Mortgage Repos go through the roof

Phonix

The discussion was not whether this was a good idea - I was responding to someone who was quick to blame the finance industry first before looking at the main culprits for people in tight financial situations carrying a load of risk - themselves!

That's a complete misinterpratetation of what I said. I was merely trying to throw the light on culture rather than individuals. Yes the financial industry is part of and indeed sometimes plays on certain cultural element, however I didn't say the financial industry was to blame for these problems, quite the contrary if you look at what I said.

John_M_Business

Phonix wrote:

That's a complete misinterpratetation of what I said. I was merely trying to throw the light on culture rather than individuals. Yes the financial industry is part of and indeed sometimes plays on certain cultural element, however I didn't say the financial industry was to blame for these problems, quite the contrary if you look at what I said.

Ah... so now it's the culture's fault. Even better - accuse something that can in no way defend itself - because it is not a conscious entity.

The truth is that the consumer leads the financial institution leads the consumer. It is a chicken and egg situation - but the difference IMHO is that the consumer, ironically, has much more free will to choose than the corporate.

You can't ask a bank NOT to offer loans and mortgages and, in the end, in an uncertain market, the banks are also taking on a lot of risk in this sector because if someone does go into Negative Equity and bankrupts - sure they have problems, but then so does the bank and, in many cases, the bank loses more!

Phonix

You can't ask a bank NOT to offer loans and mortgages and,

This is not something I asked.

I'm afraid I don't have time to have this conversation at the moment, I'm about to miss the last post I'll try to respond later.

nelly_2

FJSRiDER wrote:

And they are 'massively over valued' because....?

Entirely because people are willing to 'borrow at that level'.

yeah precisely, their idiots

FJSRiDER

nelly wrote:

yeah precisely, their idiots

The banks (the agents) or the buyers?

Or those who really want to believe that there a house price recession is due? :rolleyes:

meanmachine_2

FJSRiDER wrote:

The banks (the agents) or the buyers?

Or those who really want to believe that there a house price recession is due? :rolleyes:

Forgive me, aren't we already *in* a house price recession?

Or do you regard 13 straight months of falls something else?

So which are you: Estate agent, mortgage broker, recent buyer?

FJSRiDER

meanmachine wrote:

Forgive me, aren't we already *in* a house price recession?

Or do you regard 13 straight months of falls something else?

That is not particularly noticeable here. A friend recently sold his house the first day it appeared in the property pages of the local paper for a good price.

There may be a flattening out of the prices from lat year but not anything near what looks like 'a recession'.

meanmachine wrote:

So which are you: Estate agent, mortgage broker, recent buyer?

None. Nothing to do with property at all - other than I own a house with about half the value on a mortgage.

nelly_2

FJSRiDER wrote:

The banks (the agents) or the buyers?

Or those who really want to believe that there a house price recession is due? :rolleyes:

The banks ar'nt stupid their always on a winner.

The EA's ar'nt stupid, bone idle lazy b******s yes , but not stupid.

So that only leaves answer "C"

I just can not see a reason to borrow well over what is normally borrowed to buy something that is massively over priced.