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Captain Coma

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Posts posted by Captain Coma

  1. The downside of this abundance, of course, is that your bargain rental secured from a desperate landlord might be seized from under you by the bank as it repossesses the property.

    In the old days the landlord and agent would demand references and bona fides from the renter.

    Now, it is the other way around, and anyone contemplating a new AST should demand assurances that the landlord is good for the length of the tenancy.

    Beware the BTL landlord!

  2. Looks like they brought it on themselves, buying such a lemon off the Mafia as they did.

    Hardly a mention of "Household Bank Illinois Operations" anywhere.

    The 'code of silence' lingering on even now.

    That is till you google:

    the mafia Household Bank Illinois Operations

    ...Going down the list pressing the "Cached" button.

    THEN you get some understanding of what has been going on.

    "William Colby, who had been

    Director of Central Intelligence from 1973-1976, continued on

    after 1980 as the overseer of the new name, Household



    part for washing CIA covert funds, the collapsed shell of what

    was left was merged and taken over by Household Bank".

    The more you dig, the murkier the waters get!.

    The Mafia and CIA made their money, laundered Billions, syphoning Billions for black op's to fund huge covert operations.

    A merger here, a merger there, squeeky clean major banks, (or those with a reputation for one) legitimising previous goings on by wholesale acquisition.

    A patsy came along, and was sold off to the HSBC suckers.

    And I bet it's still going on within HSBC, all part of their 2003 acquisition deal.

    It's all going on, criminality is right at the heart of the current crisis.

    Criminality, Criminal organisations and Governments.

    Where does the one end and the other begin!!.

    My God, are you saying that HSBC were suckered into buying all the CIA's old, defunct shell companies they'd kept going since Air America et al. had folded (I wondered what happened to all that stuff at the end of the 1970s)?

    Colby involved as well, hey? Oh dear.

    Do you have any more on this? It suddenly looks a whole lot more interesting!

  3. How does this pensions fiasco leave other people, lower down the ladder, who might have been sacked for incompetence or summarily dismissed by these banks? Do they get their pension entitlements? If not, could they challenge?

    Quite so, and also think how nervous government ministers must be feeling about setting a precedent if Brown decides to strip Goodwin of some pension rights. If incompetence really can be punished ex post facto, then the NuLab crowd must be scared of cutting their own throats.

    The gods of irony are awakening!

  4. http://business.timesonline.co.uk/tol/busi...icle5813493.ece

    Now, this is potentially dynamite. What if Goodwin was not the only catastrophic exec to take early retirement and benefit from NewLabour's kamikaze largesse?

    The Times raises the question and, revealingly (or not) Lloyds is refusing to answer the question ...

    What are the odds, folks? If these two piggies are also in the double pension money, there will be a bloody revolution.

    Myners to resign pronto?

    Last night, as the row about the £17 million pension deal secured by Sir Fred Goodwin, the former chief executive at RBS, continued to rage, Lloyds refused to say whether the former HBOS executives jettisoned after the merger were given enhanced pension rights.

    Andy Hornby, HBOS’s former chief executive, has accrued a pension pot of £2.4 million from the bank while Mr Cummings has a pot of £5.97 million.

    A spokesman for Lloyds Banking Group declined to comment when asked whether Mr Hornby, who is 42, and Mr Cummings, who is 52, took early retirement when they quit and so boosted their pension pots.

  5. Obviously he has'nt heard of Zimbabwe or Weimar then.

    Something tells me we are all being set up for the biggest transfer of wealth from the poor to the rich ever attempted by mankind - first decimate all savers cash wth zero IR's then propel inflation then decimate all those holding debt - job done. No one gets to keep anything - everyone is broke and all assets are in the hands of the few central bankers and politicians.

    Hold on, I agree with you - bait and switch from the bankers, the biggest heist in history ... but surely inflation erodes debts and benefits debtors.

    I believe the banksters wanted everyone in huge debt - and didn't mind lending on vastly overpriced assests, since even if they fell (thinking of property) the borrower would lose equity/deposit and still be in hock to the lender - nice stream of interest-income for the banks forever and borrowers reduced to penury for the foreseeable.

    What the banks didn't foresee was the extent of the crash, which wiped out equity and presented them with an absolute loss, and also the end of cheap wholesale money, which put the banks in exactly the same position as their benighted borrowers.

    Inflation is the debtor's friend, though, surely.

  6. I have said fro over a year that I believe the UK will collapse financially as the housing/credit crisis blows up. The liabilities and leverage of the banks are just too massive, like Iceland.

