UK Mortgage Lending and House Prices DID NOT cause the credit crunch

Jimmy_31

Cleaver wrote: »

Manchester.

Well if you live in manchester i can see no reason at all for you not knowing who the main HA is, or which main contractor is currently the HAs favourite contractor. Now with both pieces of this information it is not hard for you to find out who the middle man is that lots of lads are having to work for because the main contractor is taking a backhander from him and telling anyone who rings for a job that they have no work available.

Ill give you a clue, its the same main contractor who is employing certain subbys and then giving them a temporary contract to do a set amount of work on X estate, this move now enables the main contractor to lay off the cards in lads who have worked for him for years because suddenly there isnt much work available because its been contracted out. This result is a cards in lad of 5,6,7 years service being laid off before a temporary subby and wages being knocked down once the temporary contract runs out

Now if you know anybody who would like a career in the construction industry in this area then tell them to give this main contractor a ring and they should have no problem recieving an apprentiship, on a monthly rolling contract of course and no actual training will be provided.

Ask your joiner mate about all this because he should be able to confirm that its all 100 percent true seeing as he operates in the area.

geneer

Cleaver wrote: »

I'm not talking about tradesmen driving around in Porsches or anything. I was just pointing out that I have two friends, one of who is a joiner and one who is a plumber. They are both very good at what they do, they never seem to be out of work and they both seem to a decent wage that appears to have enabled them to support their families. The joiner lives in a small terrace house in a nice area Manchester, the other in a 3-bed semi in a very normal average area of Manchester.

I was simply pointing out that whilst neither are living like Bill Gates, they both charge a lot over minimum wage and have been constantly busy for all the years I've known them.

And how old are they?
That will be the critical thing.


Theres many a housing estate where young degree carrying professionals are living cheek to jowl with 50 year old taxi drivers an tradesmen. Apparently, there might have been a couple of housing bubbles or something.

Cleaver

geneer wrote: »

And how old are they?
That will be the critical thing.

One is 25, the other 34.

geneer wrote: »

Theres many a housing estate where young degree carrying professionals are living cheek to jowl with 50 year old taxi drivers an tradesmen.

Isn't that just called a normal society? I know that down my road we have a mix of 'professionals' and tradesmen etc. Why is that a problem?

the_flying_pig

H, you make a couple of fair points but there's so much in there that ranges from disingenuity to outright crap, that it's really not worth a sensible reply [not least because there's nothing new in there]

geneer

Cleaver wrote: »

Isn't that just called a normal society?

It is now.

hallmark

HAMISH_MCTAVISH wrote: »

The credit crunch was a direct result of one thing and one thing only.

American banks bundled some truly horrific sub-prime loans together and with the complicity of ratings agencies, mis-sold them on the global markets as AAA investments. These were bought by pension funds, banks, investment funds, etc all over the world.

To illustrate the scale of the problem, a new word was invented. The NINJA loan.... No Job, No Income, No Assets. Ignorant people were being mis-sold these loans on an epic scale.

HAMISH_MCTAVISH wrote: »

Now look, I understand why so many posters are desperate to believe prices only rose because of "lax lending"..... Because the reality, that we are short a million houses already, and need another 3 million built in the next 10 years just to keep up with growth and keep prices at today's levels, is a staggeringly hard concept to grasp if lower prices are your goal.

So you've just utterly contradicted yourself. Make your mind up.

HAMISH_MCTAVISH

hallmark wrote: »

So you've just utterly contradicted yourself. Make your mind up.

Don't be daft. Try reading it properly instead of skimming and taking things out of context.

NINJA loans referred to the USA, and millions of them were written.

This was not the case with UK lending.

geneer

HAMISH_MCTAVISH wrote: »

Don't be daft. Try reading it properly instead of skimming and taking things out of context.

NINJA loans referred to the USA, and millions of them were written.

This was not the case with UK lending.

:rotfl::rotfl::rotfl:

Poor old hamish. He seems to think the fact that the US ultimately triggered the GLOBAL meltdown means that the US was the only place where sub-prime mortgages were sold, and the only place there was a housing bubble.

Hamish of course is quite magnificently wrong.

geneer

This can't be right. Hamish said there was no sub prime problem in the UK?

http://www.telegraph.co.uk/finance/2811501/FSA-slams-UK-sub-prime-mortgage-market.html
FSA SLAMS UK SUB PRIME MORTGAGE MARKET.

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article2933895.ece
Sub-prime ‘time bomb’ is set to explode in Britain

http://blogs.ft.com/westminster/2008/04/the-spectators-data-on-the-uk-subprime-timebomb/#axzz1YO2YJoFM
The Spectator’s data on the UK subprime timebomb

Cleaver

geneer wrote: »

It is now.

Well that's good. I like living an area where lots of different people do lots of different types of jobs.