"non-verified loans made up 43% of all home loans granted in first 3 months of 2010"

Really2

Generali wrote: »

I've got 2 kids so I know what that's like already.

Quality, we have got to the "voluntary temporary deafness" stage. For some reason I [STRIKE]thought[/STRIKE] hoped it would be nearer the teens, not three years old.

ess0two

smamst wrote: »

Careful you lot, you will get told off for posting misleading bear articles by Hamish and his new sock puppet Madness.

"Fact is there is no housing market crash and now never will be. "

Get used to it, there is a crash and 25% will be a conservative crash. I just feel sorry for the people who believe the crap that buying overpriced houses is sound financial advise.


Average house prices will be £95k which equates to 3x+1 average salary.

Does that make the average salary £32k?

Orpheo

MadnessOfHPC wrote: »

Simple ghoulish tactics learned from hpc to help initiate fear and loathing in the housing market.

Fact is there is no housing market crash and now never will be. :T

Have you run away from your carer again?

carolt

Really2 wrote: »

Quality, we have got to the "voluntary temporary deafness" stage. For some reason I [STRIKE]thought[/STRIKE] hoped it would be nearer the teens, not three years old.

When my eldest was 3, I discovered the phrase 'threenager' , which I think described her perfectly. :rotfl:

Really2

carolt wrote: »

When my eldest was 3, I discovered the phrase 'threenager' , which I think described her perfectly. :rotfl:

I think your right, A mini Kevin.

carolt

Really2 wrote: »

This ones desprate carol, you saw this at 3pm today and even commented.
https://forums.moneysavingexpert.com/discussion/comment/36842978#Comment_36842978

the truth is
bit of a misread by the BBC I think. Or the CML trying some scare tactics.
http://www.newstatesman.com/economy/...mortgages-self

So I read that as the mortgages between that period, I dare say most were in 2007.

you wrote



So why did you feel it needed a new thread on the same subject?


Your title as well you know is totally fictitious!

No - my title was a direct quote from the BBC. No reference to 2007 re these figures at all in the article quoted in the OP.

If you have a problem with the quote, I suggest you take it up with the BBC, not me.

As far as I can see, your reference to 2007 is 'entirely fictitious'. Your link doesn't work.

gagahouse

MadnessOfHPC wrote: »

Simple ghoulish tactics learned from hpc to help initiate fear and loathing in the housing market.

Fact is there is no housing market crash and now never will be. :T

I'm not sure who is more crazy, the nutters over at HPC or the nutter that thinks 200 odd HPC nutters can move a market alone just by their proclamations.

DervProf

payless wrote: »

just because income was not verified by lender does not mean it was not verifable , may even have been checked by broker- but lender not asked for proof

Checked by a broker ? :rotfl:

"Sorry sir/madam, your salary doesn`t meet the criteria for your mortgage application. Although the lender isn`t going to verify your income, I am. I therefore can`t submit your application." (Yeah, right).

or.......

"Yes, sir/madam, I have verified that your salary is lower than the level required for your mortgage application under normal lending rules, but the lender isn`t going to check, so I won`t tell."

Really2

carolt wrote: »

No - my title was a direct quote from the BBC. No reference to 2007 re these figures at all in the article quoted in the OP.

If you have a problem with the quote, I suggest you take it up with the BBC, not me.

As far as I can see, your reference to 2007 is 'entirely fictitious'. Your link doesn't work.

Here you go,
http://www.newstatesman.com/economy/2010/07/certification-mortgages-self
We discussed on the other thread yesterday, you even commented on it! You cant say you dont remember 2 hours earlier

Self-certification mortgages, which require no proof of income for being granted, are likely to be banned by the UK's Financial Services Authority.

The FSA has introduced draft rules under which banks must obtain income proof of their mortgage customers before approving loans, to make sure that they can afford their repayments.

For all practical purposes, applicants of home loans being asked to prove their income to lenders will mean an end to self-certification mortgages - dubbed "liar loans" - popular with self-employed people.

Lesley Titcomb, the FSA director for the mortgage market, said this was a step toward building a strong framework to protect mortgage customers and to make sure that the "problems of the past do not happen again, particularly as the mortgage market recovers."

Self-certification mortgages accounted for almost half of all new mortgages advanced between 2007 and the first quarter of 2010, according to the FSA.

The Council of Mortgage Lenders (CML) said the new rules would also make "fast track" loans impossible because of increased paperwork.

DervProf

"Despite this the mortgage industry has been alarmed at the prospect of excessive new formal restrictions, such as being obliged to demand that borrowers prove they can pay. "The unintended consequences of new mortgage regulation are likely to stifle innovation* and opportunity**," said Mr Coogan.




If I were lending money to someone, I`d want reasonable evidence that they could pay.


* lying


** fraud