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

HAMISH_MCTAVISH

geneer wrote: »

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

Absolutely priceless geneer.....

A bunch of articles from 2007/2008 warning of a "sub-prime time bomb" in the UK that demonstrably failed to explode.

You really couldn't make it up!!!:rotfl:

Kennyboy66

HAMISH_MCTAVISH wrote: »

Indeed Northern Rock's old mortgage book of all those supposedly sub-prime loans, the so-called "bad bank", remains profitable to this day. It made £300,000,000 profit last year alone.

.

Northern Rock Asset Management (NRAM) the so called "bad bank"

2007 accounts LOST £ 199 million
2008 accounts LOST £1356 million
2009 accounts LOST £ 258 million

It has of course made a profit since - it would be difficult not to as it can borrow very cheaply courtesy of the government, while its poor mortgage holders, a highly unattractive bunch on up to 125% mortgages are stiffed.

"Remains profitable to this day"

Same old Hamish, same old b*****ks

StevieJ

geneer wrote: »

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.

Your slip is showing

geneer

HAMISH_MCTAVISH wrote: »

Absolutely priceless geneer.....

A bunch of articles from 2007/2008 warning of a "sub-prime time bomb" in the UK that demonstrably failed to explode.

You really couldn't make it up!!!:rotfl:

Unless of course you count the House Price Crash of 2007/2008.

:rotfl::rotfl::rotfl:Lordy. Nice one Hamish.
You couldn't make it up.

robmatic

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. Apparently, there might have been a couple of housing bubbles or something.

You would think that if there was any fairness taxi drivers, tradesmen and other common oiks would have to live somewhere out of sight.

geneer

robmatic wrote: »

You would think that if there was any fairness taxi drivers, tradesmen and other common oiks would have to live somewhere out of sight.

Strawman argument.
Is that the best you could come up with?

Graham_Devon

Kennyboy66 wrote: »

Northern Rock Asset Management (NRAM) the so called "bad bank"

2007 accounts LOST £ 199 million
2008 accounts LOST £1356 million
2009 accounts LOST £ 258 million

It has of course made a profit since - it would be difficult not to as it can borrow very cheaply courtesy of the government, while its poor mortgage holders, a highly unattractive bunch on up to 125% mortgages are stiffed.

"Remains profitable to this day"

Same old Hamish, same old b*****ks

See Hamish.

'Irreputable'

Silly boy.

heathcote123

geneer wrote: »

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.

Believe it or not, having a degree does not entitle you to a better wage than anyone else. It's just 3 more years of school.

I take it you have a degree and think you deserve better?

Is it somehow unexpected that people accumulate wealth after a lifetime of working?

Jimmy_31

heathcote123 wrote: »

Believe it or not, having a degree does not entitle you to a better wage than anyone else. It's just 3 more years of school.

I take it you have a degree and think you deserve better?

Is it somehow unexpected that people accumulate wealth after a lifetime of working?

The fella who works in my local chippy has apparently got a degree in marine biology, i suppose its sort of helpful on a day to day basis.

geneer

heathcote123 wrote: »

Believe it or not, having a degree does not entitle you to a better wage than anyone else. It's just 3 more years of school

Actually, achieving a professional qualification generally does entitle people to better wages. Its a number of years of additional intensive education followed (in many professions) by the achievement of professional qualifications.

So do please leave of with the school of hard knocks rhetoric.

heathcote123 wrote: »

I take it you have a degree and think you deserve better?

No, I think that having two degrees and a professional qualification has actually given me a better salary.
Is it does for many professionals.

heathcote123 wrote: »

Is it somehow unexpected that people accumulate wealth after a lifetime of working?

By "accumulate wealth" you of course mean that by being of an age they have been in a position to benefit from two housing bubbles and rampant inflation.

Presumably you feel they "deserve" the benefits of random happenstance?


Which brings me back to my original point.
Households of high earning professionals who find themselves living next to bar maids and shelf stackers.