Wednesday, Aug 26, 2009
The real beneficiaries of low IR rates
Telegraph: Bank profits on mortgages reach record level
Bank profits on fixed rate mortgages have hit record levels as the difference between the cost of bank lending and home loans reached a 21-year high. It is the latest evidence of how customers are paying the price of banks' mistakes which led to the global banking crisis.
Posted by quiet guy @ 07:42 AM (392 views) Add Comment
2 Comments
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1. Efdemin said...
At least it's not just savers paying the price for "banks' mistakes" then!
2. will said...
Of course they profit from 0.5% interest rate borrowing and then charge us about 5%. Instant profits for the banks. No benefit for the consumer. When will the tables turn on these banks?
Over the weekend I read an article on the US's 33 largest city, population 1.7 million. Average household income $68,000.
Average house $108,000. Detached 5 beds, double garage, newbuild. Makes you wonder what we are doing here.