Realistbear Posted January 6, 2011 Report Share Posted January 6, 2011 http://uk.finance.yahoo.com/news/Banks-gone-far-restricting-tele-1275629226.html;_ylt=AnJU2SnGw4tdNDC0o.FLkSjSr7FG;_ylu=X3oDMTE4MjBucnE4BHBvcwMzBHNlYwN5ZmlUb3BTdG9yaWVzBHNsawNiYW5rc2hhdmVnb24-?x=0 Banks have gone 'too far' in restricting mortgages, says David Cameron Banks (SBK.NX - news) and building societies have gone “too far” in preventing “good risk” home buyers from getting mortgages, David Cameron said last night. The Prime Minister warned that the housing market was “stuck” and would not improve until banks and building societies got back to “respectable” lending. He vowed to get the market moving again. Didn't take long for the true VI to come out! He knows UK Plc is sunk without more HPI. He must be praying for the Halifax, er..."data" to show rising prices to get buyers buying this spring--the battle of the bulge for HPI. Quote Link to post Share on other sites
Killer Bunny Posted January 6, 2011 Report Share Posted January 6, 2011 Not good news for us. However, when was a politician ever able to achieve anything? Quote Link to post Share on other sites
the_duke_of_hazzard Posted January 6, 2011 Report Share Posted January 6, 2011 Talk. Do you really think his Treasury advisers don't understand the real problems? Quote Link to post Share on other sites
Snugglybear Posted January 6, 2011 Report Share Posted January 6, 2011 Not good news for us. However, when was a politician ever able to achieve anything? But, but, but... I thought Brown was responsible for the whole mess, and he's a politician. Seriously, though, a huge part of the present problem was politicians letting the financial sector off the leash. Quote Link to post Share on other sites
Damik Posted January 6, 2011 Report Share Posted January 6, 2011 http://uk.finance.ya...2hhdmVnb24-?x=0 Banks have gone 'too far' in restricting mortgages, says David Cameron Banks (SBK.NX - news) and building societies have gone "too far" in preventing "good risk" home buyers from getting mortgages, David Cameron said last night. The Prime Minister warned that the housing market was "stuck" and would not improve until banks and building societies got back to "respectable" lending. He vowed to get the market moving again. Didn't take long for the true VI to come out! He knows UK Plc is sunk without more HPI. He must be praying for the Halifax, er..."data" to show rising prices to get buyers buying this spring--the battle of the bulge for HPI. he mentions 80% LTV and 4x of the annual income ... seems fair to me .... Quote Link to post Share on other sites
GordonBrownSpentMyFuture Posted January 6, 2011 Report Share Posted January 6, 2011 Could be just making the right noises for the sheeple so as prices fall he looks less villainous. Quote Link to post Share on other sites
Ruffneck Posted January 6, 2011 Report Share Posted January 6, 2011 Not good news for us. However, when was a politician ever able to achieve anything? Gordon Brown saved the world remember? Quote Link to post Share on other sites
moody frog Posted January 6, 2011 Report Share Posted January 6, 2011 As always with every correction the swing to controlled responsible lending from madness has gone too far when high earners in secure jobs with a decent deposit cant buy their own place. Possibly some good news for people desperate to get out of rented accomodation. Quote Link to post Share on other sites
GordonBrownSpentMyFuture Posted January 6, 2011 Report Share Posted January 6, 2011 he mentions 80% LTV and 4x of the annual income ... seems fair to me .... I could afford that. Thing is, banks have been lending at 4x annual income for the past decade... it's just that everyone was earning a lot more back then (but had no record of it...). I guess now that everyone's gone from earning £80,000 pa to £20,000 pa, prices will have to be re-evaluated accordingly. Quote Link to post Share on other sites
Pole Posted January 6, 2011 Report Share Posted January 6, 2011 (edited) Talk. Do you really think his Treasury advisers don't understand the real problems? yep, all treasury advisers are honest people and don't own any BTLs and only what Great Britain to be great again. Edited January 6, 2011 by Pole Quote Link to post Share on other sites
