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House Price Crash Forum


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About October2008

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  1. This is a rehash of something the World Trade Organisation could not get agreed about 10 years ago. Developing countries voted against a treaty, although under considerable pressure from the USA to ratify. This treaty will be similar to NAFTA. Google for the legal disputes NAFTA has caused between corprations and countries. Transatlantic Trade and Investment Partnership (TTIP) is not about trade as you and I know it, it's about protecting bankers profits on investment. The EU website states TTIP will "Create tangible benefits in the everyday life of EU citizens", but of course does not explain how. Elsewhere it says "It's expected that every year an average European household would gain €545". Come on, any ideas anyone ?
  2. "Poverty and Progress" by Henry George Written in 1879 and still relevant today - not taught on economics courses because of revolutionary ideas about the ownership of land and its taxation. In the preface to the 1979 edition has grand-daughter writes ... "... We are on the brink. It is possible to have another Dark Ages. But in George there is the voice of hope. " Should be essential reading for all HPIers to show the error of their ways.
  3. Forgot to mention, does the Co-op Bank hold the Labour Party's Overdraft ?
  4. AFAIK, there is no evidence that the Co-operative Group competes on price, neither in the food stores nor financial services. It does do well on customer satisfaction and quality. Here, in the north of England, shopping at the Co-op is more a way of life than a rational decision. Britannia probably has a more democratic constitution then the Co-op, whose members, for example, cannot attend the all delegate annual general meeting. In fact, Tesco shareholders have more democratic power than Co-op Group members. Does Britannia have some financial problems which require a merger with another mutual ? In 2008, Britannia profits substantially down whilst Co-op substantially up. Britannia also has a relatively high level of wholesale funding at 34% sourced from the money-markets and not members. Membership Reward schemes are similar in both organisations. Traditionally the Co-op Bank had very few branches, but a large number of agencies with the local co-op societies. As this societies merged or were wound-up the agencies closed. Britannia's 245 branches and 2.7m savers must be very attractive to the Co-op. Overall the merger seems the safest bet, but in the past the Co-op has not been immune from financial scandal.
  5. Thirty years ago there were two successful people's banks - the Trustee Savings Bank and the National Giro. The problem was they didn't lend enough money, so cow Maggie privatised them.
  6. The case for taxing land - we should be all for it. Have a look at the Henry George page here. http://www.henrygeorge.org/
  7. Is this the farmers' lobby pleading a special case again ? The tenant farmer. who does not benefit from any increase in the value of his land is unaffected, it is the landlord who must pay the tax. If the farmer owns the land, then unless there is a change of use or ownership, then the value of the land is unlikely to change. Any land taxes would be offset by reductions in income tax. Ahm ... the poll tax argument, very 1980's. Any town must have quiet, pleasant, low crime residential areas and less attractive low rent areas near factories, railway stations, sewage works, etc Is it fair the residents of all areas should pay the same, based on the number of wheelie-bins. I think not. Landowners sell their land cheaply, now that would make houses affordable again. Mike O.
  8. Why not, because - wages and salaries for labour are taxed, and the amount of tax increases as workers work harder or become more skilled. profits and interest from capital are taxed, and the amount of taxes increase as firms expand to become more efficient. rents from land may be taxed, but if no rent is paid then tax never increases as the value of land increases. A tax on land would be a fair tax and should replace all other taxes on wages, salaries, profits and interest. Mike O.
  9. No, not in the Henry George sense that a land tax should replace income tax, VAT, etc. Establishing a property's "standard rental value" for tax purposes is pretty easy. The problem comes in applying the "current market rental value" for a fair method of tax collection. Also, no tax is payable on property nobody wants to occupy, like all those city centre flats. Mike O.
  10. So you think RBS deliberately and knowingly gave them £226,000 interest only second mortgage ?
  11. How can the Addymans have a second mortgage which pre-dates their interest-only tracker mortgage nine months ago ? The RBS mortgage would become the second mortgage and the RBS will not be happy bunnies. Presumably they did not know about the other mortgage.
  12. Lindsay Andersons's 1968 film "If" is more relevant today than Rudyard Kipling. If I remember the film's tag line was "whose side are you on".
  13. Paper hankies at £1.99 a box of 90 - 2p each That's paper money !
  14. This is the bit I do not understand. If B&B sold to Aire Valley Trustees, and then they sold variable rate notes due in 2060 bearing interest at a fraction of percent over LIBOR in GBP, USD and EUR, how does it affect B&B if the mortgages offered as security default or the LTV rises ? mb
  15. In all probability your mortgage has already been sold to "Structured Finance Management Offshore Limited (a company in Jersey)/Aire Valley Holdings", as described in the prospectus at this URL - all 311 pages of it. The rates charges are as stated in your mortgage agreement. I am looking for similar documents, and so far have Lothian Trustees - Standard Life Bank Permanent Trustees - Halifax Granite - NR Holme Trustees - Abbey Mound Trustees - HBOS. These are from 2005. Does anybody know of any later documents or other UK Trustee companies where a Bank/BS has transferred/sold mortgages. mb
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