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No no no, lending wasn't the issue...
Comments
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Graham_Devon wrote: »A bank which has been forecast to return just 50% of the money at best?
To be fair it may well return a profit.
However its running down its mortgage book and no longer has operational costs such as running a branch network etc.
So can't be assessed on a commercial level as its not comparable.0 -
Graham_Devon wrote: »A bank which has been forecast to return just 50% of the money at best?Thrugelmir wrote: »To be fair it may well return a profit.
Ooops.Graham_Devon wrote: »Dearie me.
Yes, I think that sums it up.Graham_Devon wrote: »It may seem I'm running around the forum after you. But this is simply an exercise of picking the lowest hanging fruit my friend
Indeed.....“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Graham_Devon wrote: »Oh, it's switched from no UK lending standard issues, to no residential mortgage lending standard issues.
Sweet.
You know and we know that any criticisms that were made on this board were aimed at residential mortgages It stands to reason that anyone that stated that there were few issues would have been referring to those and not commercial property loans. 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
You know and we know that any criticisms that were made on this board were aimed at residential mortgages It stands to reason that anyone that stated that there were few issues would have been referring to those and not commercial property loans.
Banks such as HBOS took risky commercial lending decisions across the board. To rebuild the bank (it is still a separate legal entity although owned by Lloyds) it has to make profit from whatever source it can. To cover losses.0 -
HAMISH_MCTAVISH wrote: »
Well, the profitability of even Northern Rock's "bad bank" proves them categorically wrong.
Northern Rock bad bank (NRAM) set to cost taxpayer £2bn.
http://www.bbc.co.uk/news/business-18106848
Who's wrong?0 -
Predictably, no answer to this post from the usual suspects.HAMISH_MCTAVISH wrote: »Ooops.
Yes, I think that sums it up.
Indeed.....0 -
As I "exclusively" (read: what everyone knew already apart from some spectacularly misguided people) revealed on this forum just a few days ago, commercial lending is what screwed BoS and RBS. Somehow businesses are happier than homeowners for their premises to be repossessed, whodathunk?Graham_Devon wrote: »Northern Rock bad bank (NRAM) set to cost taxpayer £2bn.
http://www.bbc.co.uk/news/business-18106848
Who's wrong?
http://news.sky.com/home/business/article/16180821
You quoted an article full of coulds and maybes. From the same office that suggested that selling Northern Rock (the good bit) early and for a loss was better in the long run when actually the Government was contractually obliged to sell a very decent bank at the worst time in the market for a loss because of Labour's rank incompetence.
I can assure you privately the bigwigs at Virgin (if it helps you to visualise it think of Richard Branson) are creaming themselves with excitement at their acquisition. Watch the mortgage market in the next few months, Northern Rock will be back with vengeance.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
Graham_Devon wrote: »Northern Rock bad bank (NRAM) set to cost taxpayer £2bn.
http://www.bbc.co.uk/news/business-18106848
Who's wrong?
http://www.bbc.co.uk/news/business-17195562Northern Rock is expected to return a profit of up to £11bn to the taxpayer over the next 10 to 15 years, the body which manages the government's bank investments has said.
The government provided £37bn of funding to bail out the two companies that comprise the former Northern Rock.
UKFI now says that the return of cash from the two companies is expected to total between £46bn and £48bn.
2 govt departments take opposite views.If I don't reply to your post,
you're probably on my ignore list.0 -
Thrugelmir wrote: »You really haven't got a clue have you? Absolutely none at all.
The Head of Regulatory Risk at a major bank reports directly to the board. Something the average investment banker does not do. Highly likely that they'll be qualified as a barrister as well.
So are you saying that these highly qualified professionals were ignored when they highlighted the lending risks their employers were taking or are you saying that they determined that the lending risk thei employers were taking was acceptable?0 -
HAMISH_MCTAVISH wrote: »No Graham, what we've repeatedly said is that there was no systemic problem with UK residential mortgage lending standards.
And indeed there wasn't.
Posting an article about business lending does nothing to help your case...
This link says you are wrong Hamish:
http://www.youtube.com/watch?v=vT1UnGS91BY&feature=relmfu:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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