Arbitrage Posted January 6, 2011 Report Share Posted January 6, 2011 I sense thst some on here really believe that Camoron wants a nominal house price crash He doesn't - the bad losses would crush the banks Instead, 1. Interest rates will stay where they are 2. More printed money pushed out via nationalised banks to create demand for housing 3. British sheeple happy to borrow - they still believe in bricks and mortar (Phil and Krustie) You'll get your house price crash, but not in Sterling Is the £10 Big Mac meal here yet? If it isn't, it won't be long in coming. It's not too late for those of you with piles of STR £s. Don't choose to be a victim - wise up! Quote Link to post Share on other sites
Pole Posted January 6, 2011 Report Share Posted January 6, 2011 But, but, but... I thought Brown was responsible for the whole mess, and he's a politician. Seriously, though, a huge part of the present problem was politicians letting the financial sector off the leash. Politicians are actors that are shown to you on TV, so that you believe that things continue as they were. The world and this country is no longer ruled by politicians. It's the big banks that are pushing for all the decisions and politicians simply execute those decisions for them. Find me a single major politician who's not serving the big international banks. They are all servants to the big banks and would never take any action that would harm the banks. We've had the biggest banking crash in recent history for which big banks were purely responsible and who's being sacrificed to pay for the mess???? Bankers??? Quote Link to post Share on other sites
FreeTrader Posted January 6, 2011 Report Share Posted January 6, 2011 Cameron won’t be happy when he reads the BoE Q4 Credit Conditions Survey, released today. Bearish for the housing market, and especially for LTVs above 75%. The banks are clearly expecting price falls and are favouring low LTV borrowers. From the report: Lenders expected that the level of availability of secured credit to households would remain broadly unchanged over the next quarter. However, lenders expected that the two factors that had dampened availability in 2010 Q4 — expectations of further falls in house prices and tighter wholesale funding conditions — would again act to limit availability in 2011 Q1. And lenders again expected that the outlook for the economy would constrain availability over the next quarter. Partly offsetting these factors, for a fifth consecutive quarter lenders expected that a desire to increase market share would increase availability over the next quarter. Consistent with the weakening outlook for house price inflation, lenders reported that the availability of new secured lending at high loan to value (LTV) ratios (greater than 75% LTV) had decreased slightly in 2010 Q4, while the availability of new secured lending at low LTV ratios had increased. http://www.bankofengland.co.uk/publications/other/monetary/creditconditionssurvey110106.pdf Quote Link to post Share on other sites
Snugglybear Posted January 6, 2011 Report Share Posted January 6, 2011 Politicians are actors that are shown to you on TV, so that you believe that things continue as they were. The world and this country is no longer ruled by politicians. It's the big banks that are pushing for all the decisions and politicians simply execute those decisions for them. Find me a single major politician who's not serving the big international banks. They are all servants to the big banks and would never take any action that would harm the banks. We've had the biggest banking crash in recent history for which big banks were purely responsible and who's being sacrificed to pay for the mess???? Bankers??? That's my point. Politicians can do something. But if that something would hack off the financial sector, they're not willing to do it. Quote Link to post Share on other sites
fluffy666 Posted January 6, 2011 Report Share Posted January 6, 2011 I sense thst some on here really believe that Camoron wants a nominal house price crash He doesn't - the bad losses would crush the banks Instead, 1. Interest rates will stay where they are 2. More printed money pushed out via nationalised banks to create demand for housing 3. British sheeple happy to borrow - they still believe in bricks and mortar (Phil and Krustie) You'll get your house price crash, but not in Sterling Is the £10 Big Mac meal here yet? If it isn't, it won't be long in coming. It's not too late for those of you with piles of STR £s. Don't choose to be a victim - wise up! Even in the 1990s crash, most of the losses outside the SE were real-terms instead of nominal, IIRC. And the boom-bust cycles before that were entirely real-terms.. Quote Link to post Share on other sites
