The HLM victims of financial products to high risk
September 1, 2010 – 3:05 amA portion of the housing agencies in France find themselves vulnerable after having used the toxic financial products like subprime to the tune of seven billion euros, wrote Wednesday's Tribune.
The business daily quoted a report on the subject conducted by the Interministerial Mission for Social Housing inspection (Miilos).
"This is the case of 34 social landlords in 2008 and 27 in 2009, a whopping 15% and 22.5% of the 151 public housing agencies and controlled," writes the Tribune quick cash."The amount of this debt may reach 7 to 8 billion euros."
For 15 organizations controlled by the Miilos in 2009, the exposure is less than 5% of their total debt.
But 12 other companies, exposure to risky financial products reached 10%, 20% or 50% of their debt.
Sorry, comments for this entry are closed at this time.