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House Price Crash Forum


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Everything posted by loafer

  1. Ah, but is the down arrow due to house prices falling or gold prices rising, that's the question....!
  2. Are bonds deposits for the purposes of the FSCS or whatever it's called? They said they were, but I thought they were a hybrid?
  3. To be fair to the guy, he has said the same thing for several months now, and was in the papers early this year for it.
  4. Depends on the nature of the lease and the age and health of the tenant. Essentially you are betting on the age to which the tenant will live. Get professional advice.
  5. Densie Barnes - This local EA in Tunbridge Wells and area (5 branches) went out of business last week - see link http://www.thisiscourier.co.uk/displayNode...tentPK=20799385 Mrs Loafer
  6. I think you might be misunderstanding the requirements. When they say a "deposit" of £1000, what they mean is that this must be your main current account into which your salary is paid, not that you have to save £1000 per month. Forcing you to use them as your main bank increases cash balances and also means they will see immediately if your income reduces or stops, thereby increasing default risk on the mortgage.
  7. RB I think it's your American sensibilities being trod on. Us Brits love a bit of banter and innuendo (RIP Humph). Why can't we have a laugh about "The Beeny's" assets (both of them)? It's in fun, not malice. Anyway, some of the amageddonists (sometimes including you!) and BNPists on this site turn my stomach far more than the childish banterists. TTFN Loafer
  8. You might enjoy this: http://www.thedailymash.co.uk/news/arts-%2...ec-20080508935/
  9. I often use USD for quoting multi-currency figures, as it comes up with an impressive total due to the USD currency weakness. I think you're reading a bit too much into it all.
  10. [childish humour on] Cream Horn. *snigger* [childish humour off]
  11. 1 I think the Euro securitisation market is probably not quoting in USD to try and pretend it is completely different and not affected by the problems in the US. 2 It generally depends on the jurisdictions of the loans - Euros for Euro loans, GBP for GBP loans, but see 3 below. 3 It depends on the issuer - if they think there is more liquidity in Euros, they might issue in Euros, and hedge back, or do multi-currency. It is more efficient to issue in the currency of the underlying, as the FX swap will otherwise take some of the revenues, but then again, the banks make lots out of swaps...
  12. The travel insurance on my one is actually rather good.
  13. Absolutely right...but they never said it was wiping out a 30% gain, did they? I think he's gone from the "not being the same as a 30% gain", right to the other end of the scale, without stopping.
  14. I can understand his mathematical argument, but surely the IMF saying houses are "overvalued by 30%" can mean they think a 30% drop is required to hit fair value just as much as it can mean the last 30% of rise was too much (i.e. a 23% fall)? Perhaps I'm missing something? Edited for clairty - I've just got up, for goodness sake!
  15. What rubbish, coming from Wall Street, home of the deal junkie with no thought of the long term.
  16. The whole refreshing difference of Boris was encapsulated in the last couple of lines of his victory speech, where he said something along the lines of "tomorrow we start work, but tonight let's have a drink to celebrate". No Labour spinmeister would have ever allowed that for fear of offending alcoholics, Muslims and whining liberals. Thank goodness these uber-PC idiots are on the way out.
  17. I think the point of a pawn shop is that you can get the item back at some point. With e-bay you've just sold it.
  18. Actually, that is a very good analogy! Your questions also highlight exactly what went wrong with the market, in that you refer to AAA and the fact that some AAA won't be worth 50% of nominal. The likely outcome is that the vast majority of AAA RMBS and CMBS paper is safe for principal. For CMBS, for example, you would have to see a 50% permanent decline in commercial real estate values and no inflation for ever to see material AAA losses. This is not to say individual deals won't have problems, but the BoE money is safe, especially after a decent haircut. On the other hand, AAA CDOs etc sh
  19. Your questions were addressed at A.Steve, but perhaps I can put some info out there. The main difference between what the Fed and ECB have been doing and the SLS is that the types of securities that can be used by the banks are much more limited, and that they apply significant "haircuts" (i.e. £100 of securities gets you £90 of gilts, for example) to the swap. The securities can only be against assets on the books at the end of last year (hence less effect on current lending and less support for the housing bubble), plus long term securities and own-issue securities get further discounted.
  20. I think you'll find that a significant proportion of "you lot" were equally fed up with bonus driven scoundrels forgetting all the proper rules of banking and that we are now looking forward to a decent bit of solid proper lending for a change.
  21. I like that quote. On the one hand it's easy to agree with, but then you realise that extermination is, in itself, extremist. Very clever. BTW, I certainly agree that credit has been mispriced, and that a healthy correction in credit and asset markets is underway.
  22. I'm a bear and an STR. You don't have to tell me about a grip on reality. I think we need to push back against the fundamentalists at either end of the economic spectrum, both armageddonists and uber-bulls.
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