Let's Lobby GMAC to reduce their SVR

Wutang_2

jamesd wrote: »

thebigboss, high risk borrowers are the ones who primarily caused the financial crisis we're in by defaulting.
.

Really?? Is there a forum for sweeping statements anywhere?

HelpWhereIcan

only problem is that GMAC are no longer lending want to reduce their loan book and are in deep do do themselves.

The UK government have no leverage over them (no UK funding to GMAC) and it will be impossible to legislate that lenders are forced to lend at loss making rates - without subsidy or nationalisation.

You should know as well as anyone that the current argument in the media to encourage lenders to drop rates is the red herring. The more important argument is to encourage them to lend.

To do that they need to make money so need to charge whatever they can to recoup, recapitalise and accept the risk - especially a heavily securitised lender like GMAC.

Rates coming down only helps make the wider margins look more palatable and be more affordable. More remortgage business in the long term when margins reduce again but for now we have to help people accept the current crisis for what it is - the worst since 1973.

You will do better for your clients by explaining how even GMAC's current SVR is very competitive historically - especially taking into account the amount of Buy to Let Self cert and fast track business they did - how the current situation came about and the reasons why SVR cannot/will not come down.

Cannot disagree with the lack of realism in your expectations more strongly - although i strongly applaud the sentiment there is no point yelling at the flood hoping it will turn back.

thebigboss_2

No I don't have a sub-prime mortgage, GMAC have/had a prime, near prime and sub-prime range.

ILW wrote: »

And you have a sub prime mortgage?

thebigboss_2

Quality Wutang!

Wutang wrote: »

Really?? Is there a forum for sweeping statements anywhere?

thebigboss_2

Fair points well made helpwhereIcan, I make no bones about the fact that I am doing this for selfish reasons, I would like other people on the GMAC SVR to do the same if they feel so inclined, again for mine and their own benefit, hey, if you don't do it yourself folks no-one else will do it for you.

If it works, (which it might, I kicked off at GMAC when they were at 7.75% and harranged them, emailed, phoned and posted statements like this, i'm not saying it was me...) am I wrong?

HelpWhereIcan wrote: »

Cannot disagree with the lack of realism in your expectations more strongly - although i strongly applaud the sentiment there is no point yelling at the flood hoping it will turn back.