Official. No more Liar loans. Celf cert banned.

geneer

HAMISH_MCTAVISH wrote: »

Quite.

For many, perhaps even most, purchasers from 4 years ago the low rates since have more than compensated for the capital loss.

Versus renting the same house since, they'll now mostly have broken even or be in a slight gain.

Thats nice. Care to check your maths on that.
Only, recently we were involved in a similar exercise, and I calculated that a 20% fall would could have paid for 10 to 12 years of rent.

Meaning that claiming something ain't neccesarily making it so.
A lesson which, if learned, would reduce your post count tenfold.

geneer

wotsthat wrote: »

Geneer translation - I really really can't back up my assertion that self cert led to an increase in loans that people couldn't afford.

Actually wotsits, I was pointing out that your response was so woefully devoid of reality that it wasn't even worth pointing out the the obvious enormity of your ignorance.

wotsthat

geneer wrote: »

Actually wotsits, I was pointing out that your response was so woefully devoid of reality that it wasn't even worth pointing out the the obvious enormity of your ignorance.

Geneer translation - yeah got me on that one.

geneer

newDude wrote: »

Yes they have, so get your facts strait.

No my facts are strait.

More than half of all new mortgages taken out between 2007 and the first quarter of 2010 were provided without a customer having to prove their income.

nearlynew

olly300 wrote: »

Geneer and others obviously haven't met people who have been made unemployed who were on high salaries. They didn't self-cert their mortgages.

There as the people I know who self-certed, due to the nature of their work, made every effort including working away from home to ensure they could pay their mortgage.

I've met hundreds of people like that.

I am acquainted with dozens of them.


They aren't "unfortunate".


They are f*cking chancers.

geneer

wotsthat wrote: »

Geneer translation - yeah got me on that one.

No. You really didn't.

geneer

wotsthat wrote: »

Where's the evidence? Sounds like a geneer meme.

I'd expect that arrears rates would be on the increase if significant numbers had been in receipt of loans they couldn't afford.

http://www.telegraph.co.uk/finance/8962695/End-to-liar-loans-after-lenders-are-ordered-to-tighten-income-checks.html

Lenders will impose tougher tests on borrowers to ensure they can make their repayments, the Financial Services Authority is to announce on Monday.
During the property boom the so-called “liar loans”, where banks and building societies fail to make independent checks on a customer’s income, were at the centre of widespread fraud.

Some mortgage brokers encouraged home buyers to make false declarations about their income to borrow more money, boosting property prices. Many borrowers, however, were unable to meet monthly repayments when interest rates rose, leading to arrears and repossessions.

:rotfl:Silly silly boy.
You would have been better marginally looking ignorant rather than being proven ignorant.
Ah well.

wotsthat

geneer wrote: »

No. You really didn't.

Can I assume no evidence will be forthcoming to back up your assertion?

I don't like to press but I want to catch Mick Bubble on the telly later.

geneer

wotsthat wrote: »

Can I assume no evidence will be forthcoming to back up your assertion?

I don't like to press but I want to catch Mick Bubble on the telly later.

Can I assume you tend not to look before you leap. :rotfl:

Though I have to admit your comedy timing is brilliant.

wotsthat

geneer wrote: »

http://www.telegraph.co.uk/finance/8962695/End-to-liar-loans-after-lenders-are-ordered-to-tighten-income-checks.html

:rotfl:Silly silly boy.
You would have been better marginally looking ignorant rather than being proven ignorant.
Ah well.

Is that it - a telegraph paragraph? I may as well quote the Express back at you. Where are all these arrears and repossessions?

You're meant to be able to back up an assertion before you make it rather than rely on some frantic googling after the fact when you're called on it.