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JustAnotherProle

Home Loans Timebomb

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A total of 9,000 properties were taken back by lenders during the three months to the end of June, a drop of 100 on the quarter before, according to the Council of Mortgage Lenders.

The fall was due to the relatively stable job market, record low interest rates of 0.5 per cent and banks being lenient on those struggling to meet repayments, the council said.

But the group has stuck to its prediction that a total of 40,000 people will lose their homes this year, up from 36,300 in 2010

The METRO today is nice and bearish, it's a shame so many people are going to have to suffer, I have a feeling we 'aint seen nothing yet. <_<

It also mentions the 2 years to go before interest rates rise, I keep seeing this figure (2013-2014) being mentioned, the proles are being softened up for the kill.

Edited by JustAnotherProle

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it's a shame so many people are going to have to suffer

Yeah its a crying shame that people who made wreckless financial decisions hoping ride the wave of free money courtesy of the next generation of debt slaves will actually be held to account for thier actions thus letting prudent people buy homes they can actually afford. No really it is.

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It also mentions the 2 years to go before interest rates rise, I keep seeing this figure (2013-2014) being mentioned, the proles are being softened up for the kill.

I wonder where this (repeated) figure keeps coming from? Is it just a meaningless consensus or 'official'? If the latter, then it would imply that:

  • It's the estimated time until enough mortgagees can, in theory, pay off enough debt to avoid repossesion and the consequent political liability

  • ... but only if they concentrate on paying down the debt, hence the signal...

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I wonder where this (repeated) figure keeps coming from? Is it just a meaningless consensus or 'official'? If the latter, then it would imply that:

  • It's the estimated time until enough mortgagees can, in theory, pay off enough debt to avoid repossesion and the consequent political liability

  • ... but only if they concentrate on paying down the debt, hence the signal...

I have a strong suspicion that there has been a general consensus,via meetings in smokey rooms, that this is the time IR's will have to rise no matter what happens, they are leaking this out to forewarn the populus, I don't think they care either way what happens to the debtors frankly, this whole economic nightmare is just too massive in it's implications for the current status quo.

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I wonder where this (repeated) figure keeps coming from? Is it just a meaningless consensus or 'official'? If the latter, then it would imply that:

  • It's the estimated time until enough mortgagees can, in theory, pay off enough debt to avoid repossesion and the consequent political liability

  • ... but only if they concentrate on paying down the debt, hence the signal...

Do you not possess a dictionary

mortgagees are the lenders mortgagors are the borrowers.

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I think the thing about IRs not rising for 2 years originated from a Bank of England statement / minutes?

I think that it's a fairly open secret that the Fed's base rate isn't going to rise until 2013 so I wouldn't expect the BofE to do any different.

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Do you not possess a dictionary

mortgagees are the lenders mortgagors are the borrowers.

In theory, yes, but where UK banking is concerned the Mortgagee has also borrowed the money against the "value" of the asset and is in the equally embarrassing position of not being able to meet his financial promises. Good job the taxpayer is on hand to lend the money to the bank and that the government has loads of spare cash.

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I think that it's a fairly open secret that the Fed's base rate isn't going to rise until 2013 so I wouldn't expect the BofE to do any different.

Personally i doubt it will rise then, more likely to be reduced then if you ask me, same for the BOE rate

Edited by Tamara De Lempicka

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Er...... Other way round I think... ;)

Lol, nope :P

To be fair the MSM get it the wrong way round all the time

Edited by FIGGY

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I think the thing about IRs not rising for 2 years originated from a Bank of England statement / minutes?

In any case, this is what they hope they'll be able to do... their hand may be forced.

The FED said in August they'll keep rates here until at least mid 2013.

http://www.bbc.co.uk/news/business-14467241

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The METRO today is nice and bearish, it's a shame so many people are going to have to suffer, I have a feeling we 'aint seen nothing yet. <_<

It also mentions the 2 years to go before interest rates rise, I keep seeing this figure (2013-2014) being mentioned, the proles are being softened up for the kill.

Last crash , if you could not pay you were out, many people who could pay would not pay and gave back the keys. There were plenty of repossessions on the market and the market tanked hard and fast for about 5-6 years.

People had lots of NE , but by the mid 90's wage inflation and IR dropping from a high of 15% to about 7-8 % had made the debts payable for most people . The £60k FTB mortgage that was a mile stone around people's neck was now ok.

This time around with the debts so much bigger and no wage inflaion , IR already at an all time low that they can not go any lower many are stuffed.

The BOE is giving those whos debts are unpayable time to find a buyer instead of waiting for those debts to become payable . Will it work ? who knows.

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Er...... Other way round I think... ;)

You are wrong.

When a property gets repossessed you will see the term mortgagee in possession

mortgagee [ˌmɔːgɪˈdʒiː]

n Law

1. (Law) the party to a mortgage who makes the loan

2. (Law) a person who holds mortgaged property as security for repayment of a loan

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The METRO today is nice and bearish, it's a shame so many people are going to have to suffer, I have a feeling we 'aint seen nothing yet. <_<

It also mentions the 2 years to go before interest rates rise, I keep seeing this figure (2013-2014) being mentioned, the proles are being softened up for the kill.

..obviously doesn't understand it's rigged for short term safety.... :rolleyes:

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  • 285 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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