The origins of today's market mayhem: thank the housing bubble

Graham_Devon

HAMISH_MCTAVISH wrote: »

And geneer should be on his lunch break from school in

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Go!!!!!

Errr, is that a prediction?

He was already logged on before you typed that.

spadoosh

Post #13 - Epic.

Well done hamish on getting your point across

Conrad

HAMISH_MCTAVISH wrote: »

Lets be absolutely clear about the three distinct and separate issues which you, geneer and Graham seem hell bent on conflating.

Terrific post Hamish, I've even saved it to my hard disk as a neat summary! Think I'll include this as part of my annual CDP learning target!

Lender reps tell me that on the whole both B2L and self cert mortgages have performed well.

All this talk of lie to buy, is indicative of an ignorant mindset addicted to simplistic silver bullet soundbite answers - the John Wayne shoot em up approach to life. A very small proportion of such cases, end up in arrears.

Lie to buy fulfilled a genuine need for millions of folk that do not fit the mould - for example a Teacher on a 1 year contract or a Nurse that worked for temp agencies. Grown adults that on the whole DO NOT loose thier homes.

Conrad

In one area I might be less inclined to agree with Hamish - affordability. It seems to me anecdotaly that us Brits have arrived at a place inflationary pressure and falling incomes and low growth. Almost everyone I talk to mentions this.

geneer

Graham_Devon wrote: »

Errr, is that a prediction?

He was already logged on before you typed that.

Not sure what it was.

Perhaps Hamish wishes to demonstrate that he has the ability to spot simple trends (for example that people tend not to surf the net when they are working).

Its a shame that his simple trend spotting capabilities doesn't extend to spotting credit bubbles, housing crashes and timing the market (2007:rotfl:)

socrates

The whole US miselling scam was exactly that 'a scam'

And as with every scam there are winners and there are losers.

I personally have come out of it well as all of mortgages were on decet trackers prior to this debarcle - not out of cleverness but from advice given by a Board Member on this site - to him I am eternally grateful

So back to the winners and losers

Various people probably thousands in America made huge money in commissions from these 'Junk Mortgages' - from the mortgage broker - all the way up to the Bank VP's.

In my opinion criminal activity and if they were drug dealers or the like there would be seizure of assets to offset against their jail sentences

The Americans have the capability to cross reference every transaction and track these people down - this money has just not disappeared into thin air - there are billions that have been distributed amongst these white collar crooks - lets demand they are brought to justice.

There is no cut and pasting going on here - these are the facts - it was a scam on a huge scale and we re paying for it

Hamish do not let the !!!!!!s get you down!

spadoosh

socrates wrote: »

The Americans have the capability to cross reference every transaction and track these people down - this money has just not disappeared into thin air - there are billions that have been distributed amongst these white collar crooks - lets demand they are brought to justice.

That would cost a lot and bring little recompence. Not just that most of the organisations doing this are now defunked.

I think ill go along the lines of forget it (hopefully karma will catch them up (and it normally does, not a believer of much but boy does karma seem to work!)) And just generally treat going into a bank like going into B&Q, you go in ask them about a drill, they can tell you everything about it yet dont have a clue what to do with it!

I sincerely hope there are better people in finance the my mortgage advisor from halifax, i really dont think she knew what an interest rate was!

socrates

spadoosh wrote: »

That would cost a lot and bring little recompence. Not just that most of the organisations doing this are now defunked.

I think ill go along the lines of forget it (hopefully karma will catch them up (and it normally does, not a believer of much but boy does karma seem to work!)) And just generally treat going into a bank like going into B&Q, you go in ask them about a drill, they can tell you everything about it yet dont have a clue what to do with it!

I sincerely hope there are better people in finance the my mortgage advisor from halifax, i really dont think she knew what an interest rate was!

I am not talking about chasing organisations I am talking about chasing individuals - there were middle men in all these deals and they all got commission - if it was to discredit someone unimportant it seems they will go the end of the world to do so.

Who were the individual brokers who sold these packages to the UK - where are they and where are the millions they earnt in commissions - they should not be difficult to find - they were probably huge deals so would not take a lot of investigation.

socrates

https://forums.moneysavingexpert.com/discussion/3404257

#27

I spoke about what went on behind the scenes with the banks almost a year ago!!