Fsa Consultation Closes Today. Ray Boulger Pleads...don't Restrict The Lending .

[moonriver]

What Ray thinks about it.

Wake up to Money link.

starts 19 mins in.

http://www.bbc.co.uk/programmes/b00vv38r#synopsis

Ray Boluger does not want these new FSA rules on lending to go through.

He says 50% who can get a mortgage now, wouldnt be able to borrow as much as they want, under these new rules. .

He seems to think the FSA have it all wrong....

They want to calculate the amount people can borrow by reference to a max term of of 25yrs, even if they will want a mortgage over a longer period.

And FSA have a "rather crazy idea", that people dont adjust their spending (downwards) when their committiments increase.

Ray said the FSA keep quoting these ONS figures that 46% had no money left, or a shortfall after their mortgage and their lving costs had been deducted. But he says these ONS figures are highly dubious, so he dismisses them.

And Ray says according to Shelter that "only" 16% are struggling with their mortgage.

When asked about the 30% who are on Interest Only mortgages, he says that FSA found 90% had a "robust" repayment plan in place. eg selling 2nd home, or using other assets. So IO is only a problem for a minority.

The presenter does not sound convinced by Ray's argument.

As this consultation closes today, does that mean we will get to hear the outcome today?

Or is there usually some delay?

[Pent Up]

As this consultation closes today, does that mean we will get to hear the outcome today?

Or is there usually some delay?

I'd like to know the answer to this too.

I hope they haven't given in to this twit!

[Reck B]

When asked about the 30% who are on Interest Only mortgages, he says that FSA found 90% had a "robust" repayment plan in place. eg selling 2nd home, or using other assets. So IO is only a problem for a minority.

hmmmm. reverting to my playground years when someone claimed something dubious to be true...

"CHINNEY RECKON.!!! BOULGER IS A JOEY!!"

Edited November 16, 2010 by Reck B

[repetitive bleats]

BELM!

[eric pebble]

FATTY CHOPS BOULGER - THE PIG IN THE STY - WANTS TO KEEP THE CORRUPT, FRAUDULENT, & UNSUSTAINABLE

LIAR LOANS IN PLACE.

LET US HOPE THIS MASSIVE PYRAMID/PONZI SCAM IS ENDED FOR ONCE AND FOR ALL.

IT IS RESPONSIBLE FOR THE MISERY OF SO MANY LIVES.

[Redcellar]

hmmmm. reverting to my playground years when someone claimed something dubious to be true...

"CHINNEY RECKON.!!! BOULGER IS A JOEY!!"

+1

And Ray says according to Shelter that "only" 16% are struggling with their mortgage.

I heard it this morning and was left with a big smug grin on my face as I drove down the road, I think I even let out a loud "f*cking great". Presenter asked why falling house prices were a bad thing!! Well done. It was pointed out by co presenter that he is a house owner too!

The quote above sums up Joey's dumb comments, so 16% are struggling with interest at 'record lows'. That's good is it? Definately a Joey.

[Democorruptcy]

FATTY CHOPS BOULGER - THE PIG IN THE STY - WANTS TO KEEP THE CORRUPT, FRAUDULENT, & UNSUSTAINABLE

LIAR LOANS IN PLACE.

LET US HOPE THIS MASSIVE PYRAMID/PONZI SCAM IS ENDED FOR ONCE AND FOR ALL.

IT IS RESPONSIBLE FOR THE MISERY OF SO MANY LIVES.

Eric,

Did you ever get a response from that email address about the FSA consultation? My email bounced back yesterday but I sent it ages ago. I suspect they didn't want any consultation from anyone who might say anything negative.

Edited November 16, 2010 by Redhat Sly

[Redcellar]

Forgot to add. Joey also said that the new proposals would mean that 50% of current succesful mortage applicants would be denied under the new rules. It was highlighted that acceptance is already incredibly low, so that's 50% refusal for the lucky ones still getting through the process successfully.

If he's right then I think this will be the final nail in the coffin for house prices. But then the rest of the cr*p he spouted was b*ll sh*t so I don't think I can be too hopeful about the 50% further refusals.

[moonriver]

If he's right then I think this will be the final nail in the coffin for house prices. But then the rest of the cr*p he spouted was b*ll sh*t so I don't think I can be too hopeful about the 50% further refusals.

Yes indeed...

Let's hope the FSA ignored his pleas.

I wonder, what the outcome was of that consulation today?

Anyone heard anything?

[OnlyMe]

It's an odd country, ******ing children is illegal, doing it financially is OK.

[Si1]

I have this vision in my mind of Clegg, Cameron, Osborne and alexander sitting across one side of a table

Ray Boulger is being interviewed by them as to why he thinks mortgage lending should be supported by the govt

After Boulger finished, the committee, straight-faced, say thank you for your input we'll look into it for you.

As soon as he has left the room they fall about loudly laughing and cameron makes p*nis-head signs, Alexander does the chinny thing etc. What a fool. He was probably chums with Gordon Brown.

[eric pebble]

Eric,

Did you ever get a response from that email address about the FSA consultation? My email bounced back yesterday but I sent it ages ago. I suspect they didn't want any consultation from anyone who might say anything negative.

