Wednesday, Oct 10, 2007
4000 mortgages not enough obviously
Firstrung: Mortgage intermediaries attack lenders' lack of product innovation
I loved this press release, now mortgage brokers are blaming lenders for not enough innovation..what, other than lending to anyone with a pulse/passport/NI number?...actually scratch that, those three aren't needed. Stop laughing at the back at the fact that brokers named Northern Rock's Together mortgage as innovation at the 'cutting edge'...
Posted by converted lurker @ 12:38 PM (629 views) Add Comment
6 Comments
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1. pecker said...
"Product innovation" Its a bloody mortgage, not an ipod!!! How much innovating can one sensibly do with a mortgage!!
2. inbreda said...
Buy one get one free.
Buy now ... PAY later (when interest rates go up and your house price comes down!)
3. planning4acrash said...
I've a great idea, by way of an innovation, lets allow homeless people to have self cert buy to let mortgages, they are ideal because, with the extra £3/week they get in benefits for their dogs, those animals have economic value, so we could allow the dogs to have self cert. But lets not end there. Anybody with a cat or dog, could put a self cert mortgage in the animal's name. Obviously these will be risky given that reliance on cats and dogs for repayments is an untested innovation, but we could bundle up that risk in CDO's, say, one cat mortgage for every 100 person mortgages, and the risk would be negligible and we give brokers the innovation they require!!
4. cornishman said...
Another idea would be: "Buy now, nothing to pay for three years". There would be no defaults for, well, 3 years. That should be long enough to 'securitize' the deal...
5. paul said...
p4ac, have you considered a career in banking?
6. talking rot said...
I like P4AC's idea. And if the housing market crashes, the Banks could have the dog/cat as a repossession and sell it on to ............
Any one having a Chinese Meal tonight?