Council of Mortgage Lenders advises "sell to rent"!!!

LisbonLaura

Running_Horse wrote: »

Non taken. But how is the link I quoted not relevant to yet another house price crash thread?

Hi RH

I didn't think it was a 'crash thread'.

It was a link to a report from the CML, about the most anti-crash bunch imaginable!

There are some who want to warn those not old enough to have lived through house price deflation of the dangers, especially after years of vested interest hype from the CML et, nearly, all.
But if messengers are going to be shot on MSE then maybe the message should be changed to:-
'BUY NOW! - THERE HAS NEVER BEEN A BETTER TIME' :A :T :j ?

jamesd

hgllgh wrote: »

Council of Mortgage Lenders advises "sell to rent"!!! What more damning a view of the property market can you get than the CML advising some to sell their homes!

Please don't misrepresent what the CML was saying by falsely claiming that it was a view of the property market.

Mr Coogan was discussing the problems that the current interest rates might cause some borrowers when their fixed rate deals end. As the story noted, "Mr Coogan stressed that there were other options, such as agreeing with lenders to cap payments for a set period ... The Council pointed to the double impact of the run on the Northern Rock bank and the credit crunch hitting families. ... Mr Coogan said those with a suspect credit record face big problems, including falling into arrears and repossession. He said they will need to protect themselves, which could mean selling up and renting".

As the more full context makes clear, you grossly misrepresented what Mr Coogan was suggesting when you falsely claimed that it was a comment on the housing market rather than the standard advice that those with poor credit records who can't afford their mortgage payments are often better off selling themselves and renting rather than paying the extra costs of repossession.

franklee wrote: »

Such censorship is going to make Martin a laughing stock if mortgages can't be discussed at this important time ... What kind of consumer financial campaigner would that make him?

It'd make him one who doesn't want posters like hgllgh misrepresenting what public representatives of respected voices in the housing market are saying but who instead favors accurate and well-researched commentary. And since he's a journalist, I trust that he does want exactly that.

The story itself would be fine. Blatantly misrepresenting what the CML representative was saying is another matter.

Running_Horse

LisbonLaura wrote: »

Hi RH

I didn't think it was a 'crash thread'.

If it looks like a duck, and quacks like a duck, its a duck (HPC is all the OP ever talks about). But if the last post is anything to go by, its a duck dishonestly disguised as a turkey.

hgllgh

jamesd wrote: »

Please don't misrepresent what the CML was saying by falsely claiming that it was a view of the property market.

Mr Coogan was discussing the problems that the current interest rates might cause some borrowers when their fixed rate deals end. As the story noted, "Mr Coogan stressed that there were other options, such as agreeing with lenders to cap payments for a set period ... The Council pointed to the double impact of the run on the Northern Rock bank and the credit crunch hitting families. ... Mr Coogan said those with a suspect credit record face big problems, including falling into arrears and repossession. He said they will need to protect themselves, which could mean selling up and renting".

As the more full context makes clear, you grossly misrepresented what Mr Coogan was suggesting when you falsely claimed that it was a comment on the housing market rather than the standard advice that those with poor credit records who can't afford their mortgage payments are often better off selling themselves and renting rather than paying the extra costs of repossession.

The point I was making is that by releasing this statement into the public domain the CML have made an implicit statement on the housing market as one that is in trouble. when was the last time the CML came out publicly with a statement like the one they have made?

It may be just genuine concern for borrowers that its members have sold overvalued mortgages too, or it may be just a desperate attempt to try to persuade the MPC to reduce interest rates, either way its an admission that the housing market has shored up problems for itself. In any case, the lenders are the ones who are now financially exposed ... what goes around comes around :money:

Aiko_2

Regardless of individual opinion about a crash, the title of your thread is deliberately misleading for dramatic and manipulative effect.

It's akin to saying 'Doctors advise limb amputation for future health'.