    My list of countries that are going to go down: Ireland, Spain, the UK, probably the Netherlands and Belgium(after I looked at the assets and liabilites of their insurers recently which they appear to be standing behind).

    I think the USA might just make it. Their banks were only half as leveraged as the Euro banks.. and large sections of America had no property bubble. They also have more room to play being the main reserve currency of the world. There is the theory though that a toppling of the UK financial system might be the anvil thrown on top that brings down the US financial system.. That seems possible to me.

    The thing is a dying system, that is sapping the lifeblood out of its young and productive.. its not neccessarily a good thing to 'make it'. I don't think East Europe would be better off today if communism had made it through the bad financial crisis of the late 80's, and struggled on for a few more years. What needs to go is the incredible bureaucracy that is choking off real investment and production. Endless environmental rules and studies, commissions, countless bureaucrats with veto power over any project at any time, courts shutting down projects, affirmative action, heavy taxes, uncertainty in the political future with things like carbon taxes.

    Hear, hear, +1

  7. Edmund Conway - just up on the Telegraph site.


    I love this bit:

    Albert Edwards, a strategist at Société Générale, likened the British economy to a Ponzi scheme — a fraudulent debt mountain like that allegedly used by the New York hedge fund manager Bernard Madoff.

    “What I find amazing is that people aren’t really nailing Gordon Brown and [bank of England Governor] Mervyn King for this,” he said. “At least in the US they had the excuse of the arrival of sub-prime — a new sector of the market. We didn’t really have anything similar but we ended up with a bigger national Ponzi scheme than the US.”

  8. I bought my house in July 2006. This was about a year before the peak and crazy prices in Belfast NI. Cost me £149,550 for a 3 bedroom end terrace. It went on at £129,000 and sold after about 4 - 5 months for the price I paid (150k) . No stamp duty luckily so I saved on that.

    My neighbour sold their house 8 months later for £240,000 . This was June 2007.

    I considered selling up at the time to make a tidy profit and go into rented accom, but had just got the house looking nice after a bit of a paint job etc.... and I was settled. Mortgage repayments are grand etc...

    The neighbours 2 doors up are currently trying to sell. Their house went up for sale in october / november of last year for £180,000. They lowered it by £5k, and only just this week it is now down to £150,000 . It's still sitting there unsold. Their estate agent told me they have 1 guy coming to look at it this weekend, but the guys figure was more around £140k. Apart from that there was no interest at the moment.

    NI is an extreme case, but since January 2006, in my area, a 3 bed terraced house has went from £130k to £240k inside 18 months. 18 Months later that has come back down to £140k .

    Now you may be thinking that prices have just come back down to normality, and I would agree with you, however, I can't see it stopping at £140k. If this couple need to sell, they'll keep dropping, (and I fear they will) until someone takes them up on the offer.

    I'm prepared to stick with my property for the next few years, although part of me fears house prices falling to near rateable value leaving me in atrocious negative equity for many years to come. If it wasn't for the stupidity of the boom, then my house would probably be worth £140 / £150k today. Unfortunately, some of us who manage to get a house before crazy prices occurred, will be stuck at the bottom of the ladder possibly for a while yet.

    40 - 50% is probably happening right this minute, if not in the next few months from what I can see especially due to our lower salaries in NI compared with the rest of the UK.

    I feel, the average house price HAS to fall back to the normal 3 x Average salary. This is the necessary reset switch for the housing market IMO with limits on house ownership (no BTL) so that the bubble does not occur again.

    Also - between January - June 2006 there was an episode of Location Location Location where Kirsty Alsopp said in 5 years time, a house in Belfast if buying now will rise 50% in value. 1.5 years later, house prices were nearly up 50%. So personally I blame her for the crazy stuff that happened in NI. This was irresponsible trash to be bandied about on a TV program such as that. They really shouldn't be allowed to speculate like that on TV.

    Are you quite sure you are a bull? You sound more like one of us!

  9. http://www.telegraph.co.uk/finance/finance...ver-traded.html

    As each revelation comes out about this story is just gets more and more bizarre. He didn't even trade and no one spotted this?

    If he wasn't trading what on earth did his staff think he was doing? Surely they must have spotted something odd was going on?

    Ah, but he was ...

    I think Elaine over at Culture of Life News has dug up some interesting stuff.

    She looks closely at an outfit called Gibraltar Securities.

    Apparently Madoff's mother was de-listed by the SEC after running some dodgy brokering operation in the early 1960s (on behalf of Madoff Snr or the mob ...), but it might still be going, laundering and what-not for Madoff Jnr - could explain where his trades were at perhaps?

    The media ain't on to this yet ...


  10. Two points in return.

    Postal redirection service?

