Mr Mortgage's Guide to the TRUTH

WTF?_2

http://mrmortgage.ml-implode.com/2008/09/15/meredith-whitney-scares-the-crap-out-of-everyone/

US biased but worth checking out the Meredith Whitney interview.

Be afraid ... be very afraid. And remember all the trauma we're suffering now is as as result of the US problems.

Once the UK banks start seeing their own defaults rocket the trouble is going to really kick in over here (and likewise for Europe, many countries had insane housing bubbles fuelled by the cheap/lax credit made possible by US debt securitization)

Pobby

been meaning to say it !!!!!!, I really like your sig .It got me thinking and pulling out the old calculator. How very true. Shame my mate couldn`t get through to his son that a £500k, 100% mortgage, interest only was not a good idea! I kid you not!

chrisandanne

I have a feeling the country at large have no idea of the problems we are going to be facing soon here...why does Brown keep saying 'we are well placed to withstand this turbulance' when as a nation we have so much personal debt...this obviously is not true.

Anyway they are starting to pull him down now...it won't be long before he's gone. Not that it will make any difference to this mess who's got the title.

A x

neas

i just wish there was a truly safe bank to put your money in :P

Pobby

I think that Broone has realised that he is shafted. Darling, now who could have any faith in him? They know that they have messed up big style. They will have no way of getting out of this mess other than letting the market correct.

Problem for me tho is who could put a positive influence on this disaster.

Oh by the way, we saw some of Vince Cables speech yesterday. Shame people didn`t take heed a long while ago!

dudleyboy

neas wrote: »

i just wish there was a truly safe bank to put your money in :P

There is: it's Northern Rock.

Dithering_Dad

dudleyboy wrote: »

There is: it's Northern Rock.

And NSANDI (National Savings and Investments).

Pobby

Also a new but very sound bank, Pobbywide. Doing 10% loan to value mortgages as well!

Kez100

My 10 year old son wants to buy premium bonds with his £500!

Even if the markets get no worse HP have already crashed IMO. OK, the odd transaction going through is at 10% lower than last year but it's not a real market in the sense of the word as most are just sitting tight. Once the redundancies come and the repos start it's going to be very messy. It was last time.

I have lived well within my means but I am still worried as we need an income to live off of and it's never guaranteed.

The only good thing is my children are leaving Primary and I hope this allows them to grow without seeing their peers just going and getting whatever they want on fast credit.

WTF?_2

neas wrote: »

i just wish there was a truly safe bank to put your money in :P

My strategy:

10% gold (currently 5%)
6 months living expenses in NR eSaver (6% APR interest, instant access).
Rest in the best paying tax-free NS&I bonds I can find.

Now I'm just waiting until after the labour conference before transferring my foreign currency savings back to Sterling lest Gordon do something stupid like buying up £40 billion mortgage debt, which would trash Sterling. In that case would prefer to transfer the money after sterling has crashed.

chrisandanne

dudleyboy wrote: »

There is: it's Northern Rock.

Or NS & I...I checked them out yesterday...lousy rates.

I'm with the Yorkshire BS at 6.5 and 6.3.....But we all know what happens when you're too greedy don't we !!!!. Perhaps it's time to accept less.

It looks like Man U may be losing their sponsor.....this may impact a bit more on the collective conciesness (sp ?) than if it was just a mere major insurance company...and anyway it's in America..so it won't affect us here.
DOH !!!.