Cml Monthly Moan

[pajd]

The mortgage rationing that lies at the heart of current property market trends seems certain to continue, according to the Council of Mortgage Lenders (CML).

In its regular market commentary, it said that the contraction in lending since the onset of the credit crunch in 2007 had "been the most severe on record", with sales at their lowest level since records began in 1978.

It said that mortgage rationing had been particularly severe for first time buyers and estimated that 800,000 of them had been frozen out of the housing market in the past three years.

"There is no sign of a return to more 'normal' mortgage funding availability in the foreseeable future," the CML warned.

That was underlined by a decision of the RBS and NatWest banks to stop offering interest-only mortgages to first-time buyers, forcing them to take out home loans on a full capital-and-interest basis instead.

"This sort of policy change makes getting a mortgage even more difficult," said Aaron Strutt of brokers Trinity Financial.

What do they mean by "normal" mortgage funding?

100 or 125% mortgages? Liar loans? Giving money to poeple who will struggle to pay it back?

[Bloo Loo]

What do they mean by "normal" mortgage funding?

100 or 125% mortgages? Liar loans? Giving money to poeple who will struggle to pay it back?

better ask them..THEY are the lenders representatives, arent they?

[@contradevian]

Reads like a Daily Mash article. On the contrary, I think mortgage lending has returned to "normal" quite nicely. Indeed it amazes me that the banks, still have so much money to lend. House prices will have to continue to fall to match the available credit.

[The Green Manalishi]

Saw off the bottom rung off the ladder and you have wrong type of ladder as the advert goes.

It ends up getting shorter

[plummet expert]

What do they mean by "normal" mortgage funding?

100 or 125% mortgages? Liar loans? Giving money to poeple who will struggle to pay it back?

There was nothing 'normal' about mortgage lending policies in the last 10 years or so! It is loose lending that has caused rediculous house and development land prices. These have undermined our international competitiveness by forcing up wages at a tine of relatively low 'other than house' inflation. The damage high house prices cause is STILL not realised by many commentators who simply continue moaning about falls and praising any sing of rising house prices.

Sensible lending policies, such as refusing IO loans and insisting on proof people actually work, combined with reasonable income multiples, will put the market back to where it should be over time - 25-40% lower than it is today. With inflation generally creeping up, I would expect to see houses continue to gently fall in price for up to 3 years, dropping about 18-30% in actual nominal prices. That is unless a more dramatic, faster correction happens.

[eric pebble]

What do they mean by "normal" mortgage funding?

100 or 125% mortgages? Liar loans? Giving money to poeple who will struggle to pay it back?

The CML members should all be in jail for fraud. For peddling

TOXIC PREDATORY LIAR LOANS

and ruining the national economy.

[Fawkandles]

These pundits make me laugh the way they think they know how I feel about wanting to be in the housing market. "Oh pweeze let me have a mawgij mista! I dont want to be left out!"

Happy to wait for lower prices thanks, chumps!

[Democorruptcy]

The CML members should all be in jail for fraud. For peddling

TOXIC PREDATORY LIAR LOANS

and ruining the national economy.

Do you think that what was said in this interview about businesses could be applied to Liar Loans, how corruption spreads and if unchecked forces others to do the same to compete?

He meant leaks stop corruption so benefit honest people the same way that proper regulation would have. Pity we have the old banker's club that is the useless FSA

What do you think WikiLeaks mean for business? How do businesses need to adjust to a world where WikiLeaks exists?

WikiLeaks means it’s easier to run a good business and harder to run a bad business, and all CEOs should be encouraged by this. I think about the case in China where milk powder companies started cutting the protein in milk powder with plastics. That happened at a number of separate manufacturers.

Let’s say you want to run a good company. It’s nice to have an ethical workplace. Your employees are much less likely to screw you over if they’re not screwing other people over.

Then one company starts cutting their milk powder with melamine, and becomes more profitable. You can follow suit, or slowly go bankrupt and the one that’s cutting its milk powder will take you over. That’s the worst of all possible outcomes.

The other possibility is that the first one to cut its milk powder is exposed. Then you don’t have to cut your milk powder. There’s a threat of regulation that produces self-regulation.

It just means that it’s easier for honest CEOs to run an honest business, if the dishonest businesses are more effected negatively by leaks than honest businesses. That’s the whole idea. In the struggle between open and honest companies and dishonest and closed companies, we’re creating a tremendous reputational tax on the unethical companies

http://blogs.forbes.com/andygreenberg/2010/11/29/an-interview-with-wikileaks-julian-assange/5/

[eric pebble]

These pundits make me laugh the way they think they know how I feel about wanting to be in the housing market. "Oh pweeze let me have a mawgij mista! I dont want to be left out!"

Happy to wait for lower prices thanks, chumps!

Yup - but the sad thing is...... There are so many CHUMPS out there - they just DON'T GET IT.....

[Pauly_Boy]

Can I just ask a very simple question here?

Who are/is the CML?

The name suggests it's a forum where representatives gather to discuss issues, but if that was the case they wouldn't be coming out with this VI rubbish as it would be themselves who are refusing to grant mortgages!

[eric pebble]

Can I just ask a very simple question here?

Who are/is the CML?

The name suggests it's a forum where representatives gather to discuss issues, but if that was the case they wouldn't be coming out with this VI rubbish as it would be themselves who are refusing to grant mortgages!

CML = the "Council of Mortgage Lenders". A seriously corrupt organisation, responsible for untold damage to the UK economy and well-being. Their sole purpose has been to pump up the cost of housing, by fraudulent means, irrespective of the consequences. They have deliberately ensured that Mr & Mrs Average are stretched to the beyond all limits of honest, sustainable and sensible lending, and instead used spin and obfuscation to make PREDATORY LIAR LOANS of all kinds become the "norm".

Hence the situation we find ourselves in today. Financial Armageddon & Chaos.

Edited December 1, 2010 by eric pebble

[Pauly_Boy]

CML = the "Council of Mortgage Lenders". A seriously corrupt organisation, responsible for untold damage to the UK economy and well-being. Their sole purpose has been to pump up the cost of housing, by fraudulent means, irrespective of the consequences. They have deliberately ensured that Mr & Mrs Average are stretched to the beyond all limits of honest, sustainable and sensible lending, and instead used spin and obfuscation to make PREDATORY LIAR LOANS of all kinds become the "norm".

Hence the situation we find ourselves in today. Financial Armageddon & Chaos.

So the typical vested intrest who just wants to enslave the population through giant debts!

[Cinzano Bianco]

So the typical vested intrest who just wants to enslave the population through giant debts!

I'd say that's fair comment. It would be interesting to know if members of this council have significant portfolios of houses or are property developers/ speculators.

[eric pebble]

I'd say that's fair comment. It would be interesting to know if members of this council have significant portfolios of houses or are property developers/ speculators.

I agree. In fact - they should be LEGALLY OBLIGED to disclose this information. Anyone out there know how to proceed with this?

EP