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MSE News: Fall in home purchase loans
Former_MSE_Helen
Posts: 2,382 Forumite
"Loans for home purchases slumped by 8% last month as lenders clamped down on mortgages for those with small deposits ..."
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So, when old money market tranches mature, and they have to pay them back, they just use the Funding for Lending money to pay them off. It's cheaper to borrow on the scheme, than to rollover at Money Market rates. This increases the profit margin on existing mortgage book, without additional risk of new lending.
In the mean time, the wholesale money market has less business, leading to redundancies, maybe?
Stop feeding the banks, take the money back.
Just guarantee low LTV mortgages, which doesn't cost ANYTHING if you are lucky. In the event of default, the payout is the difference between the auction price and the outstanding loan. The banks might try it on with early redemption penalties and fees, but we just guarantee the outstanding balance.0 -
So how will the government's policy of building more houses to get us out of recession make any sense?Blessed are the cracked for they are the ones that let in the light
C.R.A.P R.O.L.L.Z. Member #35 Butterfly Brain + OH - Foraging Fixers
Not Buying it 2015!0 -
"Loans for home purchases slumped by 8% last month as lenders clamped down on mortgages for those with small deposits ..."
Probably just protecting themselves from falling house prices. Small deposits in a falling market is not good for a healthy mortgage book.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Probably just protecting themselves from falling house prices. Small deposits in a falling market is not good for a healthy mortgage book.
Except of course, that house prices are rising.;)
(And you need to update your signature)“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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