Confounded Posted August 19, 2009 Posted August 19, 2009 http://video.google.co.uk/videoplay?docid=...75&hl=en-GB I have just re-watched this but I saw this in 2003 and is what turned me me into housing market bear. I was convinced after it had been made public the government would step in and clear up the market and cause a pretty major correction but get us back on track. Instead the government just told the bank to change their products to allow higher income multiples. Breaking years of traditional income multiple safe guards, we now how the evidence of the consequences. The quality of the video is a bit ropey in places but well worth watching the whole video, it is really Eric Pebble who champions this Video but I wanted to get it aired on the main board rather than buried in Eric signature. This is essential viewing if you have not seen it already, enjoy, or not! Quote
no-way Posted August 19, 2009 Posted August 19, 2009 The quality of the video is a bit ropey in places but well worth watching the whole video, it is really Eric Pebble who champions this Video but I wanted to get it aired on the main board rather than buried in Eric signature.This is essential viewing if you have not seen it already, enjoy, or not! wow thanks for posting, i heard of the programme but had not seen it before! just goes to show that all the "bubble" signs were there for people to see, but looks like not very many were awake enough to realise the situation. Remembering back to 2003, i think it was the last year i worked in "the office", i went my own way after my daughter was born but remember my collegues at the time all desperate to get on the ladder at any cost, even earning 12-13k for some sh!tty insurance Co, they thought they were rich and important enough to jump on the ladder. I remember one girl, very early 20's who took out a very long mortgage and a loan for the deposit on an Apartment. She said to me one day not long after - "I have got my property revalued and have made £ xxx on it already" I didnt have the heart to tell her that you only make money on something once its SOLD and money has changed hands!!! Quote
better-than-expected Posted August 19, 2009 Posted August 19, 2009 I had to laugh when the bank of scotland was mentioned and hbos was a responsible lender. Quote
no-way Posted August 19, 2009 Posted August 19, 2009 hey it was also 2003 when i wanted to borrow £1k from halifax for a car as i had just past my test! They approved me for 3k and suggested that i spend the extra on a nice holiday for my family, and this was when we were living on ramen noodles and hot dog sausages due to the expense of a new baby only took 1k though and got more than my moneys worth from that car, and also had to wait 4 years until we could afford a holiday Quote
Prof Posted August 19, 2009 Posted August 19, 2009 Certain parts of this program are quite shocking, in terms of what happened 4 years after it was shown. I rememeber watching it when it was first aired, and being particulary riled (yet not suprised) by what I was seeing. Both Northern Rock and Halifax were exposed as being "naughty". At the end of the program, the companies said that they were dealing with the dodgy practices that were exposed. Yet, the "boom" carried on for another 4 years. Instead of showing Location, Location......, Pimp your Properdy etc, they should air this program again on prime time TV. Any "expert", politician or financier who says "no one could have predicted the credit crunch/crash" should also be forced to watch this program, several times. Quote
Realistbear Posted August 19, 2009 Posted August 19, 2009 2003 was the year I sold my last house. In CA--18 months too soon if I wanted the "peak" but I am now basking in the wisdom of that choice. IMO we have only seen the start of the consequences to be paid for Brown's decade of imprudence. Quote
Barb E Dahl Posted August 19, 2009 Posted August 19, 2009 Wow this is fantastic - do they still do them? Quote
Prof Posted August 19, 2009 Posted August 19, 2009 Wow this is fantastic - do they still do them? No chance. The banks have really learned their lesson. I mean, if ever the FSA found out that a bank was allowing "dodgy" mortgages, they`d, they`d, they`d erm........... Tell them not to ? Quote
Lepista Posted August 19, 2009 Posted August 19, 2009 And just remember folks, house prices are still higher now (even after the falls we have seen) than they were in 2003. I wonder what direction house prices are going to go in the next couple of years? Quote
lulu Posted August 19, 2009 Posted August 19, 2009 Instead of showing Location, Location......, Pimp your Properdy etc, they should air this program again on prime time TV. Any "expert", politician or financier who says "no one could have predicted the credit crunch/crash" should also be forced to watch this program, several times. Why stop at prime time? show it in place of every idiot property program in the daytime too. Oh and while they are at it show it to Gordon Brown and put a video camera on for his reaction (I would guess he would probably laugh and fall asleep which is his typical reaction to such things) - yes of course Mr Brown it all started in America didnt it?! Quote
nightsod Posted August 19, 2009 Posted August 19, 2009 *Bump* No wonder Eric is still writing in size 28 red caps about this. If anyone had doubted the scale of the problem and the unbelievable transparancy of it (holds hand up.), this should help quash those doubts. I knew it was widespread back then, but not at the 1 in 3 mortgages that one tw*t speaks blithely of. Quote
