Tuesday, Apr 22, 2008
Why £50bn isn’t enough to make banks cut mortgage rates
MoneyWeek: Why £50bn isn’t enough to make banks cut mortgage rates
Despite the £50bn injection, banks are not there to help prop up the housing market. It doesn’t matter how much money the government tries to force through the system - mortgage rates won't be coming down anytime soon.
Posted by damien @ 10:48 AM (202 views) Add Comment
1 Comment
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1. quiet guy said...
A very stark article, this one.
"We are unlikely to see a cut in mortgage rates
And that’s why it doesn’t matter how much money the government tries to force through the financial system. Banks realise they’ve messed up. They now think that housing has a way to fall. And that’s why, even if they were up to their eyeballs in cash, we wouldn’t see anyone keen to return to the loose lending standards of a year ago."
I wonder how long it will take the general public to relise that the days of lax lending have passed - perhaps for decades.