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FSA backs down on tough lending rules

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Comments

  • abaxas
    abaxas Posts: 4,141 Forumite
    So the regulator has decided not to regulate the problem that were caused by it's lack of regulation.

    Must be a way of getting these people sacked.
  • brit1234
    brit1234 Posts: 5,385 Forumite
    Conrad wrote: »
    Proove it. Tell me in which general locale a reasonably priced property cannot be purchased by a FTB.

    West London
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • FATBALLZ
    FATBALLZ Posts: 5,146 Forumite
    Conrad wrote: »
    I am not some bitter vested interest. As a mortgage broker I make more money now that people really need me.

    Surely it isn't just me who reads this as saying..

    I am not some bitter vested interest. I am some bitter vested interest.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    shortchanged wrote: »
    The flaw in your argument though conrad is people can't get on the housing ladder now because house prices are STILL too high.
    about 50,000 people a month get a mortgage and that doesn't include cash buyers.

    so when you say people can't buy - you're definitely making stories up again...
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    Graham_Devon wrote: »

    didn't we already go through this, with you wanting a challenge, stating you would be able to find an affordable property anywhere in the country?

    You then came up with unmortgageable properties at 8x local wages, as an example of your affordable properties :D


    Blimey, this is proof proper that you really do filter the world around you.
    I gave plenty of examples of affordable mortgagable property - but you fixate on the one bummer that had structural defect, great:beer:
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    abaxas wrote: »
    So the regulator has decided not to regulate the problem that were caused by it's lack of regulation.

    Must be a way of getting these people sacked.


    Can you tell me what the repo rate from self cert mortgages is and nhow that compares with non self cert, in order to back up your assertion?


    Which lack of 'retail mortgage' regulation lead to the credit crunch in terms of UK mortgage securities? What impact and detriment did the UK mortgage scene have upon the credit crunch?
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    brit1234 wrote: »
    West London

    What part of west London do you HAVE to live in? I had to drive 50 miles to work from my first pad.
  • ILW
    ILW Posts: 18,333 Forumite
    brit1234 wrote: »
    West London

    I will increase that to Mayfair.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    DervProf wrote: »
    In other words, they are tax dodgers.

    I bet their "helpful" accountants know a few "helpful" mortgage brokers who can get them nice big mortgages.

    I get the picture.

    Yep you really get the picture mate, you ignore the bit about people used to declare thier AFFORDABILITY of a given mortgage without mentioned an income figure.

    What proportion of repos came from this sector Derv? You must know the impact given your distain for such products.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Conrad wrote: »
    Which lack of 'retail mortgage' regulation lead to the credit crunch in terms of UK mortgage securities? What impact and detriment did the UK mortgage scene have upon the credit crunch?

    Ultimately oversupply with the reliance on the wholesale lending markets to raise money. Banks borrow short and lend long. In 2000, the UK mortgage market was totally funded by retail deposits, there was no reliance on the wholesale money markets at all.
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