Both are true but only in their current specified circumstances. (I hope!)

franklee

jamesd wrote: »

Please don't misrepresent what the CML was saying by falsely claiming that it was a view of the property market.

Mr Coogan was discussing the problems that the current interest rates might cause some borrowers when their fixed rate deals end. As the story noted, "Mr Coogan stressed that there were other options, such as agreeing with lenders to cap payments for a set period ... The Council pointed to the double impact of the run on the Northern Rock bank and the credit crunch hitting families. ... Mr Coogan said those with a suspect credit record face big problems, including falling into arrears and repossession. He said they will need to protect themselves, which could mean selling up and renting".

As the more full context makes clear, you grossly misrepresented what Mr Coogan was suggesting when you falsely claimed that it was a comment on the housing market rather than the standard advice that those with poor credit records who can't afford their mortgage payments are often better off selling themselves and renting rather than paying the extra costs of repossession.

Hmmm, so you think the post comment "What more damning a view of the property market can you get than the CML advising some to sell their homes! ..." is blatant misrepresentation of what the CML representative was saying?

I read it as the OP saying the CML was advising some to sell their homes which is backed up in the article. I read the "damning a view of the property market" as the OP adding in their OWN opinion to the case and inviting the reader to consider the situation. I did not read it as the OP claiming in any way that the "damning" was done directly by the CML itself in a comment on the housing market alough there must be some implied concern in there from the CML I would think. One doens't normally talk about "seismic events" when there is no concern.

Although the article does state the CML took an extraordinary step which it is. It is not the "the standard advice", the article makes clear it is the banks and building societies have REDRAWN LENDING RULES in the wake of the global credit crunch, leaving a rising number of buyers being rejected as high risk, or sub-prime.

jamesd wrote: »

It'd make him one who doesn't want posters like hgllgh misrepresenting what public representatives of respected voices in the housing market are saying but who instead favors accurate and well-researched commentary. And since he's a journalist, I trust that he does want exactly that.

The story itself would be fine. Blatantly misrepresenting what the CML representative was saying is another matter.

Surely the point of these articles is to read them and form and post ones own view. The OP has as much right to do this as anyone else it's just you don't like the view formed!

As for the view, well it depends on the numbers who are going to be refused new fixed or discount deals as they are not earning enough or do not have enough equity now that the lenders have REDRAWN LENDING RULES. Given the irresponsible lending that has gone on I suspect there could be quite a few borrowers in this category, I suspect the lenders themselves do not know how many there are.

hgllgh

Aiko wrote: »

Regardless of individual opinion about a crash, the title of your thread is deliberately misleading for dramatic and manipulative effect.

It's akin to saying 'Doctors advise limb amputation for future health'.

Both are true but only in their current specified circumstances. (I hope!)

Oh come on!! Surely you are not going to deny me a bit of irony in my post title? It is the council of MORTGAGE LENDERS advising people to sell to rent :rotfl::rotfl::rotfl:

Aiko_2

hgllgh wrote: »

Oh come on!! Surely you are not going to deny me a bit of irony in my post title? It is the council of MORTGAGE LENDERS advising people to sell to rent :rotfl::rotfl::rotfl:

Ha ha! Oh go on then!

geoffky

No More House Price Crash Threads Please
It has come to my attention that recently there has been a glut of people starting House Price Crash threads.

Please can we have no more started. The topic has been done to death so far, but if people feel they need to discuss it more then please use the one house price crash thread i have started here. Any other threads started will be merged in with this one.

Also when people ask a simple question about buying, if members can refrain from posting that they are wasting there money as a housing crash is coming that would be appreciated. People ask for advice on their particular problem, and having some users continually state that they are stupid and doom is coming is not helpful at all to the boards.

Thanks very much

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting%20post%20http://forums.moneysavingexpert.com/showpost.html?p=6868145"][/EMAIL] WE MUST NOT FRIGHTEN PEOPLE WITH TRUTH