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Debate House Prices
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House price correction - Taking the hard route
Comments
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No doubt all the other countries which are embroiled in the 'global financial crisis' can also point to a similar lack of responsibility for the way things have panned out.
TruckerT
Are you actually trying to claim that defaults on UK residential mortgage lending as a result of increased levels of I/O and Self-Cert caused the global "melt-down"?
Or even the "melt-down" of the UK financial system?
And if not then what on earth are you on about?“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 -
No doubt all the other countries which are embroiled in the 'global financial crisis' can also point to a similar lack of responsibility for the way things have panned out.
TruckerT
The issue was whether UK mortgage lending contributed to the financial mettle down.
The answer is NO.
UK banks certainly contributed their share to the unwise lending but not with domestic UK mortgage lending.0 -
HAMISH_MCTAVISH wrote: »Are you actually trying to claim that defaults on UK residential mortgage lending as a result of increased levels of I/O and Self-Cert caused the global "melt-down"?
Absolutely not - this is what I said - "No aspect of UK mortgage lending would be capable, on its own, of causing a global financial crisis. It needed international co-operation, which was readily available"
Or even the "melt-down" of the UK financial system?
And if not then what on earth are you on about?
TruckerT...According to Clapton, I am a totally ignorant idiot.0 -
Absolutely not...
But what you originally said was....and the easy availability of interest-only and self-certificated loans which many people blame for the melt-down.
So just to clarify, are you now admitting that the easy availability of those loans in the UK had nothing to do with the "melt-down"?“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 -
what you actually wrote and only modified it after its absurdity was evident
There is little difference between what you suggest, and the easy availability of interest-only and self-certificated loans which many people blame for the melt-down. And which are now regarded as totally wrong and unacceptable (since they depend, like you, on the assumption that property ownership offers a guaranteed profit
TruckerT...0 -
The issue was whether UK mortgage lending contributed to the financial mettle down.
The answer is NO.
UK banks certainly contributed their share to the unwise lending but not with domestic UK mortgage lending.
I took out a self-certificated mortgage about 8 years ago which I needed in order to sort out my life. I gave a completely fictitious story about my income etc, and walked away with an offer.
When I sold the house I was in negative equity.
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
Dear Hamish and Clapton - please tell me which statement I 'modified'
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
I took out a self-certificated mortgage about 8 years ago which I needed in order to sort out my life. I gave a completely fictitious story about my income etc, and walked away with an offer.
When I sold the house I was in negative equity.
TruckerT
There have always been some people who end up defaulting on their debts.
The issue is whether or not the numbers and amounts (in the UK) were unusually high and if so were they high enough to cause RBS and HBOS to become bankrupt.
The answer is clearly no.
How much did you default on ?0 -
There have always been some people who end up defaulting on their debts.
The issue is whether or not the numbers and amounts (in the UK) were unusually high and if so were they high enough to cause RBS and HBOS to become bankrupt.
The answer is clearly no.
How much did you default on ?
Default? I didn't say I 'defaulted' - have you 'modified' my earlier post?
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
I took out a self-certificated mortgage about 8 years ago which I needed in order to sort out my life. I gave a completely fictitious story about my income etc, and walked away with an offer.
When I sold the house I was in negative equity.
TruckerT
What does that have to do with the "melt down"?“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
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