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The Big short-coming to the UK
C_Mababejive
Posts: 11,668 Forumite
Has anyone else seen the film "The Big Short".
Its based on a true story, i.e the 2008 crash and filmed in the style of documentary/fim with some humour thrown in.
It seeks to explain to the layman just how the 2008 was fuelled by sophisticated repackaging of sub prime mortgages in the USA and how ratings agencies and all other interested parties connived to keep the whole showboat rolling until it all finally blew up.
I doubt lessons have been learned and i think the UK housing market is slowly but surely heading in the same direction.
Its based on a true story, i.e the 2008 crash and filmed in the style of documentary/fim with some humour thrown in.
It seeks to explain to the layman just how the 2008 was fuelled by sophisticated repackaging of sub prime mortgages in the USA and how ratings agencies and all other interested parties connived to keep the whole showboat rolling until it all finally blew up.
I doubt lessons have been learned and i think the UK housing market is slowly but surely heading in the same direction.
Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
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Comments
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What leads you to that conclusion?0
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Reposessions are at a 30-year low at the moment.
https://www.theguardian.com/money/2016/may/12/tenant-evictions-england-wales-repossessions0 -
The whole scam, and it was a scam, was perpetrated by conning people into believing that they could afford a property when they patently could not. Added to this was a 100 or even 105% mortgage. I don't see any of that happening at the moment, quite the opposite in fact. It's pretty difficult to get a mortgage these days.I came into this world with nothing and I've got most of it left.0
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As an addendum, the ratings companies, Fitch, S&P, Moody's, should have faced criminal negligence charges....bastids.I came into this world with nothing and I've got most of it left.0
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Self-certified mortgages! I think they have been scrapped now.0
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C_Mababejive wrote: »Has anyone else seen the film "The Big Short".
That was on the big screen while back. Read the book for a more in depth story. Other books by the same author are equally interesting.0 -
Reposessions are at a 30-year low at the moment.
https://www.theguardian.com/money/2016/may/12/tenant-evictions-england-wales-repossessions
We've also got record low ''emergency'' interest rates at the moment and record high levels of all forms of debt... how do you think repossession numbers would look if IR's went up even just 4 or 5 percent?0 -
iantojones40 wrote: »We've also got record low ''emergency'' interest rates at the moment and record high levels of all forms of debt... how do you think repossession numbers would look if IR's went up even just 4 or 5 percent?
Money is very cheap at the moment. I havent looked at the mortgage market in a long while but had a scan the other day. I was amazed at the range of low interest rates available and the length of xies you could have sometimes up to 5 years.
Package that with rising house prices and vastly inflated new build asking prices, as well as the surge in building over priced shoe boxes in the sky (aka yuppie apartments) and it seems to me that its all cooking nicely. A huge pump and dump is slowly developing, hoovering in people desperate to get on this thing called the "housing ladder", almost at any cost, Like people scrambling for a lifeboat on the titanic.
Just my view and im probably talking rubbish.Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0 -
iantojones40 wrote: »We've also got record low ''emergency'' interest rates at the moment and record high levels of all forms of debt... how do you think repossession numbers would look if IR's went up even just 4 or 5 percent?
That would make very little difference at all. So the bank rate would rise to 0.26%. No problem.0 -
The sub prime crisis is also explained rather well here
https://m.youtube.com/watch?v=mzJmTCYmo9g0
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