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eric pebble

Liar Loans: Sfa From The Fsa.

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Liar Loans: SFA from the FSA.

A brilliant resume of the financial crisis - caused by Liar Loans & the bent housing "market": AND IT IS STILL ALL GOING ON - DESPITE ALL THAT HAS HAPPENED !

You’ve heard of locking the stable door when the horse has bolted. Well, the Financial Services Authority, has gone one better and promised to do its job properly only after it's been closed down. Yesterday, the boss of Britain’s financial watchdog, Lord Turner, grandly announced that the FSA was going to put an end to “liar loans”, 125% “suicide” mortgages and other scams from the great housing bubble. Bit late your Lordship. Last month, the Chancellor, George Osborne, announced that the FSA is to be scrapped and financial regulation returned to the Bank of England.

Perhaps if the FSA had done its job six or seven years ago, we wouldn’t be in the state we are in now. .....

I have been banging on about irresponsible mortgage lending for most of the last decade. In 2004 I warned that house prices were an unsustainable bubble. In 2005 I fulminated against the irresponsibility of lending five or six times income. IN 2006 I railed against Northern Rock’s “Together” mortgages where the bank loaned first time buyers 25% more than the value of their property, thus placing them in negative equity even before they got the keys. After Northern Rock collapsed in 2007, to demonstrate what was happening, I applied for and was offered a £200,000 mortgage after telling the broker I had a disposable income of only £18,000. Sheer madness.

Read the rest here: -

http://iainmacwhirter2.blogspot.com/2010/07/liar-loans-sfa-from-fsa.html

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But Gordon said there was no subprime.

He should sue for defiling his foolproof regulatory systems honour.

Brown should be put on trial for treason - for DESTROYING this country and its economy...

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Brown should be put on trial for treason - for DESTROYING this country and its economy...

It's not destroyed yet. nulabia's job was to demolish the core foundations. ConDem's job is to finish it off.... by having a "predicted" coalition, each party can blame the other. Once the Country is on the verge of total civil unrest, the nwo will step in with a "solution". Is this me talking or my good old Boddington's?

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Brown should be put on trial for treason - for DESTROYING this country and its economy...

No LIAR LOANS = no economic miracle.

I am afraid Gordon Brown was the architect of financial failure. Blair also stands in the dock for not seeing it and failing to fire him before too much damage was done. History will show that this Scottish* duo were the worst pair to run our government since the Stuarts tried to run this country and bankrupted it.

_______________________

Blair is a Scot in the same way Cameron is--just a few generations removed. Makes no difference IMO--just an interesting biological fact.

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No LIAR LOANS = no economic miracle.

I am afraid Gordon Brown was the architect of financial failure. Blair also stands in the dock for not seeing it and failing to fire him before too much damage was done. History will show that this Scottish* duo were the worst pair to run our government since the Stuarts tried to run this country and bankrupted it.

Agree 100%.

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Today.

Told by an acquaintance that his daughter and partner have got their mortgage approved. My acquaintance was delighted as they had no deposit, but cooked something up with the broker, bit worried that the probably son in law never had any money...spent a lot in the pub.

HE is a gardner odd job man working for his dad. SHE works in a restaurant bar.

Its a place in the village and was up for £150K when I last looked.

Its a miracle. apart from the total risk, they arent even married.

course, it could all be 8ollox from my acquaintance.

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The beauty of the liar loan to the criminal/terrorist is simple: during a property boom you don't even need to launder proceeds from previous crimes in order to raise funds for new criminal/terrorist activities.

Why are our young men and women sacrificing themselves on the dusty plains of Afghanistan when our banks are still providing such simple means for the enemy to make money to buy AK47s?

Edited by Dave Spart

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Today.

Told by an acquaintance that his daughter and partner have got their mortgage approved. My acquaintance was delighted as they had no deposit, but cooked something up with the broker, bit worried that the probably son in law never had any money...spent a lot in the pub.

HE is a gardner odd job man working for his dad. SHE works in a restaurant bar.

Its a place in the village and was up for £150K when I last looked.

Its a miracle. apart from the total risk, they arent even married.

course, it could all be 8ollox from my acquaintance.

Shocking. I'm still genuinely surprised when I hear of people becoming homeowers at the moment.

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Today.

Told by an acquaintance that his daughter and partner have got their mortgage approved. My acquaintance was delighted as they had no deposit, but cooked something up with the broker, bit worried that the probably son in law never had any money...spent a lot in the pub.

HE is a gardner odd job man working for his dad. SHE works in a restaurant bar.

Its a place in the village and was up for £150K when I last looked.

Its a miracle. apart from the total risk, they arent even married.

course, it could all be 8ollox from my acquaintance.

A mortgage with no deposit.........most likely a liar loan...dob them in. You know it'll only be a matter of time before they'll be apply for help from the government to pay their mortgage :rolleyes:

Edited by theonlywayisdown

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A mortgage with no deposit.........most likely a liar loan...dob them in. You know it'll only be a matter of time before they'll be apply for help from the government to pay their mortgage :rolleyes:

Who to?

The police won't be interested. The FSA won't give a shit either.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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