    No property insurance on my flat. It was included in the ground rent.

    I think it's this ...

    Yes, a determined cover-your tracks-and-pose-as-OO-but-let-out-your-property accidental landlord might think of re-directing mail, but then again might not (and re-direction ain't permanent), but let's admit that one is dealable with.

    The other, the insurance, I think is a condition in the contract of the mortgage, such that the lender must be certain to be indemnified if the house burns down. Insurer won't pay out unless it's the owner's place of residence, so if you are letting you need a more serious and more expensive policy (insurers are wise to the fact that tenants are less likely to cherish the property than the owner is).

    Even if the accidental landlord is diligent enough to do this - and how many would even think of it? - it's a possibility that the financial records would alert the lender that the policy was changed and they'd be on to you. Lots of house insurance is also taken out with the lender, of course (sometimes a condition of the mortgage itself).

    The point of the original article is that accidental landlords will have to be very professional (and comply with safety sandards and energy ratings and now God knows what else) not to come a horrific cropper in the small print, let alone the big print.

    Letting out your falling asset, in other words, ain't the panacea increasing numbers of desperate ALs think it is.

  11. How the duck would the tenant know what type of mortgage you've got? I rented out a flat for five years to 3 seperate couples, I highly doubt that it even remotely occurred to any of them what type of mortgage I had.

    I always treated my tenants fairly anyway.

    As for fraud, get real man. Some things are serious and some are not. If my mortgage company had of found out they would probably just have upped the rate slightly. They're not interested in taking people to court, they're there to make money.

    I fail to see how whether or not you are paying tax on the rent is related to your mortgage type.

    Two points:

    First, tenant will know that the landlord is on an OO mortgage because correspondence will be sent from mortgagee to tenant's adress.

    Second, owner's property insurance is void if not owner living there. Oops.

  12. How is it good for prices?

    It restricts supply of properties for sale and due to low interest rates is sustainable at least in the short to medium term. If ******s BTL right up the **** but they can't sell either without getting bummed.

    The Government have come up witha solution to hpc by accident. Can't sell won't sell

    Restricts supply only temporarily until amateur landlords have lost even more money while trying to rent out, then suffer forced sales. Sorry.

  13. Accidental landlords have always been a feature of the private rentals market, but their numbers have risen sharply over the past year.

    "The stagnant housing market is making it virtually impossible for many people to sell – at least at prices they are happy with," says Melanie Bien, a director of Savills Private Finance, the mortgage broker.

    According to Mr Hyatt, accidental landlords contributed around 25pc of the increase in Knight Frank's stock levels in 2008. Research published by the National Landlords Association (NLA) late last year showed that the number of new landlord instructions to let in the third quarter of 2008 rose at the fastest rate since records began. Booming supply has not been matched by an increase in demand for rental property, however, as the number of applicants is rising, but at a much slower pace.

    This trend is set to continue in 2009. "It is likely that if property prices keep falling we will see more people choosing to hold on to their asset and let their property rather than sell it," says Richard Price, director of operations at the NLA.

    Thanks in part to the influx of new landlords, the lettings market is now highly competitive. "Stock levels in many offices are up 100pc over the past 12 months, while in some offices levels are three times as high as they were at this time last year," Mr Hyatt says. Jane Ingram, head of lettings at Savills, says that its letting agencies are seeing similar increases in stock levels.

    "They are significantly higher than a year ago, with the number of properties doubling, if not trebling – partly due to the rise in accidental landlords coming new to the market," she says.

    The result has been a downward pressure on rents, which is particularly acute at the higher end of the rentals market.


    These are rentals coming on the market that weren't supposed to be BTLs, but are now going into competition with them. Not sure who suffers most out of those two groups, but it's good news for renters and great news for houseprices in a flat spin.

  14. There's a story behind that there avatar....

    >> Lloyds BSE <<

    I worked for Lloyds TSB as a web admin monkey.

    This was around the time of the foot & mouth

    crisis in the UK, and, whilst bored, I changed

    their horse logo to a cow, and the name to

    Lloyds BSE on the screensaver graphic file I

    had access to. I didn't realise that, since I

    was updating the site, I had full access to

    the London network, and the core directories

    for all the city branches. The next morning,

    everyone's machines, including front line

    branch machines, was displaying my 'edited'

    version. I was given an *instant* dismissal.

    My bank account was cancelled and refunded to

    me, I was walked out of the building by security

    at 11am. I signed a form stating that I was

    legally not to enter a branch of Lloyds TSB

    again. As I left the building, not a single

    person smiled, they all looked at me like I'd

    just killed a puppy. ******ing humourless *****.


    That is so cool.

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