@contradevian Posted January 6, 2011 Report Share Posted January 6, 2011 he mentions 80% LTV and 4x of the annual income ... seems fair to me .... 4 x single income yes. 4 x dual income scandalous. Quote Link to post Share on other sites
interestrateripoff Posted January 6, 2011 Report Share Posted January 6, 2011 Do the banks actually have the money to lend even if they want to? Quote Link to post Share on other sites
frenchy Posted January 6, 2011 Report Share Posted January 6, 2011 The UK is trapped. In a way it is a bit like the Truman Show, where the UK sheeple is Truman, they are surrounded by VI and it is impossible for a non-VI voice to heard and point to the sheeple the elephant in the room. It would only take a non-VI person to be interviewed on the BBC a few times and state the house prices are simply too high and ask the viewers to think whether they would be able to afford to buy their own house. Until that happens, the sheeple will take for granted anything he reads or ears, whether the DC or DM/BBC etc. I truly despair... meanwhile my children are growing very fast with a place to call home. Quote Link to post Share on other sites
SomethingHasToGive Posted January 6, 2011 Report Share Posted January 6, 2011 http://uk.finance.yahoo.com/news/Banks-gone-far-restricting-tele-1275629226.html;_ylt=AnJU2SnGw4tdNDC0o.FLkSjSr7FG;_ylu=X3oDMTE4MjBucnE4BHBvcwMzBHNlYwN5ZmlUb3BTdG9yaWVzBHNsawNiYW5rc2hhdmVnb24-?x=0 Banks have gone 'too far' in restricting mortgages, says David Cameron Banks (SBK.NX - news) and building societies have gone “too far” in preventing “good risk” home buyers from getting mortgages, David Cameron said last night. The Prime Minister warned that the housing market was “stuck” and would not improve until banks and building societies got back to “respectable” lending. He vowed to get the market moving again. Didn't take long for the true VI to come out! He knows UK Plc is sunk without more HPI. He must be praying for the Halifax, er..."data" to show rising prices to get buyers buying this spring--the battle of the bulge for HPI. To me that doesn't say HPI as much as market volume. He wants the market to be fluid, rather than static as it is now. However how you get the market moving when sellers don't want to sell at a realistic price is another issue, so how he is going to do this? Encouraging HPI won't work as he has stated x4 and 80% LTV as a rule of thumb for responsible lending. Quote Link to post Share on other sites
eric pebble Posted January 6, 2011 Report Share Posted January 6, 2011 I could afford that. Thing is, banks have been lending at 4x annual income for the past decade... it's just that everyone was earning a lot more back then (but had no record of it...). I guess now that everyone's gone from earning £80,000 pa to £20,000 pa, prices will have to be re-evaluated accordingly. Spot on!! Quote Link to post Share on other sites
Pole Posted January 6, 2011 Report Share Posted January 6, 2011 That's my point. Politicians can do something. But if that something would hack off the financial sector, they're not willing to do it. David Cameron and the financial sector... hmmmmm... where to start... His father Ian was senior partner of the stockbrokers Panmure Gordon, in which firm partnerships had long been held by Cameron's ancestors, including David's grandfather and great-grandfather, and was a director of estate agent John D Wood. His great-great grandfather Emile Levita, a German-Jewish financier who obtained British citizenship in 1871, was the director of the Chartered Bank of India, Australia and China which became Standard Chartered Bank in 1969.[18] Great-great-grandfather Sir Ewen Cameron, London head of the Hongkong and Shanghai Bank, played key roles in arranging loans supplied by the Rothschilds to the Japanese central banker (later Prime Minister) Takahashi Korekiyo for the financing of the Japanese Government in the Russo-Japanese war. Another great-grandfather, Ewen Allan Cameron, was senior partner of Panmure Gordon stockbrokers and served on the Council for Foreign Bondholders,and the Committee for Chinese Bondholders (set up by the then-Governor of the Bank of England Montagu Norman in November 1935). Quote Link to post Share on other sites
