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Now Amber is pulling out of new lending
Comments
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EdInvestor wrote: »BTW Amber is a wholly owned subsidiary of the Skipton Building Society.A lot of people seem to think the building societies are not exposed to sub prime mortgages, and thus safer than the banks.
That's not so. However because they are mutually owned, not listed companies, they don't have to reveal their financial condition to the public.Which is not to say that they are in trouble: just that the idea they are squeaky clean and not involved in the securitisation/credit crunch mess is wrong.
The Skipton own a company that does all the securitisation for many of the big players and had about £60bn under management last time I looked.
Amber are stopping new business because the way they generated the money to lend has been stopped. It is not like the Skipton have been directly bankrolling this lender - this is not the case.
Like Coventry BS who created Godiva mortgages so they could get around the restrictions placed on Building Societies and the levels and types of lending.
No BS should be exposed like the banks due to the rules and limitations placed on them but where they have created separate companies for this, they may feel the pain indirectly.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
A contracting marjet place for at least another 12 months.
I was one of those that preached on here back in 2005 that the crash was comming - hence when I sold my buy to lets. It felt very lonely back then as every other broker I knew told me properde onoly goes up, or "you cant going wrong with da properdee, init".
Guys this is why I bought in Germany and other places as it was so obvious that all parties have a beginning and and end.
Those that used to argue we are a small island with too many inhabitants just would not listen when I argued Japan had a much higher population density for the builable land space yet still saw property prices fall for 15 years with virtualy 0% interest rates.
I'm definitely not any more intelligent than those around me but I do strive to see things the opposite way round.
My other big bug bear is that technology defo does not enhance my business operation, indee it causes more work and delays, not to mention stress.0 -
Hey conrad I'm with you I dont mind selling shovels in a gold rush just didnt want to dig for gold my self.
Someone actual laughed at me when I told them I was a broker living in rented0 -
MortgageMamma wrote: »very depressing all this isnt it? how many more do you think will go down before we see better times?
I think stricter lending criteria and cheaper house prices are a good, not bad, thing, on the whole....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
As for lenders geting in to trouble I would look at A&L and Bradford & Bingley.
A&L Share Price
B& B Share Price0 -
All the lenders shares took a beating. I would not invest in banks or protection providers at this time.0
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neverdespairgirl wrote: »I think stricter lending criteria and cheaper house prices are a good, not bad, thing, on the whole.
Absolutely.
Why are people who want lower prices considered gloomy?:rolleyes:
Dont we want our children to have affordable homes?0 -
UK007BullDog wrote: »All the lenders shares took a beating. I would not invest in banks or protection providers at this time.
My parents sold some Barclays shares last July to buy my mother's new car. They've worked out that the depreciation on the car is a lot less than the drop in price for the banking shares!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Absolutely.
Why are people who want lower prices considered gloomy?:rolleyes:
Dont we want our children to have affordable homes?
My son's only 2, so I'm more interested in his parents' access to affordable homes LOL...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
UK007BullDog wrote: »All the lenders shares took a beating. I would not invest in banks or protection providers at this time.
I read the books of the world beating investors Warren Buffet and Benjamin Graham.
One of thier key money making principles is to invest when no one else is - when there's blood on the street as thats the only way to get in at low prices.
Joe Public tends to invest once a continuous price up trend has been established which is exaclty not the right time to invest;)
This is why Ive been saying since 2005 invest in Germany and Morocco - definitely not the UK, US, France, Spain or Bulgaria
The UK should have some enticing investments now though:rotfl:0
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