FT: sub-prime a bigger concern for Britain then previously thought

fc123

The whole swap mortgage and fixed deals that have developed over the past decade have created a much bigger market for commissions.....and therefore a huge market for brokers.
In the olden days, one took out a mortgage on VR and didn't change until one moved.

A lot are seeing the basis of their income disapear even if it's just having fewer customers.

Just a thought...that old thread was great...is she still on the forum anywhere?

Treadmill

The reaction was akin to the reaction you would get if you suggested the world was round in the middle ages lol

m00m00

fc123 wrote: »

The whole swap mortgage and fixed deals that have developed over the past decade have created a much bigger market for commissions.....and therefore a huge market for brokers.
In the olden days, one took out a mortgage on VR and didn't change until one moved.

A lot are seeing the basis of their income disapear even if it's just having fewer customers.

Just a thought...that old thread was great...is she still on the forum anywhere?

she was banned

which is worrying

JonnyBravo

JonnyBravo wrote: »

Get on before it's too late!
More money for your "big deposit" or some money to help subsidise your rental depending on the side of fence you're on!

This isn't going to be around for long... Halifax's next figures will see these odds change.

Sure enough..... Halifax's latest figures have seen this disappear. It'll help me when I have to sell up due to;

• margin calls
• negative equity
• rents not covering mortgage

etc

:rolleyes:

Anyone else grab a slice?

harryhound

I've just checked back through her censored postings. She was trying to tell us in 2006 what I only started to discover at Easter 2007.

I have no idea of her motives, perhaps she should recreate herself as (say) SirraHamme, and explain where she was coming from.
I think I would sign up as a member of her fan club.

How is the Bank of England going to avoid "lending" some of my/our 100 billion to sub prime banks of USA origin, so that it cannot be used to prop up Uncle Sam's faltering economy.

I'm all for helping the genuinely poor to pull themselves up by their own boot straps but this is ridiculous.

EdInvestor

The woman's mission in life seemed to be to "expose" the fact that mortgages were being securitised, in particular by a subsidiary of the Skipton Building Society (former employer perhaps?), and that this was detrimental to subprime borrowers - allegedly because they could be more easily repossessed, as the original lender was at arm's length.

However this does not seem to be an issue - or not one I've seen reported either before or since she trolled the mortgage forum.Unfortunately her possibly quite valid point was swamped by her troll-like posting style, so she eventually went the way of all trolls.

EdInvestor

kennyboy66 wrote: »

Semantics don't really matter when you are trapped in negative equity and are a forced seller.

Which is it - can't be both.

harryhound

It became clear a couple of months or so ago, that sub-prime borrowers were getting over the top "penalty" type charges, should they in any way fail to meet the exacting terms of the contract they had signed. Then very swiftly getting the "CU in court" letter. Hardly surprising if the mortgage had been securtised into the hands of some back street office, with few staff, no interest in its "punters" good will and the ethics of a debt collection agency.

Serve the silly borrowers right you could say. A lesson they will never forget!

But the resulting social turmoil will not be good for any of us.

BACKFRMTHEEDGE

harryhound wrote: »

Serve the silly borrowers right you could say. A lesson they will never forget!

But the resulting social turmoil will not be good for any of us.

People are bound to feel angry, because the whole property bubble feels like a massive scam.:mad: People will be left with a property worth considerably less than they paid for it and a massive debt they'll be paying off forever, not sure they are going to feel sanguine.

EXPAT_2

The plot thickens, it seems noone will escape...

...except me who jumped ship well in advance

I don't claim to be psychic or anything, but wasn't it obvious

http://news.bbc.co.uk/1/hi/uk/7406752.stm