Tuesday, Nov 27, 2007
Ho! Ho! Ho!
Times: Homeowners warned of more forced sales
"As many as one in three borrowers, or 5.5m people, will see their annual mortgage bills leap as lenders hike costs for customers deemed “high risk” This s got nothing to do with the BoE base rate... it is just risk right-pricing... I mean BoE can't do anything about it
Posted by confused76 @ 09:27 PM (304 views) Add Comment
5 Comments
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1. Cheekie Charlie said...
"When repossessed homes go on the market, they often have low price tags so that banks can make a quick sale and recoup their debts,”
Yes unfortunately I worked for the former Leeds Permanent in 1995 doing just that, I think the greatest shortfall I can remember was an 80% loss. The mess of the last HPC was still being cleared up as late as 1996/97. Lets hope the banks can absorb the losses this time. I can remember sentiment from the last HPC and the Government lammenting that "this should never be allowed to happen again".
2. Dave The Box said...
"Figures from the British Bankers' Association (www.bba.org.uk) already suggest that the slowdown in house prices is on course to be the most severe in at least a decade. "
"When repossessed homes go on the market, they often have low price tags so that banks can make a quick sale and recoup their debts,” said Clark. “The housing market already looks finely balanced and there is a real danger that tightening credit could be enough to tip it over the edge.”
Bring it on!!!
3. inbreda said...
"is on course" ????
You almost make it sound planned.
4. Matt D said...
This is a story about people who aren't wealthy and who through probably being ill-advised have got into debt that they can't afford to repay. These are people who did nothing wrong and merely aspired to be homeowners as that is what many Britons are brought up to believe is the "norm".
It is hard to take this website seriously when people such as confused76 continuously write comments such as "ho ho ho" or "mwah ha ha ha haaa" about people who stand to lose money or in certain circumstances their homes. As this particular commentator spends all of his day looking for stories about house prices and posting them on this website and then laughing at things, one can only assume that he is indeed, a very confused and sad individual.
5. Dave The Box said...
@Inbreda
That was either the BBA or David Budsworth's words, not mine. But who's to say it hasn't been planned......