Sub Prime lenders

emmaHarris_2

Homer_J all your doing is bullying someone off the thread and the site. It MUST be for self interest otherwise we cannot think why you would be here in ther first place. Maybe if I came on innocently with a morgage problem you could sell me one?

emmaHarris_2

You also want it both ways. You wish to disparage in your posts anything that seemngly upsets your commercial world and aims here?

As we said before if you dont like the thread then you do not have to participate? Strange on the one hand you are and on another you want someone off the site?

What ARE you scared of?

homer_j_3

emmaHarris wrote:

I still don’t understand what you mean by this. How can you say for sure that the original lender would have dealt with this life changing occurrence any better? Sometimes a smaller company might be better at dealing with customers than a larger one?

I am not saying an original lender can or would deal with it better. I am saying however there is a stark difference between the prime market and sub prime market:
Prime lenders:
1. have high street shops (you could actually picket them if you were unhappy) you could equally just write to the FOS
2. they have reputations to lose -a subprime business would equally have a reputation to lose
3. they carry savers and current bank account holders what has that got to do with a mortgage lender not agreeing to do something in your life changing event scenario
4. they provide mortgages from these investmentseh - what has that got to do with your example? Some have shareholders too and want profit to be high
5. ROI on a mortgage account to become profitable is circa 7 to 12 yearsof course it is.. thats why all these mortgage companis make a loss on the 2 & 3 year deals - this has nothing to do with the statement you made?
7. They employ Mortgage Advisors both pre sales and post salesrubbish - you have a problem with your prime mortgage, you speak to a call centre - these are not qualified mortgage advisers
8. Repossessions is normally the last resortrepeating myself again, they work to regulation and reposession has to be the last resort for any lender. What do they do next?
9. Average default time for repossessions is 6+ months and sometimes longerI actually know a KMC reposession that got to 17 months in arrears and still wasnt reposessed. each case is individual.
10. They have direct reputations to lose as they did back in the early Thatcher years of 1990's when interest rates were sky high at 15% and repossessions were at their highest levels.err havent you made the reputation point once already?

Sub Prime:

1. Do not have high street presencecorrect, no high street windowfront. So what? Oh yeah you cant go and pickett??? Goto the FOS
2. They will sell your mortgage to specially created subsidiaries with no reputations to loseonce again you generalise.
3. These company’s only operate to administer the mortgage accountutter rubbish. Subprime lenders do operate a similar business model to prime lenders.
4. They do not or seldom employ Mortgage Advisors post saleswhy do they need to?
5. Only FSA regulated Mortgage Advisors are able to discuss and advise borrowers on their mortgages or a change of the contractual termsas oposed to who?
6. ROI on a mortgage account once securitised or through whole loan sales (same) is circa 3 yearsyou forget that lenders are businesses and of course they want a return of investment. Shall we set them up as a registered charity?
7. Average default time to repossession 2 months

you clearly state that the figures for this are not available as they are not recorded so how do you get at that. Also look at my comment about the KMC case - each case will need to be assessed on its individual merit.

emmaHarris_2

It seems that you have a very close connection with HML, Your a Mortgage Advisor and we invite you to provide your company name and location privatly and we would welcome an invite to discuss these issues with you. You will find us very friendly and open. We do not gain from any of this research beng carried out. How do you think Martin here finds out how the interests of the consumers are not being met?

emmaHarris_2

Complaints to the FOS can now take up to 12 months and they have already discussed this with the Government. They are completly understaffed at present to handle the current workload. It takes too long. Lenders know this.

emmaHarris_2

Your purposefully being belligerent and we find that quite saddening.

emmaHarris_2

you clearly state that the figures for this are not available as they are not recorded so how do you get at that. Also look at my comment about the KMC case - each case will need to be assessed on its individual merit.

See post re: interviews and meetings

homer_j_3

emmaHarris wrote:

Quite the opposite there is NO commercial gain only outlay and investment. Where did you get that from?

Erm you are getting paid to do this? What more commercial gain do you need?Would you have come here if it wasnt for your job?

Homer_J all your doing is bullying someone off the thread and the site. It MUST be for self interest otherwise we cannot think why you would be here in ther first place. Maybe if I came on innocently with a morgage problem you could sell me one?

I am not bullying anybody, I am putting arguments to your claims, as you wanted.

You cant think why I am on here, have a look at my posts, I am not paid to be on here, I come on here to support education to others and to help people who have general mortgage queries.

No I wouldnt sell you a mortgage, I have already told you that I do not take clients from this forum. I am here for the good of the forum and its users and that is it. Plus, I find some of the other threads very intersting and informative too.

What ARE you scared of?

I am scared that someone might actually believe some of the stuff you are writing. Not because it commercially harms me or because you are trying to change the way the FS marketplace currently works but because you are just spouting unjustified rubbish 95% of the time.

Why dont you ever stick to one point?

emmaHarris_2

It seems to us Homer J that you actually do not know your industry as well as you may think you do. Or reluctant to admit the faults within or any other reasons we do not know yet? Your answers for a Mortgage Advisor are quite naive and we do believe you actually think the system works as per the FSA handbook MCOB! The FSA & CML chairmen have said this needs still evolving further. Even on Channel 4 News!

emmaHarris_2

Please provide one point at a time and we will stick to it? We await your point 1.