No Mortgage or Loans to Oil and Gas People

[Mangosteen]

Well in Malaysia things are getting rough.

Here is the latest from one of my past engineers.


"in malaysia, everything is gloomy. apart from the low oil price, corruption is so rampant and very open. everyone is feeling the pain. Almost like Imelda Marcos episode being played in malaysia.
Yesterday, one of the biggest bank just announced that no loan/mortgage will be given to anyone working in O&G.
Petronas is cutting opex and capex, and government is still squeezing money from petronas. They might kill the goose that layed the golden egg"

The next thing you know the Alberta banks will see high risk.

[79ford]

Originally Posted by Mangosteen

Well in Malaysia things are getting rough.

Here is the latest from one of my past engineers.


"in malaysia, everything is gloomy. apart from the low oil price, corruption is so rampant and very open. everyone is feeling the pain. Almost like Imelda Marcos episode being played in malaysia.
Yesterday, one of the biggest bank just announced that no loan/mortgage will be given to anyone working in O&G.
Petronas is cutting opex and capex, and government is still squeezing money from petronas. They might kill the goose that layed the golden egg"

The next thing you know the Alberta banks will see high risk.

We have government default insurance for mortgages here in canada via CMHC... i imagine as long as the loans qualify for cmhc the banks will issue the mortgage regardless of employer

[Mangosteen]

Now the Malaysians are being told to have two jobs and grow lots of vegetables.

Their currency has dropped about 25 percent and it's mostly an oil based economy.

Sounds like a parallel situation with government corruption and all.

http://www.rigzone.com/news/article....aign=feature_1