Knowing that the rising defaults by affluent homeowners are raising, one can reasonably wonder if the same could happen with yacht financing...
According to Ciris Capital BV "...what we have seen over the last six to eight months is that all banks continue to claim that they are open for new business and have received no internal instructions to do otherwise. The only change that they publicly admit to is that turnaround times are a little longer"
Banks and Investors Face 'Jumbo' Threat
The Wall Street Journal
"Rising defaults by affluent homeowners are raising the specter of another cloud over banks and investors, which could get stuck with thousands of expensive homes.
About 6.9% of prime "jumbo" loans were at least 90 days delinquent in December, according to LPS Applied Analytics, a mortgage-data research firm. The rate was up sharply from 2.6% a year earlier. In comparison, delinquencies of non-jumbo prime loans that qualify for backing by government agencies climbed to 2.1% from 0.8% in December 2007.
Jumbo mortgages average about $750,000 and can run as high as $5 million or more..."