Thank goodness for Mervyn King!

carolt

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article4526119.ece

King opposes Treasury's liquidity plans


....Mr King dismissed the idea of public backing for new mortgage securities. He said: “It would be a very dangerous move to [have a] situation where the Government saw its major role as guaranteeing lending. Why should the taxpayer take on the risk of borrowing by individual borrowers, some of whom are risky? It’s the lenders who should take the risk . . .

“We don’t guarantee lending to other forms of borrowing. There is no reason why in the long run you need any guarantee of lending to the mortgage market.”


The Governor said the credit crunch afflicting mortgage markets had some way to run as banks faced more losses on past excessive lending. “That, we haven’t seen play out yet, so we have to go through that process,” he said....

Pobby

I wonder if Merv had had Broons job wether we would bo in a better place now. I think so!

trulysaintly

You forgot to also highlight this section which would actually BENEFIT the property market Carolt.....

Mr King’s comments came as the Bank boosted hope of cuts in interest rates by the end of the year, or early next year, that could offer some support to the slumping housing market.
City expectations of eventual rate cuts leapt after the Bank forecast that inflation would tumble back below its 2 per cent target over two years, after peaking at 5 per cent in the autumn.

But that's not on your agenda is it?

carolt

No - that's why I posted the link, so you could read the article yourself. I picked out the parts I found interesting; you're more than welcome (and being a Mortgage advisor, obviously have no agenda yourself!) to do the same.

trulysaintly

Except I make my 'agenda' as you put it, abundantly clear to all...

What's yours?

carolt

There isn't a 'FTB' signature to put on the bottom of posts that I'm aware of, but if you read any of my past or current posts, you will see I make my biases abundantly clear.

Nice try.

thegibdog

trulysaintly wrote: »

Except I make my 'agenda' as you put it, abundantly clear to all...

What's yours?

He's got a point carolt, maybe you should put "Someone who wants sensibly priced housing" in your signature or something.

dopester

trulysaintly wrote: »

City expectations of eventual rate cuts leapt after the Bank forecast that inflation would tumble back below its 2 per cent target over two years, after peaking at 5 per cent in the autumn.

I reckon BoE interest rates will be cut, but perhaps not in that time-frame.

Doesn't mean lenders' rates will follow as substantially. If anything credit will be harder to get.

Also I expect it to be the start of real deflationary pressures kicking in, and that'll sure start the house price crash proper.

ultra10

trulysaintly wrote: »

Except I make my 'agenda' as you put it, abundantly clear to all...

What's yours?

You Have our Sympathies :whistle:

ruggedtoast

I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it based on the assumption that nobody would actually lie about being in this job. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice as the entire sum total of my professional training consists of an afternoon session when some bloke came down from head office with a PowerPoint presentation stored on a USB Key. It was great that day though, we didnt have to go on the phones, and they provided sandwiches.

<<<<< Fixed >>>>>>

trulysaintly

ultra10 wrote: »

You Have our Sympathies :whistle:

Aw thanks.....:rotfl:

Never mind, having now seen some of Carolt's other posts I can only assume that she would only be happy with a 30% reduction in the property market.

Anyone else who may dare to have a different view on the future is apparently completely wrong...we'll see.

I'll remember the sympathies issue when I'm getting phone calls in the next year from people wanting to sort out their credit card and loan debts before they get repossessed....

But then, as professional advisers we don't do anything to help anyone but ourselves do we?