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golfin

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golfin

Re: None

Sunday, 02/21/2010 9:57:43 AM

Sunday, February 21, 2010 9:57:43 AM

Post# of 51810
OT: China's lending standards

http://www.businessinsider.com/chinese-bank-regulators-announce-even-tighter-lending-conditions-2010-2?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29

my favorite quote...

"For personal lending, the CBRC asked banks to be more sophisticated in the management of the lending process, especially on the use of the loans, according to the regulation.

Borrowers will not be able to obtain loans without declaration of a specific use, and they should meet bank representatives in person to avoid false claims, according to the CBRC."

apparently they haven't been required to declare a use for the funds or meet with bank reps....sounds worse than option-arm, subprime issuance.
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