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Balls_Of_Steel
Posts: 153 Forumite
Very interesting, starts 20.30
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For anyone that misses it, it's repeated at 00.25am on Friday morning.
BSC #53 - "Never mistake activity for achievement."
Consumer Credit Counselling Service (CCCS)| National Debtline| Business Debtline| Find your local CAB0 -
Illegitimi non carborundum.0
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All very dramatic, packs of cards collapsing, high rise flats becoming dust before your eyes and the most exciting statistic?
70% of repossessions are sub-prime!
Doh! why wouldn't they be? Aren't sub-prime greater risk? Isn't that the whole theory, higher interest rate because the risk to the lender is greater so you would expect more of the repossessions to be from the sub-prime market.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Gosh - almost brand spanking new and it already looks like a run down Council estate !!!!!!!! :rolleyes:0
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What was that new build build flat scam...
You buy the whole block of yuppie waterside flats at a nice discount from the builder.
You then sell them to mostly imaginary buyers for a decent markup, duping the lenders into releasing the funds. Then scarper with the difference between sale price and the mortgaged price. Leaving 80%+ of the block to be repossessed.
Nice. I was thinking of renting something just like that :eek:0 -
What was that new build build flat scam...
You buy the whole block of yuppie waterside flats at a nice discount from the builder.
You then sell them to mostly imaginary buyers for a decent markup, duping the lenders into releasing the funds. Then scarper with the difference between sale price and the mortgaged price. Leaving 80%+ of the block to be repossessed.
Nice. I was thinking of renting something just like that :eek:
I'll have to watch it now. I am very sure I know somewhere where that has happened.Everything that is supposed to be in heaven is already here on earth.
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The council should buy them all up to replenish their stock.0
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But isn't Brit-land supposed to have (allegedly) a very low exposure to sub-prime? And as for the CML correction eg page 1 "MSE towers in drug-fuelled orgy", much later small print page 42 "sorry, didn't really happen" stuff...Aren't sub-prime greater risk? Isn't that the whole theory, higher interest rate because the risk to the lender is greater so you would expect more of the repossessions to be from the sub-prime market.
Another triumph for light/no touch "regulation"..?0 -
The thing about the flats was interesting. We are told the south east needs property built on every spare scrap of land, and there they all are, standing empty while young people cannot buy due to prices inflated by fraud.
Felt little sympathy for the "victims" who lied to get mortgages.Been away for a while.0 -
Running_Horse wrote: »Felt little sympathy for the "victims" who lied to get mortgages.
Thats a bit harsh Runninghorse. A lot of these people didn't understand about the finances or even what they were really signing. They trusted these people:rolleyes: A bit like people trust their banks and the loan companys:eek:
These people need protection from these con artists not a condemnation
Shaz0
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