Monday, Oct 22, 2007
Horses...stable door...bolted!?!
BBC: Lenders reject Darling's attack
"Lenders do need to be clear when they are lending money, that... someone can afford to meet the repayments and they have not overstretched themselves."
You couldn't make this stuff up!
Posted by tyrellcorporation @ 10:46 AM (766 views) Add Comment
7 Comments
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1. Bearfacts said...
Hey our very own FP is being quoted by the BBC now - well done Jonathon - you the man.
2. bidin'matime said...
Yeah - well done Jonathon. When the Beeb starts turning to HPC.co.uk for comment, you know it's all in the bag...
3. New User 2007 said...
I think anyone who has tried buying a house would find the argument of lenders ridiculous (although I blame weak regulation by the government as well). I have been offered ridiculous income multiples when finding out how much i can get. I have rejected mortgages as they would clearly been a problem i.e. interest only and even then stretching in an unsustainable way. (Interest-only mortgages for the house you live in is like a 25 year rental agreement, with the bank having someone to look after the house for them!) There are many out there who can only bid up prices because they can get access to the funds. I think up to around 2001 it was a question of improvements in funding required to help first time buyers. But since then multiples have entered a vicious spiral of people being pushed into offering more and more by estate agents who own brokers, who themselves work for the high street lenders.
4. cyril said...
Quote from Housing Minister Yvette Cooper's foreword to the 2007 Housing Green paper, "...Housing has improved for many people. Homeowners have seen the value of their properties increase....and concerted action has helped 77,000 households to buy their first homes. All this has been achieved in a climate of economic growth and stability - far removed from the boom and bust of previous decades."
5. inbreda said...
government policy blah-blah-blah-blah
6. Jonb said...
Cyril, it will be interesting to quote that back to her in a few years time, along with some of the scare stories on Labour election ads about negative equity and mass repossessions.
7. uncle tom said...
Whilst one can accuse Darling of covering his back and ducking responsibility, and also criticise him for a lack of action; he is not doing what Brown did and pretend there isn't a problem with the housing market. After ten years of virtual silence from the government, this is a refreshing change.
The industry response to his attack was pretty pathetic and condescending:
- Darling 1 - Industry 0