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re: Very big PPP development—FED will buy the loans
Posted on 4/6/20 at 6:21 pm to I B Freeman
Posted on 4/6/20 at 6:21 pm to I B Freeman
Maybe it will make some other banks a bit less leery of the program. Some of these banks need to get off their asses and start taking applications.
1
Posted on 4/6/20 at 6:25 pm to SSpaniel
They can make huge money on them now that they know they have a large buyer of the loans. The bank commission paid by the SBA is 5% on the first $300000 and 3% up to $2.5 million and 1.5% on bigger amounts.
That is 100% profit for the bank. They pocket $15000 on a $300,000 loan with zero risk and now zero investment if they sell it.
That is 100% profit for the bank. They pocket $15000 on a $300,000 loan with zero risk and now zero investment if they sell it.
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