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HANDELSBLATT, Freitag, 2. März 2007, 18:03 Uhr |
AuslandsinvestitionenNeue Hürden für Investoren in den USAAusländische Investoren in den USA müssen sich auf eine intensivere Sicherheitsüberprüfung durch die Regierung einstellen. Das US-Repräsentantenhaus hat einen Gesetzentwurf verabschiedet, der eine Reihe von neuen Hürden für Auslandsinvestitionen vorsieht.tor NEW YORK. So soll die Administration in Washington künftig bei fast allen Transaktionen, die staatlich kontrollierte Firmen aus dem Ausland umfassen, eine zusätzliche Untersuchung von 45 Tagen vornehmen. Außerdem werden die US-Geheimdienste künftig mit am Tisch sitzen, wenn über Auslandsinvestitionen entschieden wird. Die Verschärfung ist eine Folge der „Hafen-Debatte“ aus dem Jahr 2006. Damals versuchte die arabische Gesellschaft DP World, mehrere US-Häfen zu übernehmen. Das Geschäft scheiterte aber am politischen Widerstand im Kongress. Die Abgeordneten forderten daraufhin mehr Mitsprache bei der Genehmigung von Firmenübernahmen durch ausländische Investoren. Zuständig für die Sicherheitsüberprüfung ist das Committee on Foreign Investment in the US (CFIUS). Der Gesetzentwurf des Repräsentantenhauses geht jetzt in den Senat. Die zweite Kammer hat in der Vergangenheit noch striktere Kontrollen gefordert. Chris Dodd, Vorsitzender des Bankenausschusses, versprach zwar ein „ausgewogenes Vorgehen“, kündigte aber zugleich an, dem Kongress mehr Mitsprache bei künftigen Transaktionen einzuräumen. Um eine weitere Verschärfung im Senat zu verhindern, stellten sich Wirtschaftsverbände hinter den Vorschlag des Repräsentantenhauses. Darin wird bereits gefordert, dass das CFIUS auch alle Investitionen unter die Lupe nimmt, die die innere Sicherheit der USA und sensible Infrastrukturprojekte betreffen. Zudem hat das Komitee die Möglichkeit, bereits genehmigte Transaktionen wieder rückgängig zu machen, falls sich die Unternehmen nicht an die staatlichen Auflagen halten – wie jüngst bei der Fusion des US-Technologiekonzerns Lucent mit der französischen Alcatel angedroht. <!-- ISI_LISTEN_STOP --> |
Concerns
U.S. bank regulators plan to ask mortgage lenders to tighten standards on subprime borrowers amid fresh warnings large mortgage lenders Friday.
The largest U.S. home mortgage lender, Countrywide Financial
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Meanwhile, New Century Financial
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These warnings added to the mounting evidence of instability in the subprime mortgage market.
Regulators Tigheten Rules For Lenders
In the face of these concerns, U.S. bank regulators plan to issue new guidance for mortgage lenders later Friday. The new regulations are based on concerns that lenders are not accounting for an "elevated credit risk", according to a draft of the guidance obtained by Reuters.
The proposed guidance asks lenders to weigh a "borrower's ability to repay the debt by its final maturity at the fully indexed rate, assuming a fully amortizing repayment schedule," the document states.
Regulators are concerned lenders are issuing mortgages to borrowers with little proof that they can repay their loan and do not fully understand the risk of increasing payments, the document states.
Subprime borrowers could find themselves unable to afford monthly payments after the initial "teaser" rate expires and make payments for taxes and other expenses if lenders do not hold such costs in escrow, the document states. These borrowers then face the risk of "losing their home," the document states.
The document also outlines a series of consumer protection principles that lenders should bear in mind such as providing ample information about the long-term costs of the loan and the risk of future "payment shock."
Delinquencies Mounting
Delinquencies have been increasing in the subprime sector and there have been concerns that the trend will spread to higher-quality loans and cause other ripples in the U.S. economy. Already these fears are said to have contributed to the selloff in U.S. stocks this week.
In a filing with the Securities and Exchange Commission, Countrywide said it was seeing a rise in late payments. Payments were at least 30 days late on 2.9% of prime home-equity loans serviced by the company, up from 1.6% a year earlier and 0.8% at the end of 2004, the company said.
Late payments were even more common for its subprime loans, the Calabasas, Calif., lender said. Payments were late on 19% of its subprime mortgage loans, compared with 15.2% at the end of 2005 and 11.3% at the end of 2004.
In January, Countrywide reduced its lending to people with poor credit history, as defaults rose to their highest level since at least 2002.
Separately, New Century became at least the second lender in the troubled sector to delay filing its annual report with the SEC. On Tuesday, Fremont General
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Earlier last month, New Century said it planned to restate its financial results for the first three quarters of last year to correct errors regarding the company's allowance for loan-repurchase losses. At that time, the Irvine, Calif., real estate investment trust delayed its fourth-quarter earnings report and said it expected to report a loss for the period.
Goldman, Merrill Almost `Junk,' Their Own Traders Say
By Shannon D. Harrington
March 2 (Bloomberg) -- Goldman Sachs Group Inc., Merrill Lynch & Co. and Morgan Stanley, which earned a record $24.5 billion in 2006, suddenly have become so speculative that their own traders are valuing the three biggest securities firms as barely more creditworthy than junk bonds.
Prices for credit-default swaps linked to the bonds of the New York investment banks this week traded at levels that equate to debt ratings of Baa2, according to Moody's Investors Service. For Goldman, Morgan Stanley and Merrill that's five levels below the actual Aa3 rating on their senior unsecured notes and two steps above non-investment grade, or junk.
Traders of credit derivatives are more alarmed than stock and bond investors that a slowdown in housing and the global equity market rout have hurt the firms. Merrill since 2005 has financed two mortgage lenders that subsequently failed and bought a third, First Franklin Financial Corp., for $1.3 billion.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0j4oiYE3Bfw&refer=home
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