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Bank of England must use QE to buy 'bad mortgages'
Comments
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Hamish
I thought you said that virtually nobody was having trouble paying there mortgages and lending should be loosened. Doesn't quite tie in with the above.
It's absolutely correct that only a tiny percentage of people are having trouble paying their mortgages. Only around 2% or so are in arrears.“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: »It's absolutely correct that only a tiny percentage of people are having trouble paying their mortgages. Only around 2% or so are in arrears.
So where are all these toxic mortgages that apparently need to be hived off.0 -
So where are all these toxic mortgages that apparently need to be hived off.
The areas where house prices have fallen the most.....
The article is referring to mortgage books where the asset values no longer meet security requirements. It's not making any claims about the repayment performance of the loan books, which overall are just fine.
So not really "toxic mortgages" at all.“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: »It's absolutely correct that only a tiny percentage of people are having trouble paying their mortgages. Only around 2% or so are in arrears.
And the mortgage value of those in arrears equals what percentage of total value of residential mortgages?
:rotfl:
You are totally out of your depthNot Again0 -
1984ReturnsForReal wrote: »Hamish, your economic knowledge & solutions are the worst on the board.
Just in case you still didn't know.
Not the very worst but what is true is that he tries to punch furthest above his weight/ overstretches what meagre knowledge & reasoning abilities he does have more than anyone else on the board.
I prefer it when he sticks to simple, intuitive, themes... generally droning on about vast, rampant, demand looming over tiny shrivelled supply in the manner of Ian Krankie over wee Jimmy is one thing but some of the more intricate and developed theories are slightly embarrassing.FACT.0 -
HAMISH_MCTAVISH wrote: »It's absolutely correct that only a tiny percentage of people are having trouble paying their mortgages. Only around 2% or so are in arrears.
I should flippin well hope so seeing as interest rates are rock bottom at the moment. But what happens Hamish when interest rates start to go up?
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'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
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HAMISH_MCTAVISH wrote: »It's absolutely correct that only a tiny percentage of people are having trouble paying their mortgages. Only around 2% or so are in arrears.
No.
2.4% of mortgages are in arrears of 3 months or more.
After 13 weeks, many people will get SMI help, so many of those in arrears never actually make it to the above figures, because of stimulus.
I'd suggest the number in arrears is higher, and will grow with interest rate rises.
I'd also suggest that the numbers in arrears above would be much much larger had it not been for the reduction to 13 weeks for SMI.
Smoke and mirrors.0 -
Do you understand why people say that?
I think I do. People will welcome anything that keeps the value of their homes up, because they feel that it`s what represents their wealth and financial wellbeing.
Personally, I don`t care too much about the value of my home, it`s my salary, my bank balance and the cost of the next meal/litre of fuel/pint of beer/loaf of bread than concerns me.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Graham_Devon wrote: »Smoke and mirrors.
Exactly.
A bit like the bloke with the sports car, the new conservatory, and 2 foreign holidays a year. Are they paid for, or is his credit card balance like a telephone number ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0
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