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Further evidence is also required on how universally dissaving measures could be applied – in some settings, for example, there may be cultural barriers to the take-up or reporting of loans.
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The facts in that case relied on Clayton reports of loan quality commissioned by Morgan Stanley.
After Mycal, a major retailer, collapsed two weeks ago, the government issued a plan to tighten up reporting of bad loans by banks.
None of this had been included on financial disclosure forms; the non-reporting of loans under $10,000 in liability was in violation of a voluntary agreement the White House had made in 1982, while not reporting more valuable loans or clothes not returned was a possible violation of the Ethics in Government Act.
Forbes reports 15.1percentt of loans issued between 2010 and 2012 are 90 days past due.
HBOS reported $14 billion of loan losses last year, up fivefold from 2007 (see "Lloyds Lands HBOS Bombshell").
How can Laurus report the value of loans to bankrupts at close to 100 cents on the dollar?
Wonga does not break out revenues yet from its comparable PayLater product, but as a wider point of comparison on the sizes of the companies, Wonga in its last annual report from August reported loans of £1.2 billion ($1.94 billion), across some 4 million loans for the year.
On a July 23 conference call with reporters organized by the White House, after reports of student loan profits inflamed Senate Democrats, Duncan said, "It's actually neither accurate nor fair to characterize the student loan program as making a profit".
(On their own, individual lenders may not otherwise be able to meet the bureaus' threshold for reporting a minimum amount of loans.
There were reports of missed loan repayments and late paychecks for players.
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