Banks Are Still Being Irresponsible

[jplevene]

Spoke to one of my solicits today who told me that most of the mortgages he is conveyancing on are Interest Only mortgages.

The new regulation is comming soon so wouldn't it be responsible of the banks to slowly climatise us to the forthcoming regulations otherwise a huge shock would crash house prices more and for longer.

The banks can't be allowed to continue being irresponsible, BOE should stop looking out for bankers profits and instead they should help protect our very fragile economy.

[Monkey]

i think the banks are gourging themselves on easy debt, probably offering cheaper or better deals now for I/O etc to temp FTBers and other out of the wood work, before the easy credit options are taken away.

but just like a child whos been told he'll never eat chocolate again, and this is his last chance, they'll be sick in time to come.

[jplevene]

i think the banks are gourging themselves on easy debt, probably offering cheaper or better deals now for I/O etc to temp FTBers and other out of the wood work, before the easy credit options are taken away.

but just like a child whos been told he'll never eat chocolate again, and this is his last chance, they'll be sick in time to come.

I agree, bank greed is the only thing you can rely on with banks.

I remember a barrister once told me something when we were discussing a case years ago when a bank had altered a mortgage application after I signed it. I said I couldn't understand for just a few thousand pounds profit, why would they lie like that when they are worth billions. He just told me a story:-

Once upon a time there was a lion in the jungle unable to walk as he had a thorn in his foot. A zebra walked passed and the lion asked him for help. The zebra said "no I won't help you, if I do you will get up and eat me". The lion then said "I promise you I won't eat you if you help me", so the zebra helped the lion.

As soon as the zebra took the thorn out of the lion's foot, the lion pounced on the zebra and started to eat him, the zebra with his last dying breath asked "why" and the lion just replied "I can't help it, it's in my nature, I'm a lion".

He said the same for banks lying, they can't help it, it's in the nature, they're bankers