Irresponsible Borrowers

Exocet

MegaMiniMouse wrote: »

The problem bankers got bailed out by the the exchequer - how many 'cash buyers at the repo auctions' could depend upon such support?

Yes, OK, we all hate bankers on here, you are among friends. But bit of a problem with the irresponsible borrowers thing - because we all hate them as well. Maybe it's a chicken and egg thing. You know, chicken wants an egg, decides to borrow to pay for it (farmer lends them the money), egg grows up leaves the nest, wants it's own nest, chicken has to borrow to pay for that as well (cockerel left long ago), egg can't afford loan, chicken has had enough, both lose their nests. They end up blaming the farmer.

macaque_2

Exocet wrote: »

Yes, and no. I thought the new game in town was for the banks to sell the original mortgages, and then sell them on. They became sliced and diced with other loans, enabling bundles of frankly fairly dodgy lending to still retain an AAA rating. These parcels were sold on, and on, around the financial system.

That's one part of the game. The other part was easy money. Perfectly normal sane people could buy a BTL property with 0% down, building up hundreds of thousands in debt (er sorry BTL empire). Competing with these BTLers were FTBs forced or willing to take on silly multiples in order to buy their property before it rose out of range.

A pyramid ensued. A bubble. An investment craze. People were buying property off plan and flipping it before completion, and making tens of thousands. This couldn't go on forever. It stopped. The systems failed.

The shakeout is beginning.

This post has been reviewed by the 70% committee and judged to be highly commended.

darkblue_2

MegaMiniMouse wrote: »

You could always try a bit of personal abuse - it can work wonders when you know you have nothing useful to contribute to a discussion...

WHAT THE $!%* ! YOU $("$(£*(""
:rotfl:

Graham_Devon

I'm happy to announce, I don't understand

MegaMiniMouse

Exocet wrote: »

Yes, OK, we all hate bankers on here, you are among friends. But bit of a problem with the irresponsible borrowers thing - because we all hate them as well. Maybe it's a chicken and egg thing. You know, chicken wants an egg, decides to borrow to pay for it (farmer lends them the money), egg grows up leaves the nest, wants it's own nest, chicken has to borrow to pay for that as well (cockerel left long ago), egg can't afford loan, chicken has had enough, both lose their nests. They end up blaming the farmer.

That doesn't work either! Chickens don't BUY eggs, thay MAKE them...

darkblue_2

I have feathers but no wings and when I hit you it will sting.

Answer:

An arrow

That doesn't work either! Chickens don't BUY eggs, thay MAKE them...

I've got a great image on par to chicken run of a bunch of hens manufacturing eggs.

treliac

MegaMiniMouse wrote: »

That doesn't work either! Chickens don't BUY eggs, thay MAKE them...

Actually, they lay them.

Graham_Devon

I buy the chicken AND the egg. Do I win?

treliac

darkblue wrote: »

I've got agreat image on par to chicken run of a bunch of hens manufacturing eggs.

Graham_Devon wrote: »

I buy the chicken AND the egg. Do I win?

MMM's given up the ghost and gone to roost.

darkblue_2

Only if you keep it warm yourself. Then there's organic/free range/ welfare/ vet bills/ having to buy a !!!! to keep them in order.

It's more hassle than it's worth to be honest. You may as well use the supermarket.