Tuesday, Apr 17, 2007
The UK version of sub-prime
Guardian: Alarm over loans that can make debtors homeless
Borrowers struggling with personal loans and credit card debt are being pressured to take out consolidation loans that could result in the loss of their homes
Posted by confused76 @ 07:02 PM (149 views) Add Comment
10 Comments
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1. paul said...
This is only one of many instruments that should be called subprime.
100%+ mortgages, self certified mortgages to name a few others.
I for one welcome our consolidation overlords.
2. fahrenheit451 said...
Lucky people, they all have homes to provide as security.
Unlucky, that they are all retired and will inevitably loose their homes, and exactly who is going to put a roof over their heads when their houses have been repossesed and sold off at a knockdown price. There's not enough council houses anyway.
There I was m'lud, minding my own business when this brick wall jumped out crashed into me.
Sub-Prime ... Sub-Prime ... Sub-Prime ... here we go ...
And what happens when the property value crashes ...
No equity in all those homes will be left ... and they will all go into volutary bancruptcy ...
Sounds like a bad case of GB(H) ...
3. Gordon Scott said...
Is it only me that thinks it's ironic that a website linking to the article in this thread hosts adverts entitled: "Remortgage to clear debt" How a simple remortgage can solve your debt immediately"?
4. pedagog said...
I'm afraid I have no sympathy for people who have built up huge credit card debts and as a result lose their homes. If you ask me the bank are doing them a favour giving them some much needed financial education.
They'll think twice before spending beyond their means in the future.
(yes I know the banks are partly to blame but there needs to be far more personal responsibility in our society)
5. enuii said...
Hey, that's what good old capitalism is all about, if you can't control your expenditure you will eventually pay the price and unfortunately some people do not learn from their mistakes early enough.
6. Ticktock said...
Great comments .... they illustrate well what a f@cked up, heartless society we live in today. Long live J.P. Morgan, Goldman Sachs, and all the other bandits that prey on the weak and vulnerable ay?
It will be a valuable 'capitalist lesson' for JP Morgan to steal a families home will it? I guess if the London School of economics (sponsered by Goldman) say it is a good thing then it must be.
What a bunch of suckers.
7. Scott said...
I agree with pedagog and enuii. Our mainstream society has become greedy, needing, ignorant, lazy and weak. The crash will teach them a lesson. When they need to survive, they will learn how. The crash will be a correction in a bigger sense.
8. dohousescrashinthewoods said...
There are three types op people: Sheep, Wolves and Shepherds.
Seems to me we have Joe Public (Sheep) pitted against the Wolves (unbridled Capitalists) whilst the Shepherds, who would normally be protecting the Sheep (whether by education, including personal responsibility, legislation, campaigning, consumer rights) are curiously absent.
The question is, who are the shepherds these days? Government? Parents? Schools? Friends? Society? They all seem to have either abdicated, been pressured out of the role, or simply have never been taught how. So we are left with sheep and wolves. The wolves get fatter and sheep get killed.
This is the society we have collectively chosen to build. If most people don't like it, (I for one am apalled by it) why are we / can we not change it?
9. george monsoon said...
Dohousescrash in the woods.. I prefer to think of myself as a mountain goat.
10. fahrenheit451 said...
I'll be the bookworm.
It hasn't turned, but is living in a sanctury for free-thinkers.
Will free speech save the day ... don't know but I'll give it a try.