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Only 5% of applications for 100% bonds successful
Rawson - South Africa
The banks, says Rob Lawrence, National Manager for Rawson Finance, have received much favourable publicity on account of their willingness once again to give 100% bonds - to select clients.

Just how "select" they have to be became clear recently when Lawrence revealed his company's hit rate in this category: on average only 3 to 5% of applications for 100% bonds have proved successful.

Former Saambou clients 'being ripped off by FNB'
Business Report - South Africa
Eight years after the collapse of Saambou Bank, thousands of former clients continue to be ripped off as FirstRand Bank - the financial institution which stepped into the economic breach to take over the Saambou bond book in 2002 - fails to rectify the dubious accounting practices that led to Saambou bondholders being overcharged to the tune of R2 billion in the first place.

This is according to a hard-hitting team of forensic experts threatening to drag FirstRand and its subsidiary, FNB, through the courts to force them to clean up their act and pay back about R2bn owed to former Saambou bondholders as a result of systematic overcharges in monthly payments.

While FNB five years ago admitted to one of the faults that corrupted the Saambou bond book - and moved to rectify the problem - the forensic trio alleges this only addresses a small fraction of the problem - just over R150 million.
Business Report

DA to oppose placing of farms under state control
RealEstateWeb - UK
Government is planning to amend section 25 to place all farm under state control.

The Democratic Alliance (DA) will vehemently oppose any attempt by the ANC government to amend section 25 of the Constitution - the provision that protects private property against expropriation - after the Director General of the Department of Rural Development and Land Reform proposed placing all productive land in South Africa under state control.

Absa House Price Indices - Feb 2010
Absa - South Africa
The average nominal price of houses was higher in all categories in February compared with a year ago
The average nominal value of homes for which Absa approved mortgage finance (see explanatory notes) increased further in February 2010, with all three categories of housing, as defined by Absa (small, medium and large), recording a positive nominal year-on-year rise in values. In real terms, house prices were still lower in February compared with a year ago. With CPI inflation trending down further in recent months, house prices continued to contract at a slower pace in real terms up to January this year.
Absa House Price Indices

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