Prof Posted August 19, 2009 Posted August 19, 2009 (edited) Why stop at prime time? show it in place of every idiot property program in the daytime too.Oh and while they are at it show it to Gordon Brown and put a video camera on for his reaction (I would guess he would probably laugh and fall asleep which is his typical reaction to such things) - yes of course Mr Brown it all started in America didnt it?! I was thinking the same myself. GB & AD should be forced to watch the program, along with all the senior staff at the FSA and the Appelgarth & Co.. They should all then serve a year in prison for every Liar Loan that was issued between 2003 and today. May I recommend Eric Pebble as their prison warden ? Fancy a go at that Eric ? Edited August 19, 2009 by Prof Quote
AvidFan Posted August 19, 2009 Posted August 19, 2009 http://video.google.co.uk/videoplay?docid=...75&hl=en-GB I think I'm going to be sick Quote
eric pebble Posted August 19, 2009 Posted August 19, 2009 (edited) I was thinking the same myself. GB & AD should be forced to watch the program, along with all the senior staff at the FSA and the Appelgarth & Co.. They should all then serve a year in prison for every Liar Loan that was issued between 2003 and today. May I recommend Eric Pebble as their prison warden ? Fancy a go at that Eric ? I would be had up for murder... Read all the links about this amazing programme below in my signature.... Edited August 19, 2009 by eric pebble Quote
Prof Posted August 19, 2009 Posted August 19, 2009 I would be had up for murder... But you`d enjoy it, no ? Quote
expatowner Posted August 19, 2009 Posted August 19, 2009 Many people benefited from the lax lending and the liar loans. The switched on BTL investor brigade made more money than most from this state of affairs. They squeezed first time buyers out of the market. I hate em. Quote
eric pebble Posted August 19, 2009 Posted August 19, 2009 But you`d enjoy it, no ? Not my bag......... Quote
lulu Posted August 19, 2009 Posted August 19, 2009 The switched on BTL investor brigade made more money than most from this state of affairs. And in many cases they will no doubt loose more money than most in the coming years. Quote
Bosh Posted August 19, 2009 Posted August 19, 2009 Certainly got my blood boiling when I first saw this a while ago. I know we have many factors that have caused the mess that is HPI but liar loans as witnessed in this programme just has to be the main fuel to the fire. Keep it up Eric.......... We thought there would be prosecutions after this was aired but in reality it just continued as if the programme was never made. Corruption!!!! Quote
Dubai Posted August 19, 2009 Posted August 19, 2009 We thought there would be prosecutions after this was aired but in reality it just continued as if the programme was never made.Corruption!!!! The corruption has worked itself higher up..... that's why there is no will to prosecute..... Quote
eric pebble Posted August 19, 2009 Posted August 19, 2009 Certainly got my blood boiling when I first saw this a while ago. I know we have many factors that have caused the mess that is HPI but liar loans as witnessed in this programme just has to be the main fuel to the fire.Keep it up Eric.......... We thought there would be prosecutions after this was aired but in reality it just continued as if the programme was never made. Corruption!!!! Thanks x 20 Bosh.... Quote
DaisyB Posted August 19, 2009 Posted August 19, 2009 I felt a bit depressed at the end when the presenter optimistically said that exposing this scandal would stop it and prices would level out again... Quote
tomwatkins Posted August 19, 2009 Posted August 19, 2009 http://video.google.co.uk/videoplay?docid=...75&hl=en-GBI have just re-watched this but I saw this in 2003 and is what turned me me into housing market bear. I was convinced after it had been made public the government would step in and clear up the market and cause a pretty major correction but get us back on track. Instead the government just told the bank to change their products to allow higher income multiples. Breaking years of traditional income multiple safe guards, we now how the evidence of the consequences. The quality of the video is a bit ropey in places but well worth watching the whole video, it is really Eric Pebble who champions this Video but I wanted to get it aired on the main board rather than buried in Eric signature. This is essential viewing if you have not seen it already, enjoy, or not! Sorry guys and gals-watched half of it but went outside for some fresh air. There are just too many people to prosecute here, countrywide. It would go from the liars themselves right to senior level at the banks. What p!ssed me off was the "mortgage expert" tosser who couldn't multiply 3.25 X 30 grand. His fingers ran out at the 3 times table. Quote
Confounded Posted August 19, 2009 Author Posted August 19, 2009 Sorry guys and gals-watched half of it but went outside for some fresh air. There are just too many people to prosecute here, countrywide. It would go from the liars themselves right to senior level at the banks. What p!ssed me off was the "mortgage expert" tosser who couldn't multiply 3.25 X 30 grand. His fingers ran out at the 3 times table. You missed off our government, why do you think the senior bankers show no natural remorse? They knew where it would end but were lent on by the government to keep the party going. We had the General election coming up at the time so it is little wonder they did not act on it. Naively I thought having watched the program they would pull the plug as soon as voted back in to give them time to sort out the mess. Quote
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