RBS to allow six months of defaults before repossessing.

WTF?_2

Just heard on BBC News channel, not on website yet.....

Not to worry, now that they are 58% taxpayer owned and supported they can afford to lose money - we're all paying!

EDIT: Found info on FT site:

http://www.ft.com/cms/s/0/a2de00d2-bf26-11dd-ae63-0000779fd18c.html?nclick_check=1

The political and public campaign to force Britain’s banks to do more to help customers weather the economic downturn will gain impetus on Monday with a promise from Royal Bank of Scotland to give at least six months’ breathing space to homeowners who fall behind with mortgage payments.
The promise, which will put pressure on other banks to make similar commitments, comes as ministers prepare to outline plans that could see voluntary codes of practice for the banking industry placed on a statutory footing.

kennyboy66_2

a thinly disguised "I want a cheaper house & don't care who suffers for it" thread.

beingjdc

kennyboy66 wrote: »

a thinly disguised "I want a cheaper house & don't care who suffers for it" thread.

As opposed to an "I want to keep houses unaffordable for ordinary people and use taxpayers' money to do it" thread, I guess?

kennyboy66_2

beingjdc wrote: »

As opposed to an "I want to keep houses unaffordable for ordinary people and use taxpayers' money to do it" thread, I guess?

I doubt if this is going to have that much influence on house prices, which will continue to fall and I can't imagine that it will apply to BTL properties (which are commercial loans)
Repossession sales are not included in the Land Registry figures anyway.

It's always sad to see someone hoping for someone else's misery just to make a few extra quid.

ad9898_3

kennyboy66 wrote: »

a thinly disguised "I want a cheaper house & don't care who suffers for it" thread.

I disagree, Brown is doing everything he can within the law to save the indebted part of the nation, the part of the nation that if he can keep going he might be able to scrape another term, if he's lucky.

There are plenty of people out there who have been prudent, have saved, have not over stretched themselves, that are on fixed incomes, who have just seen their income slashed by 33% with the rate cuts, does he think that these people are more likely to vote Tory and so doesn't particularly care for them ??, it's starting to look that way.

I think 40% of the housing stock in the country is mortgaged, only a small percentage of these people are in trouble at the moment, yet Brown is hellbent on using any measures possible to save them, yet really he doesn't give a toss, he's only out to save himself.

MissMoneypenny

kennyboy66 wrote: »

It's always sad to see someone hoping for someone else's misery just to make a few extra quid.

That just about sums up the BTLers and flippers.

ad9898_3

MissMoneypenny wrote: »

That just about sums up the BTLers and flippers.

Very good comeback, touche.

wintersunshine

kennyboy66 wrote: »

a thinly disguised "I want a cheaper house & don't care who suffers for it" thread.

wintersunshine

beingjdc wrote: »

As opposed to an "I want to keep houses unaffordable for ordinary people and use taxpayers' money to do it" thread, I guess?

Please spare us that one. This board is populated by people who cannot wait to get their grubby hands on a BTL.

lostinrates

I'm adding to this thread on this topic because its longer.

Heard this on th way to th station this morning and the first thing I thought was that it was good news for people, then wondered: if thy inevitably heading towards reposession how useful is it? Does it merely add 6 months interest paymnts to their repayable debt and put them lower down th queue for housing benefit/council accomodation in six months? I don't know, I just was worried for people for who this might not be the best option, even whn it seems it might be.

ad9898_3

wintersunshine wrote: »

By all accounts !!!!!!?, has plenty of savings and like myself, even though we could buy now, would rather goto Gordon Brown's house for Christmas lunch, errrr on second thoughts....... maybe not:D.

'Envy', what's ironic is that is the antithesis of how I feel. I feel sorry for anyone who bought into the market in the last 7 years, when all this washes out, they are certain to have lost money.