No - I didn't get any response..... Typical of course.

[billybong]

Boulger will have to face his demons.

Homer Simpson had to and so will Boulger.

[South Lorne]

Boulger will have to face his demons.

...his lack of commissions......

[miko]

I have this vision in my mind of Clegg, Cameron, Osborne and alexander sitting across one side of a table

Ray Boulger is being interviewed by them as to why he thinks mortgage lending should be supported by the govt

After Boulger finished, the committee, straight-faced, say thank you for your input we'll look into it for you.

As soon as he has left the room they fall about loudly laughing and cameron makes p*nis-head signs, Alexander does the chinny thing etc. What a fool. He was probably chums with Gordon Brown.

No Ray Boulger leaves the room

Then the others have a conflab between them , all being born with silver spoons in their mouths none of them know what a mortgage is , but they all think the other's do.

After they realise that they are all unaware they decide they will ask IDS as he is sure to know as between them they have come to the conclusion that it must be something to do with housing the working people . That must be IDS 's department they agree and then go off to their 2 nd lunch appointment of the day.

[eric pebble]

How I

LOATHE

fatty-chops Boulger and his friend in crime at the CML

pig-face Coogscamn .....

:angry: :angry:

------------------------

Edit: Does anyone know where things are re: the Vested Interests' [CML et al] efforts to thwart much-belated mortgage regulation by the FSA?

Edited November 17, 2010 by eric pebble

[yokel]

If the FSA regulations go through, then Charcol should ask for their money back from the housing minister - I mean, what is the point of political donations if you don't get policies which help you rather than the public or the economy.

Guardian article

Leading members of David Cameron's shadow cabinet are taking money to run their private offices directly from commercial companies with interests in the portfolios they hold, a report by the parliamentary commissioner, John Lyon, revealed yesterday.

At least four members of the Conservative team have received money from companies connected with their briefs, according to Lyon's findings. Although this does not break parliamentary rules, critics will say there is a potential conflict of interest.

Grant Shapps, the party's housing spokesman, disclosed to the commissioner that he had taken tens of thousands of pounds from five different companies associated with his portfolio.

They were two online mortgage brokers, Charcol and Edeus Creators; Douglas & Gordon, a west London estate agent; the Sapcote Group, a commercial property developer; and Goldsmith Williams, a firm of solicitors that specialises in conveyancing and remortgaging.

Y

[57percent]

If the FSA regulations go through, then Charcol should ask for their money back from the housing minister - I mean, what is the point of political donations if you don't get policies which help you rather than the public or the economy.

That's concerning.

When do we find out the FSA regulations will be?

Anything over fully certified 4x earnings (3x joint), 90% LTV will be very annoying. Not just from a HPC VI. It would be really irresponsible.

[Caveat Mortgagor]

That's concerning.

When do we find out the FSA regulations will be?

Anything over fully certified 4x earnings (3x joint), 90% LTV will be very annoying. Not just from a HPC VI. It would be really irresponsible.

And would justify nailing Mr G Shapps MP to the front door of one his taxpayer funded homes.

[Pent Up]

This nothing new but It seems the new FSA rules won't really make much difference to how the mortgage Marke is operating today

http://www.ft.com/cms/s/0/514ac864-f1be-11df-bb5a-00144feab49a.html#axzz15YPdvL7S

“What we are trying to do with our mortgage conduct [consultation] is make the mortgage market better in 10 years’ time, not really to change what’s going on today,” he said.

I think what Boulger and Coogan are worried about is that there will be no return to the 'good times' 100% mortgages for all.

Edited November 17, 2010 by Pent Up

[Blod]

It amazes me that at no point ever when Ray Boulger is defending liar loans does the the interviewer ever counter his discrediting of the 46 % struggling with the question what happens when rayes return to normal levels. Cause even if you believe his lower figure how will people manage when rates rise. :angry:

That man is a prime example of what created the credit crunch. It's about time that was pointed out to the media.

[Quicken]

Every time I read something from Boulger or the CML, I am forcefully reminded of this quote:

People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.

They make my blood boil. I think I may adopt the above as a sig.

Q

[geneer]

Look back at boulgers blog in 2007. Was he warning about the crash?

Nah. He was yelping about HIPS.

Common or garden shill.

[Si1]

This nothing new but It seems the new FSA rules won't really make much difference to how the mortgage Marke is operating today

http://www.ft.com/cm...l#axzz15YPdvL7S

I think what Boulger and Coogan are worried about is that there will be no return to the 'good times' 100% mortgages for all.

+1

makes sense for a gradual adjustment - just as similarly with HB and beneftis as a whole - to avoid a transient crash that would damage other parts of the economy

still looks like inflation-led real terms and relatively minor nominal terms house price falls, tho it pains me to say it

boulger is still a self-promoting **** in every sense. I suspect he conciously believe his own sh*t too, but subconciously is entirely dishonest.

[Si1]

Look back at boulgers blog in 2007. Was he warning about the crash?

Nah. He was yelping about HIPS.

Common or garden shill.

I'm just waiting for someone to say the royal wedding will boost house prices - you know they will say it - just a matter of WHEN someone will say it...