Sunday, Feb 22, 2009
Bit late now Gordon
BBC News: Brown signals 100% mortgages curb
Mr. Brown making the best use of hindsight yet again
Posted by moomin @ 12:23 PM (730 views) Add Comment
12 Comments
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1. Eternal Sceptic said...
One could make comments about horses and stable doors. One could make comments about banning events that do not stand a cat in hell's chance of happening.
However I would like to say that how much more incompetance do we have to put up with before the man resigns?
2. Ilejustwait said...
to late the damage is allready been done,
perhaps in another 7years time this idea might make sense,
but as for now not alot of lenders if any would offer you a 100% mortgage anyway
i think the only way is to offer a mortgage at a fixed rate for the full term of the loan,
this is when house prices fall to a realistic price and a deposit of 20% can be put down,
ide be happy with this option, as i would think alot of other people would
THIS IS A BETTER IDEA GB !!!
3. shining wit said...
This man is a complete joke. Completely risible. Like John Major telling us we need to get our morality in order and get 'back to basics' while he's slipping his hand in Edwina's knickers in the cabinet room.
He wanted to be PM but he settled for 10 years and chancellor. He took to the job with gusto, he created the MPC (independent my @rse)and can now blame them for their mistakes, he created the FSA (Fleeced our Savings Anomoly), which as we have all found out was simply an inept rubber stamping 'quasi' body full of enobled bankers who simply didn't have a clue, and who couldn't even foresee that Northern Rock management were running a bank akin to a back street bookies.
I hear that nob Stephen Timms MP (Financial Secretary to the Treasury) this morning on radio 4 saying something like "The BOE have said we need to increase the money flow to stem deflation" - well you tw@t, the BOE is not a policy making body, it is a vehicle of government, it shouln't be steering, especially with it's recent track record. And at 3% inflation is still OVER the target of 2% and we should be RAISING interest rates immediatlely. Did MERVYN King even bother to write his letter to the chancellor this month? I can't remember hearing anything about those letters this year !!!!!
Oh, it's going to be hilarious when inflation takes off and all the remaining unions and public sector workers go on strike week after week because their incomes aren't keeping up with it ! Now what does that remind you of ?
This government is becoming a complete farce, I'm just waiting for one of them to drop their trousers to show their union jack pants!
4. P. Riddy said...
This is actually a horrid form of tyranny put in at this stage of the cycle. Imagine it, with 50% fall in houseprices, MOST homeowners purchasing in the last decade will be barred from 100% mortgages and will be forced onto standard variable rate. The time to bring this in, is when house prices have stabalized, but again, it should not be borrowers who are penalized, it should be banks. Banks should be barred from such high fractional reserves.
Banks will only benefit. They will reap additional interest on standard variable rates and seize more housing assets from the very families they duped into the market in the first place.
If banks went bankrupt, mortgages could be re-negotiated to reasonable levels. But government won't protect consumers. It only protects banks and speculators.
5. Prof said...
Hindsight is a wonderful thing.........
Foresight is even better.
6. mark wadsworth said...
Seeing as he's blind on one eye, wouldn't this be 10/10 hindsight?
7. Dbc Reed said...
Brown appears to have given up trying to get the banks to use all the money he's given them to dole out to the housing market.
The banks seem to have decided they're not going to get suckered into issuing cheap mortgages and Brown is trying to make out that
this has been his idea all along.
Mind you the possibility of a time without hpi is hard to get your head round should that indeed be conceivable.
8. inbreda said...
or zero-20?
9. denzil said...
Ouch Mark!
Nice to see Brown with his finger on the pulse as usual. Sadly it's the pulse of the Queen Mother.
Got to admit to feeling very nauseous earlier this week when Brown attempted to touch the pulse of the nation with his kind words towards Jade Goody. The thought makes me bilious.
10. mark wadsworth said...
@ Denzil, if you watch the clip carefully, he actually gave his best wishes to a certain 'Jane Goody', heck knows who she is, but best of luck anyway, Jane.
11. shining wit said...
What's that I see over there.....way off in the distance........several fields away and moving very fast...........
.........yes it's that friggin horse that bolted in labours first term of office......
Remember Jade Goody made an estimated £5.5 million quid since 2002. She's started a business that went t!ts up and has been on countless hours of television. She is also nearly broke. If any of us had earnt 5 million in the same time I figure we would have done better than her squalid attempts.
Quote:
Jade, 25, told New magazine: "The worst thing is he hasn’t got any sense with money. He’s very generous and when he has money he’ll pay for things left, right and centre, and that’s not good because in a relationship you need one who spends and one who saves. But I spend and he spends. We’re going to be bankrupt!" - that was in 2006!
She is another leech. And this circus is just another joke. I put money on it she forms a trust very quickly for her kids and her demise will see hundreds of thousands of pounds, if not more, that the government never sees in tax or her creditors are ever paid back.
I don't have anything personal against the woman but I certainly think that their are better people and things to be worried about. Like Gordon Brown, the sooner she ain't here........
12. Rimmer said...
Wit
I like your posts, one thing is for sure with housing over the next few years there will be winners and losers, i already know a few of the losers who have "Bagged" a bargain recently - we will see.
For me the UK without any manufacturing is in Serious and i mean SERIOUS trouble, 5 years on house prices may really be 60% less and the least of the current talking point.
For me it all changed when houses became Assetts rather than homes - i dont think it will recover until thats reversed.
I can only hope also that the next government will tax BTL correctly as it should, i feel they will and only professional BTL landlords will survive.