Keyword: crédit immobilier de France

Why 'bailout' of French cheap mortgage lender CIF was another gift to big banks

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Last weekend, the French government announced it had agreed to issue a state guarantee for Crédit Immobilier de France, a major cooperative-owned mortgage lender for low-income households. The bank ran into severe liquidity problems because of its structural dependence on what was cheap financing from the credit market. The new soicialist government’s move was widely portrayed as a rescue of the troubled mortgage lender. But nothing could be further from the truth, argues Mediapart’s economics and finance correspondent Philippe Riès. CIF is to be run down, with serious consequences for jobs and modest house-buyers, while the real winners of the guarantee are the big banks. For they have escaped helping in a bailout and are now sure their loans to CIF will be repaid.

No public money to be used in saving Crédit Immobilier de France, says French PM

The French government says saving troubled real estate lender Crédit Immobilier de France will be done without spending taxpayers’ money.

France rescues lender CIF after search for buyer fails

Government says it will rescue troubled mortgage provider Credit Immobilier de France which faced a liquidity crisis.

Hollande faces first French banking test

The threat of a collapse of French mortgage lender Crédit Immobilier de France looms as the first banking test for President Francois Hollande.