We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
75% LTV cap Rejected by FSA
HAMISH_MCTAVISH
Posts: 28,592 Forumite
http://www.mortgagesolutions-online.com/mortgage-solutions/news/1686293/no-mention-ltv-cap-osborne-speechRumours the government is set to cap Loan-To-Values (LTV) at 75% were not substantiated in George Osborne's first Mansion House speech as Chancellor yesterday.
The LTV cap was reported in The Telegraph and could have been a leak, from the government preparing the industry for bad news later, said Ray Boulger, senior technical manger at John Charcol.
I never thought there was a realistic chance of a 75% cap. After investigation the cap idea has already been rejected by the FSA," he said.
:beer:
.........
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
0
Comments
-
Why would the Chancellor announce this in a speech at the Mansion House?
Even your title is misleading as the FSA haven't commented.
Must be a bad news day.0 -
Thrugelmir wrote: »Wh
Must be a bad news day.
Fairly sure lots of news stories get broken without official statements.After investigation the cap idea has already been rejected by the FSA," he said.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Aren't the FSA about to be axed?0
-
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Merged with BoE.........
Somewhat disingenious...
http://www.businessweek.com/news/2010-06-18/u-k-scraps-fsa-bank-stress-swaps-and-error-rules-compliance.htmlU.K. Chancellor of the Exchequer George Osborne said he will abolish the Financial Services Authority and give most of its power to the Bank of England, undoing the regulatory system set up by Gordon Brown in 1997, which Osborne blamed for failing to prevent the financial crisis that plunged the nation into recession.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Somewhat disingenious...
Not at all.The change involves FSA operations that monitor financial institutions becoming a subsidiary of the Bank, which is setting up a Financial Policy Committee to oversee the activities and balance sheets of banks and other lenders.
And not only that, but the head of the FSA is even moving to the BoE as a Deputy Governor.Mr Cornish said his concerns about concentrating so much power in the Bank of England had been eased by the appointment of Hector Sants – the outgoing FSA chief – as a deputy governor of the Bank of England“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Some stories are so ridiculous you have to be a moron to actually believe them, 75% cap :rotfl:'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
-
HAMISH_MCTAVISH wrote: »Not at all.
And not only that, but the head of the FSA is even moving to the BoE as a Deputy Governor.
Regardless, it is not being merged with the BoE.
In simple terms the Coaliation are getting rid of this GB Quango, since it has proven to be of as much use as an ashtray on a motorbike. Northern Crock, Iclandic banks, HBOS anyone?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
The FSA are also opposed to regulating 100% mortgages, so no surprise.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
What FSA??????Not Again0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards