Friday, Aug 15, 2008
Off to hell in a handcart
ThisIsMoney: Britannia pays as mortgage arrears soar
Arrears were rising most sharply on mortgages with high loan-to-value advances made to first-time buyers. New city-centre flats that have plummeted in value in the housing downturn are also proving to be a big source of arrears, it said.
Posted by paul @ 04:32 PM (332 views) Add Comment
1 Comment
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1. japanese uncle said...
If arrears soar further (certainly they will), banks will be forced to raise lending rates further to make up for those bad debt, absolutely regardless of the base rate trend, sending the repossession cases sky high. UK economy has after all been trapped into the spiral of death, as has been so often predicted in this forum. Now that financial non-business can no longer be relied upon, what else can this economy turn to? Key elements of the manufacturing has long been lost. Even if GBP loses another 20% I doubt if manufacturing can revive, since it will be impossibly difficult to resuscitate once dead manufacturing as it involves so many vital elements including inter-generation inheritance of technologies. Agriculture? UK farming is incomparable to say that in France, as farmers have been bashed about by supermarkets and misdirected government policies for so long. Fishing? UK fishermen are suffocated by the EU rules. It will be stuck in mud, unfortunately.