Work or be homeless!

SquatNow

Generali wrote: »

In the US under Bush and a Republican Senate, a law was passed allowing welfare to be paid for 2 (3?) years and then that was it, work for it or get nothing. The left kept on about how the poor impoverished would be sleeping under bridges or be forced onto chain gangs. It didn't happen.

Actually large numbers of people are now living under bridges in America. The story is being buried by the mainstream press but information is starting to spread and they are starting to see some public disent.

Generali wrote: »

PS Good signature. I've been trying to find out whether BTLers face margin calls or not on BTL mortgages. The best answer I can find is 'Probably not, in most cases.' But they are in at least some of the contracts I think. Unfortunately the full T&Cs of BTL mortgages don't seem to be on websites so I can't find out for myself. The CML guide to BTL doesn't mention it in the possible costs section.

Almost all BTLers will face margin calls. If the banks have sold the loans on, as part of the terms with them selling them on they will have to make the margin calls, or buy the loans back at the original price.

If the banks haven't sold the loans on they will have insured them against default. However, like any insurance policy if you don't follow the rules to the letter it wont pay out. The rules say Margin calls.

So either way, all the loans (or at least all the recent ones with high LTV rates) will eventually get margin calls. And then it's game over, don't pass go, don't collect £200, go directly to the work camps.

Jonbvn

SquatNow wrote: »

Actually large numbers of people are now living under bridges in America. The story is being buried by the mainstream press but information is starting to spread and they are starting to see some public disent.

Do you any evidence to substantiate such a statement? IMHO, a lot of your posts contain your opinions, which you seem to believe we should consider as facts.

SN you are not Moses coming down from Mt. Sinai!

FairyElephant_2

N71 - You are a credit to society, and would definitely get a nice house in my 'brave new world' - and you can have a job in my Government!

SQUATNOW - I like your style - you can have a job too if you like!!!

I've got loads more controversial ideas.....

How about a legal adult age of 18 for everything.....meaning not just smoking & drinking but buses, tourist attractions, everything, having to charge 'child' rate up to 18 and adult rate over?

New drivers having to take a minimum of 3 'motorway lessons' after they pass their test, before they can get their full license?

Here's a good one - Minimum of 3rd party liability insurance for cyclists who use the roads, just like car and motorcyclists....I know three people who had their cars damaged by cyclists, and one old lady who was knocked down and injured by one - none of them managed to get any compensation!

I'm sure I can think of many other 'great ideas' after a few pints!

JOIN FAIRYELEPHANT'S 'TONGUE IN CHEEK' PARTY FOR A BRIGHT NEW TOMORROW!

Guy_Montag

I have seen someone on GHPC mention that their residential mortgage has a LTV margin call in the Ts&C. It's a offset mortgage I think. Was it Charles Darke? If you're out there let me know.

I'm wary of letting people starve, so Montag's Manifesto says that instead of benefits people receive a food box full of nutritious goodies, like brown rice & fresh fruit.

For shelter, they can live in hostels, a bit like the student flats I lived in - 5 rooms each with a sink two toilets, two showers one kitchen. Regular Sunday morning inspections. It means that training, teaching & mentoring will be easily & readily available.

Edited to add: Embracing my inner fascist.

Generali

SquatNow wrote: »

Actually large numbers of people are now living under bridges in America. The story is being buried by the mainstream press but information is starting to spread and they are starting to see some public disent.

The numbers that came off welfare and the numbers entering work tallied.

People are being made homeless by reposession. That's not the same thing.

SquatNow wrote: »

Almost all BTLers will face margin calls. If the banks have sold the loans on, as part of the terms with them selling them on they will have to make the margin calls, or buy the loans back at the original price.

If the banks haven't sold the loans on they will have insured them against default. However, like any insurance policy if you don't follow the rules to the letter it wont pay out. The rules say Margin calls.

So either way, all the loans (or at least all the recent ones with high LTV rates) will eventually get margin calls. And then it's game over, don't pass go, don't collect £200, go directly to the work camps.

I don't believe that's true, at least based on the limited amount of research I've managed to do. Any margin calls and indeed any other payments between the lender and borrower will be as a result of the terms and conditions of the loan, not the documentation (ISDA???) of an MBS that has been used to sell the loan on. If there's any discrepancy between the 2, that's between the originator of the MBS, the advising bank that structured the deal and any investors in the MBS. It has no impact at all on the borrower.

PS I just called Bradford and Bingley who confirmed that they don't use margin calls on their BTL mortgages.

blue_monkey_2

Ooh, I want to join the pink elephant party.

Stick all the criminals in the army for a bit of an @rse kicking by a sargent major!! Pictures of them crying t be posted on facebook and youtube! The murders can be used for target practise on the ranges, see how fast they can run and all that!! Plus a nice bit of physical exercise. Those who get through the day can be rewarded with watching the Jeremy Kyle Show. If you are really good you can appear on it!

I am definately with you on insurance for cyclists, people will say how do you police that but maybe if you want to own a bile it has to go under household insurance, or a tax disc that has to be displayed that you can buy from the Post Office, no disc then you will have to have your bike crushed.

With you on the motorway lessons.

Oooh, all speed limits are not applicable after 11pm when everyone else has gone to bed and you want to get home much quicker.

Am I in??

dhassen

i think council tennants should be turfed out if they can work and won't. I hate scroungers. Sorry

I knew too many of them growing up

dhassen

blue_monkey wrote: »

Stick all the criminals in the army for a bit of an @rse kicking by a sargent major!! Pictures of them crying t be posted on facebook and youtube!

I just read that and lol

Guy_Montag

blue_monkey wrote: »

Oooh, all speed limits are not applicable after 11pm when everyone else has gone to bed and you want to get home much quicker.

Am I in??

Problem is, I'm quite often !!!!ed (edit: squiffy) after 11pm & cycling home

Generali

blue_monkey wrote: »

Ooh, I want to join the pink elephant party.

Stick all the criminals in the army for a bit of an @rse kicking by a sargent major!!

Strom Thurman, who was a US Senator from 1948-2002 was asked early in his career what to do about a (miners?) strike.

He said, "Oh that's simple. Draft them all into the army and order them to work. Any that refuse should then be shot for insubordination".