Sub Prime lenders

emmaHarris_2

Maybe you should get people to ensure that they use a mortgage broker, preferably whole of market or a broker who can select from a number of different lenders. By doing this, your registered forum users should avoid getting put with the wrong product as a result of a one product provider issue. As you say, TML may only sell KMC products, but in today’s world their Initial Disclosure Documents should tell people this so it is educating people to understand this and know what to look out for.

We agree again. TML do inform people that they only sell on behalf of KMC, In the small print. They are a tied-in broker (owned by KMC). Consumers do not know this or any other mortgage terminology. Ask around or carry out a survey which we have done and will soon publish. Doctors, painters and decorators, nurses, company directors from all walks of life do not know what securitisation is for example or that even happens. Not many people outside the mortgage world even know about SPV's or that mortgages are sold on the open market.

Your right and this is what we are trying to do... Educate them. Provide more information about the industry where the Treasury backed down to commercial pressures not to do so. Consumers need to know exactly what they are getting into so they can make a considered choice. Its what they don’t say is the real point!

emmaHarris_2

If you can tell me why there would be any other reasons for not being happy with the person that owns the mortgage after securitisation, I will glady review and respond.

Did we manage to do this yet for you or anyone?

emmaHarris_2

I can clearly say that I will not be posting on your forum now or in the future. I think that the tone and posts so far will determine that you will only get people that have a problem with the companies you have named and shamed. I do not think that it is very clear/well designed either and as Ian W says, why have you got adverts advertising gambling when your message you are trying to promote is people who are committing suicide due to repossession and the companies that are taking advantage of peoples lack of knowledge and awareness?

Town & About is a huge site and has many sectors where a difference is being made. Jobs, cars, directory, properties free ads, all with a difference. We are a shopping portal with a difference too and such cater for many diverse customers, including the well known 888 casino company, one out of many. We are a family friendly site.

Maybe the government should not endorse the new betting laws and gambling casinos or the road site boards should not advertise this company? He chooses to pick on one banner out of thousands. The site has over 27 databases and 2.5 million pages. We currently enjoy over 3.5k visitors per day and have 17k email subscribers and over 24k shoppers accounts. Most do not mind the one banner advertising a gambling site.

Mortgage World and/or the forum is a separate section entirely.

If you feel and we cannot disagree with you that the layout or the message isn’t clear then we would welcome your further input and assistance in this. As I said earlier, we are just starting and there is more to come soon.

I hope you or anyone here will reconsider and add value as oppose to small cristisims, of which by the way we welcome whether good or bad.

emmaHarris_2

... and the brokers or mortgage advisors wont be around when it all 'hits the fan...' they too have had the profit by then and the customer is more or less untouchable at this time due to the advers credit now against them! Sub prime do not normally re-lend or re-mortgage from one sub prime to another.

Although, thank goodeness for Shelter, CAB whose efforts go unrewarded. It is the local councils and tax payers who pick up the bill....or not as it may seem here:

http://www.townandabout.com/cgi-bin...?num=1140514842

emmaHarris_2

although we already know the answers to many of the questions outlined here... does anyone here?

http://www.townandabout.com/cgi-bin/Yabb2/YaBB.pl?num=1145796344

emmaHarris_2

How can anyone justify Gordon Browns Home Sustainability Plan when the Treasury supports this industry and does not scrutinise the actual practices and sometimes complex set ups?

Sub Prime lenders advocate that they are helping society and providing new opportunities for those consumers that would not otherwise have for home ownership. The real aim however is commercial financial gain without providing the necessary care and attention concluding the transaction or completion.

Brokers and Mortgage Advisors are of course profiting from such schemes, as is the originator and purchaser of the mortgage account under clandestine means.

It is no wonder therefore that repossessions and evictions are on the increase, that borrowers are being or could be perceived as being 'priced out' of their prime properties by unscrupulous interest rate increases when no one can monitor the commercial actions of these companies. (We now have evidence of such):(

It could perceived that they prey on the vulnerable and continue this to the end when considering that mortgage portfolio performance over a short life period is more important that long term future after care in line with prime market lenders who have reputations to lose.

Mortgage providers will tell you that repossessions are the last course of action but this is blatantly untrue in the sub prime markets.

http://www.townandabout.com/cgi-bin/Yabb2/YaBB.pl?num=1140514842

homer_j_3

So effectively you are attacking the whole commercial entity known as the Financial Services Market because they allow such bad things to happen and the government is the bad big brother for allowing this to happen?

Go and lobby your local MP and be done with it. You clearly are now trying to start a cross forum debate, to which I did nor do want to be part of any further, I would politely request that you refrain from posting on here any further with regards to this subject.

This thread is aimed at individuals and members of the public who have questions about mortgages and endowments. It is not a thread for your use to lobby its users into joining your forum to fight the cause of bringing down the subprime market.

emmaHarris_2

p.s with the advent of self cerifying mortgages.. sub pirme lenders will ONLY lend moneis against Prime proerties...that they know they can obtain a return on... for example read Kensington Morgagges Annual accounts:

http://www2.kmc.co.uk/HotHouse/investor02ii.page

emmaHarris_2

homer_j wrote:

So effectively you are attacking the whole commercial entity known as the Financial Services Market because they allow such bad things to happen and the government is the bad big brother for allowing this to happen?

Go and lobby your local MP and be done with it. You clearly are now trying to start a cross forum debate, to which I did nor do want to be part of any further, I would politely request that you refrain from posting on here any further with regards to this subject.

This thread is aimed at individuals and members of the public who have questions about mortgages and endowments. It is not a thread for your use to lobby its users into joining your forum to fight the cause of bringing down the subprime market.

A mature response from someone who was 'open' to debate.

It is assumed however, as a morgage advisor your presence here is to 'capture' those who have no mortgage industry experience and have 'problems' or concerns only for commercial gain. We can only assume this and mean no disrespect but based on your now complete U turn on the facts your confronted with.

Is this loitering or in other more acceptable and understandble terms 'ambulance chasing'?

We do however accept your views and comments and respect them for what they are. We have learnt that industry people do not like when the public or normal every day people start to learn more.

emmaHarris_2

Go and lobby your local MP and be done with it

We are and yours!