysis of:Promise Soars 14% On News Of New President | www.nni.nikkei.co.jp

Shares in Promise Corporation soared Friday on an interim announcement of the replacement of longstanding President Hiroki Jinnai with Deputy President Ken Kubo, a former Sumitomo Mitsui Bank Corporation executive with extensive consumer lending experience. The change in management signals a turning point in the company's transition from back-alley lender to full fledged megabank affiliate.

Daniel LintzPresident & Chief Executive OfficerSafe Harbour Japan K.K.

Aiful's Rehab Plan Needs Support From All Creditors

October 8, 2009

Analysis of:Aiful's Rehab Plan Needs Support From All Creditors | www.nikkei.co.jp

Nikkei today reported what insiders have long known: the privately orchestrated bailout for Aiful requires unanimous approval of more than 70 creditor financial institutions, many of which presumably have bought Credit Default Swap (CDS) protection against their exposure. Chances of success are grave and slim; Aiful seems headed for Civil Rehabilitation, or quite possibly even bankruptcy.

New Valuation Model Changes Everything

October 6, 2009

Analysis by: GLG Expert Contributor

Analysis of:Test of Value Scout Validates Accuracy | www.dsnews.com

Value Creation Institute recently announced that its patented system for asset valuation, ValueScout, was found to be 98 percent accurate in prediction of loan default when tested with actual data. The test was conducted using loan servicing data with a previously known outcome. Anyone considering or actively buying or selling mortgage backed securities (MBS) needs to be aware of this product, which can accurately quantify risk and/or determine value

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

JPMorgan, the man who encouraged lending

September 26, 2009

Analysis of:How to Stop a Credit Card Payment Increase | www.mainstreet.com

During the last major financial meltdown or depression, JPMorgan, the man who encouraged lending by laying down the gauntlet to his peers, single handedly stimulated the economy. He knew that the severe times dictated new and severe lending techniques. I believe there is going to be an even LARGER backlash to Chase and American Express and other credit card lending institutions, that continue in the business of credit card lending, and continue alienating the high FICO borrowers.

As the Date for Reform Came Issuers Made Big Moves that Will Impact Economy

September 25, 2009

Analysis by: GLG Expert Contributor

Analysis of:Credit Card Issuers Getting In Their Licks Ahead Of Reform | www.huffingtonpost.com

The large banks and credit card issuers have moved in big ways ahead of the date for the effectiveness of credit reforms. These reforms will have major impacts for consumers and will also have a significant impact of near term economic growth. These recent changes will be seen in the drop in consumer credit.

Chase Test Likely Targeting Rate Surfers and At-Risk Customers

September 25, 2009

Analysis by: GLG Expert Contributor

Analysis of:Credit Card Issuers Getting In Their Licks Ahead Of Reform | www.huffingtonpost.com

Chase’s new policy is most likely targeting rate surfers who will pay off at the end of their promotional period and at-risk cardholders who are using the lower rates for balance transfers from higher-rate issuers. The Chase test is likely looking to see the impact on concurrent runoff of existing higher-rate balances (which doesn’t apply to the surfers) and on whether the policy is accelerating delinquency rates among at-risk cardholders (those with lower FICO scores).

Test Likely Targeting Rate Surfers and At-Risk Customers

September 25, 2009

Analysis by: GLG Expert Contributor

Analysis of:How to Stop a Credit Card Payment Increase | www.mainstreet.com

Chase’s new policy is most likely targeting rate surfers who will pay off at the end of their promotional period and at-risk cardholders who are using the lower rates for balance transfers from higher-rate issuers. The Chase test is likely looking to see the impact on concurrent runoff of existing higher-rate balances (which doesn’t apply to the surfers) and on whether the policy is accelerating delinquency rates among at-risk cardholders (those with lower FICO scores).

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