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Times: Egg (owned by Citigroup) pull out of Mortgage lending

WTF?_2
Posts: 4,592 Forumite
Yep, the market is obviously showing signs of recovery:
http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article4081016.ece
Egg, the internet-only bank owned by Citigroup, is pulling out of the UK mortgage market from today, the company has announced.
The bank cited “current market conditions” for the decision to stop all new lending until further notice. Customers with existing deals will be unaffected.
this bit is telling....
In a statement, Egg said that the move “reflects Citi’s recently announced global focus of allocating capital to the best opportunities for growth and current market conditions”.
Basically: "We're going to put our money into something that's actually going to give us a good return for our risk". Probably oil or food futures - hellooooo more inflation courtesy of Central Bank 'liquidity measures'.
http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article4081016.ece
Egg, the internet-only bank owned by Citigroup, is pulling out of the UK mortgage market from today, the company has announced.
The bank cited “current market conditions” for the decision to stop all new lending until further notice. Customers with existing deals will be unaffected.
this bit is telling....
In a statement, Egg said that the move “reflects Citi’s recently announced global focus of allocating capital to the best opportunities for growth and current market conditions”.
Basically: "We're going to put our money into something that's actually going to give us a good return for our risk". Probably oil or food futures - hellooooo more inflation courtesy of Central Bank 'liquidity measures'.

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Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
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Comments
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Someone should get on the blower and tell Egg's economists and advisors they've got it all wrong. The "green shoots" of recovery are here and they're going to "miss the boat".0
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