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Law Capping interest rates
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MaichBlack
#2851 Posted : Friday, October 18, 2019 11:13:17 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,838
newfarer wrote:
old loans should remain capped.. they can lend new loans at 1001% if they want.otherwise it would be fraudulent to increase the rates for those who took loans based on stable rates

Eating you cake and having it??? No?

When the rates were introduced, everyone said the rates MUST apply to all loans including the old ones! And this was forced through. Now the shoe is on the other foot!!

Of course the banks will most probably be forced to retain old rates after the repeal especially given that most MPigs are in debt to the neck but that is totally insincere. But then again this is Kenya!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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whiteowl
#2852 Posted : Friday, October 18, 2019 4:02:22 PM
Rank: Veteran

Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
MaichBlack wrote:
newfarer wrote:
old loans should remain capped.. they can lend new loans at 1001% if they want.otherwise it would be fraudulent to increase the rates for those who took loans based on stable rates

Eating you cake and having it??? No?

When the rates were introduced, everyone said the rates MUST apply to all loans including the old ones! And this was forced through. Now the shoe is on the other foot!!

Of course the banks will most probably be forced to retain old rates after the repeal especially given that most MPigs are in debt to the neck but that is totally insincere. But then again this is Kenya!


Yes this is Kenya! People take both sides of the argument all the timeLaughing out loudly Laughing out loudly Laughing out loudly when it can only be true for one.
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murchr
#2853 Posted : Friday, October 18, 2019 5:15:49 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
MaichBlack wrote:
newfarer wrote:
old loans should remain capped.. they can lend new loans at 1001% if they want.otherwise it would be fraudulent to increase the rates for those who took loans based on stable rates

Eating you cake and having it??? No?

When the rates were introduced, everyone said the rates MUST apply to all loans including the old ones! And this was forced through. Now the shoe is on the other foot!!

Of course the banks will most probably be forced to retain old rates after the repeal especially given that most MPigs are in debt to the neck but that is totally insincere. But then again this is Kenya!


And if the banks go to court, the precedent of changing the rates for all loans may be enforced. Anything can happen
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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FUNKY
#2854 Posted : Friday, October 18, 2019 6:46:46 PM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
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HaMaina
#2855 Posted : Friday, October 18, 2019 6:51:11 PM
Rank: Veteran

Joined: 4/23/2014
Posts: 931
murchr wrote:
MaichBlack wrote:
newfarer wrote:
old loans should remain capped.. they can lend new loans at 1001% if they want.otherwise it would be fraudulent to increase the rates for those who took loans based on stable rates

Eating you cake and having it??? No?

When the rates were introduced, everyone said the rates MUST apply to all loans including the old ones! And this was forced through. Now the shoe is on the other foot!!

Of course the banks will most probably be forced to retain old rates after the repeal especially given that most MPigs are in debt to the neck but that is totally insincere. But then again this is Kenya!


And if the banks go to court, the precedent of changing the rates for all loans may be enforced. Anything can happen


I doubt they would be hostile. Odds are they would be as friendly as possible even giving new loans at very affordable rates making the old loan takers to topup, then a year or 2 later the circus begins.
“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Ericsson
#2856 Posted : Saturday, October 19, 2019 7:41:27 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
Will the repeal in interest rates cap law have an effect on Fuliza which the president called digital shylocks
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mlennyma
#2857 Posted : Saturday, October 19, 2019 9:56:37 AM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
Ericsson wrote:
Will the repeal in interest rates cap law have an effect on Fuliza which the president called digital shylocks

ofcoz they are digital shylocks when you compute the interest
"Don't let the fear of losing be greater than the excitement of winning."
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mlennyma
#2858 Posted : Saturday, October 19, 2019 9:59:16 AM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
FUNKY wrote:
https://www.nation.co.ke/news/MPs-to-defy-Uhuru-over-loan-rate-caps/1056-5315586-15j4ggtz/index.html

In the spirit of the handshake will the president be overpowered?can they raise two thirds to fight back....I want this thing abolished so that the nse can start recovering,the banks contributed the most in bringing down the market ....defend where your mouth is
"Don't let the fear of losing be greater than the excitement of winning."
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  | | Edit by user: Saturday, October 19, 2019 10:03 AM | Reason: Not specified
MaichBlack
#2859 Posted : Sunday, October 20, 2019 9:24:17 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,838
FUNKY wrote:
https://www.nation.co.ke/news/MPs-to-defy-Uhuru-over-loan-rate-caps/1056-5315586-15j4ggtz/index.html ^

Good luck to them Marshalling the required 2/3 majority!! They are just politicking and they know it. Most of these cowards will not even be in the house when the vote is taken.

CBK + Treasury + President vs MPigs!!! Good luck with that. And the President just requires 1/3 (which includes all absentees!!). Do the Math.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack
#2860 Posted : Sunday, October 20, 2019 9:26:42 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,838
whiteowl wrote:
MaichBlack wrote:
newfarer wrote:
old loans should remain capped.. they can lend new loans at 1001% if they want.otherwise it would be fraudulent to increase the rates for those who took loans based on stable rates

Eating you cake and having it??? No?

When the rates were introduced, everyone said the rates MUST apply to all loans including the old ones! And this was forced through. Now the shoe is on the other foot!!

Of course the banks will most probably be forced to retain old rates after the repeal especially given that most MPigs are in debt to the neck but that is totally insincere. But then again this is Kenya!


Yes this is Kenya! People take both sides of the argument all the timeLaughing out loudly Laughing out loudly Laughing out loudly when it can only be true for one.

Absolutely no shame!!! How "we" take both sides of an argument when it suits us totally baffles me!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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