The Financial Services Agency said losses stemming from US sub-prime lending increased by 41% to 850bn yen ($8bn; £4.1bn) at the end of March.
Total losses on investments related to risky mortgages was far bigger, amounting to $23bn.
But it said Japan’s sub-prime hit was not as severe as in Europe and the US.
Losses at Japanese banks have been dwarfed by those suffered by American and European rivals, such as Citigroup and UBS.
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Washigton Post, Wall Street journal;
I try very hard to do a loan modification with Washigton Mutual/now Deutche Bank National Trust Co as trustee for Long Beach. They send me the loan modification loan docs finaly after 7 months in which I have to declared in bankrupcy due to my husband illness and unable to work. At the documents they reduce the rate from 9.25% to 7.66% and they put all the months with intereses behind increasing the loan by $ $80,913.37 and said…
“Borrower des not have any defenses, offsets or counterclaims to the modified principal balance now $ 711,206.93″ Also the monthly payments stay the same as when we first started $ 4773.81.
Another is I am in a declining market in Stanislaus County (Oakdale CA) so the value is not even $ 500K…but we love to farm and this is my husband life….sould we deed to the bank after we fough for it?? I am not a quiter!! I am giving $ 10K to Washighton Mutual now for this modification. Is any body who had been sucess in this loan modification cases?
Last point is why lenders are taking some many properties not allowing borrowers to be at home and after that sell the house sliding by 50-67% from the amount owned originally. Are the banks silly or they are so smart to have all of us paid for the big deficiss later? This resession is getting not were-now human depression started. Because a foreclosure not only afect a person but the whole family members as well the community.
Thank you,
Sincerely,
Maria De Prieto