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House Price Crash Forum


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About tentcity

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  1. The sad reality is that, in the last 8-10 years, this lying became so widespread, because the initial lying-to-buy drove prices up, and more and more people had to lie just to keep up, and in the end, there was no option but to lie! And it is difficult to understand where the FSA and others were during all this. The FSA ought to be sued. Oh, and it looks like the FSA were asleep while the Equitable Life was swimming in criminal activities too! What an absolute disaster.
  2. An article from over a year ago. Even then the game was over. "Will 'liar loans' destroy housing market? 29 April 2007 Reader comments (5) | Blog Sub-prime mortgage lenders are fuelling a steep rise in court actions by seeking repossessions, in a frightening echo of the crisis in America's housing market. Analysis of county court hearings by Citizens Advice has found that sub-prime mortgage lenders - who lend to borrowers with less than perfect credit histories - account for 70% of the rise in repossession hearings between 2005 and 2006. The research was based at the busy county court of Kingston, Surrey. Overall, arrears and repossessions are rising fast and approaching double their 2004 levels. But the bigger role played by the risky subprime sector - never stripped out of total data until now - is worrying, say experts, because problems in this market tend to foreshadow an emerging crisis. In the US, huge sub-prime defaults have destabilised the housing market and sent shockwaves through the banking sector. Aggressive lending and inadequate income checking led to subprime mortgages being called 'liar loans'. Here, lenders insist subprime standards are higher. But Adam Sampson, boss of housing charity Shelter, said: 'There is evidence in the subprime sector that some lending is unsustainable and irresponsible." http://www.thisismoney.co.uk/mortgages/art...mp;in_page_id=8
  3. I agree. This documentary needs to be pinned for all to see at any time. It is amazingly prescient. Can this be done?
  4. I agree with this one hundred percent. The banks have behaved in a most appalling manner over the last decade in particular.
  5. This drop in the share price indicates that Paragon is a sham of a company imo. They are pyramid selling scammers.
  6. Heh heh heh heh heh!! Sometimes people cannot see something when it is staring them right in the face. Also - they don't see a brick when it is travelling fast towards their face.
  7. I think the fiddling of the inflation figures is a major national scandal. Liar Loans are a major international scandal. They are both extremely important and of major concern.
  8. It is quite strange that the warnings in this documentary were so completely ignored. I have watched this 4 times. It shows that the underlying criminal activity in the market place was momumentally large. I knew it was bad; but this video shows that is was enormous. Me and my friend watched this again now. We are dumb-struck. Awesome.
  9. I have seen far more decline than this: I would say £200k down to £170k or maybe 175k now.
  10. This will be the new way forward for estate agents. They will be more and more internet based and run online.
  11. All my friends did this. They all lied to buy. There was no alternative for them to be able to buy.
  12. All my friends bought their property by taking out sub-prime mortgages. They all lied and exaggerated their income. All of them did this.
  13. Hi. I am new to this site. I think that we must not let multiples go above 3 x: I think all the problems we have are because this rule has not been followed correctly. Sorry, but this is what I believe is the real problem. If we stick to that rule solidly we will have no problems.
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