frenchy Posted January 6, 2011 Report Share Posted January 6, 2011 David Cameron and the financial sector... hmmmmm... where to start... His father Ian was senior partner of the stockbrokers Panmure Gordon, in which firm partnerships had long been held by Cameron's ancestors, including David's grandfather and great-grandfather, and was a director of estate agent John D Wood. His great-great grandfather Emile Levita, a German-Jewish financier who obtained British citizenship in 1871, was the director of the Chartered Bank of India, Australia and China which became Standard Chartered Bank in 1969.[18] Great-great-grandfather Sir Ewen Cameron, London head of the Hongkong and Shanghai Bank, played key roles in arranging loans supplied by the Rothschilds to the Japanese central banker (later Prime Minister) Takahashi Korekiyo for the financing of the Japanese Government in the Russo-Japanese war. Another great-grandfather, Ewen Allan Cameron, was senior partner of Panmure Gordon stockbrokers and served on the Council for Foreign Bondholders,and the Committee for Chinese Bondholders (set up by the then-Governor of the Bank of England Montagu Norman in November 1935). scary actually... Quote Link to post Share on other sites
fluffy666 Posted January 6, 2011 Report Share Posted January 6, 2011 David Cameron and the financial sector... hmmmmm... where to start... His father Ian was senior partner of the stockbrokers Panmure Gordon, in which firm partnerships had long been held by Cameron's ancestors, including David's grandfather and great-grandfather, and was a director of estate agent John D Wood. His great-great grandfather Emile Levita, a German-Jewish financier who obtained British citizenship in 1871, was the director of the Chartered Bank of India, Australia and China which became Standard Chartered Bank in 1969.[18] Great-great-grandfather Sir Ewen Cameron, London head of the Hongkong and Shanghai Bank, played key roles in arranging loans supplied by the Rothschilds to the Japanese central banker (later Prime Minister) Takahashi Korekiyo for the financing of the Japanese Government in the Russo-Japanese war. Another great-grandfather, Ewen Allan Cameron, was senior partner of Panmure Gordon stockbrokers and served on the Council for Foreign Bondholders,and the Committee for Chinese Bondholders (set up by the then-Governor of the Bank of England Montagu Norman in November 1935). Next you'll be saying that he got where he is entirely because of his own hard work and nothing to do with family contacts.. Quote Link to post Share on other sites
Realistbear Posted January 6, 2011 Author Report Share Posted January 6, 2011 David Cameron and the financial sector... hmmmmm... where to start... His father Ian was senior partner of the stockbrokers Panmure Gordon, in which firm partnerships had long been held by Cameron's ancestors, including David's grandfather and great-grandfather, and was a director of estate agent John D Wood. His great-great grandfather Emile Levita, a German-Jewish financier who obtained British citizenship in 1871, was the director of the Chartered Bank of India, Australia and China which became Standard Chartered Bank in 1969.[18] Great-great-grandfather Sir Ewen Cameron, London head of the Hongkong and Shanghai Bank, played key roles in arranging loans supplied by the Rothschilds to the Japanese central banker (later Prime Minister) Takahashi Korekiyo for the financing of the Japanese Government in the Russo-Japanese war. Another great-grandfather, Ewen Allan Cameron, was senior partner of Panmure Gordon stockbrokers and served on the Council for Foreign Bondholders,and the Committee for Chinese Bondholders (set up by the then-Governor of the Bank of England Montagu Norman in November 1935). Its all in the genes. Leopards and spots you know............ Even folk hero Olly Cromwell had a great Uncle in the same line of work. Quote Link to post Share on other sites
W1zard Posted January 6, 2011 Report Share Posted January 6, 2011 Surely the 80% LTV requirments will restrict any significant activity on anything priced higher than 150k. Not many prospective buyers will have those sort of sums laying around, particularly if they are paying out hiked up rent. Quote Link to post Share on other sites
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