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eric pebble

Bankers - Eprisode 3. Payback Time: Yes I Know - It Misses Out Massive Chunks Of The Real Story:

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Bankers - Epsiode 3. Payback Time:

http://www.bbc.co.uk/iplayer/episode/b020t8ln/Bankers_Payback_Time/

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

Well -- it said EVERYTHING I and many of you have been saying for over a decade...... :rolleyes:

And watch that C**T Gordon Idiot-Moron Broon licking the backsides of those Banksters....... WADDA COMPLETE C**T HE IS.... :angry: :angry:

No mention of the Biggest Elephant in the Room of course.....

i.e.

PREDATORY LIAR LOANS

Which have UTTERLY RUINED the UK economy -- and did NOT "come from America"..

Edited by eric pebble

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Bankers - Epsiode 3. Payback Time:

http://www.bbc.co.uk...s_Payback_Time/

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

Well -- it said EVERYTHING I and many of you have been saying for over a decade...... :rolleyes:

And watch that C**T Gordon Idiot-Moron Broon licking the backsides of those Banksters....... WADDA COMPLETE C**T HE IS.... :angry: :angry:

No mention of the Biggest Elephant in the Room of course.....

i.e.

PREDATORY LIAR LOANS

Which have UTTERLY RUINED the UK economy -- and did NOT "come from America"..

Yep, the way these just can`t be talked about in the media is similar to the way Saville was so obvious yet undiscussed? So many people have been conned it is just too incestuous to discuss this in a property porn saturated culture?

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Real Payback would be if the sheeple en masse just said "I will not borrow, let the system collapse" If that happened the bankers would be going long toilet paper?

100% correct.

I tried to tell everyone this 10 years ago..... :rolleyes:

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you do seem obsessed with self-certification mortgages - I have one myself...

What is so past being tiresome is pebbles seemingly perpetual spouting at every (appropriate and not appropriate) opportunity to spout his 'liar loans' speil.

The fact is.. we did not get into the financial mess solely due to self cert mortgages. I know a couple of IS contractors who happily took out self cert mortgages because their income stream came in bursts according to contracts starting and finishing. Self cert mortgages gave them the ability to get onto the mortgage ladder, buy a house or two for theirs and their families futures and not feel like second class citizens just because they weren't permies.

I think self cert mortgages will make a comeback, with a bit more overview and rigour in approvals but their attractiveness to many segments of the working population is undeniable and I think valuable.

Of course.. if fully expect some sort of garbage from pebble in retort which will be very shouty etc... sort of behaviour that makes HPC less inviting to contribute and participate than it previously was...

tin hat is on...

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What is so past being tiresome is pebbles seemingly perpetual spouting at every (appropriate and not appropriate) opportunity to spout his 'liar loans' speil.

..//...

Of course.. if fully expect some sort of garbage from pebble in retort which will be very shouty etc... sort of behaviour that makes HPC less inviting to contribute and participate than it previously was...

tin hat is on...

Taking out a self-cert that doesn't contain any lies is fine.....

But - as we all know - it quickly became a system by which literally hundreds of thousands took out MUCH larger loans by "exaggerating" their incomes - and they then completely distorted the "market" by "buying" using FAR more "money" than they would have otherwise - thereby pushing up prices - ENORMOUSLY - in every street, village, town & city - & forcing everyone else to MATCH those prices...... Hey presto - you had MASSIVE hpi that resembled a snowball roaring down the snowed up hillside - growing in size exponentially.....

End result - Massively inflated house "prices" for EVERYONE..... Thanks to lies & deceipt....

i.e. End result - misery for everyone.... :

Shouty enough for you?!? :D:unsure:

Dick.

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Taking out a self-cert that doesn't contain any lies is fine.....

But - as we all know - it quickly became a system by which literally hundreds of thousands took out MUCH larger loans by "exaggerating" their incomes - and they then completely distorted the "market" by "buying" using FAR more "money" than they would have otherwise - thereby pushing up prices - ENORMOUSLY - in every street, village, town & city - & forcing everyone else to MATCH those prices...... Hey presto - you had MASSIVE hpi that resembled a snowball roaring down the snowed up hillside - growing in size exponentially.....

End result - Massively inflated house "prices" for EVERYONE..... Thanks to lies & deceipt....

i.e. End result - misery for everyone.... :

Shouty enough for you?!? :D:unsure:

Dick.

hi,

What you so conveniently fail to grasp, even when its laid out in front of your eyes in the documentary the OP refers to, is the impact of what you call 'liar loans' is in the greater scheme of what makes UK house prices so expensive (relatively vs past experience), is relatively small, perhaps insignificant. There are a whole host of other more striking contributory input that are more important, and perhaps deserve more focus than the bandwagon you continually choose to ride upon. It would simply be more interesting if you could see this and perhaps focus your attention on the key issues and not a side issue. I start with

a) pensions grab (re dividends) by GB in late 90's

B ) growth in BRIC economies (especially India, Russia & 'stan countries) - led to soaring demand for houses in London especially - attitude of LTB&H (old fashioned long term buy and hold - effectively removing swathes of properties from the supply to domestic residents at affordable prices) - for example I know many Indians who own numerous properties in the UK, some who have simply bought with a plan that when their children are older they will have somewhere to live when they travel there - hence you have future demand now

c) massive boost in immigrant demand (on top of point B )

d) UK - safe haven attraction

e) Massive GBP devaluation

f) pensions mis-selling scandals & high cost of pensions

g) property porn trends

h) property is my pension trend

i) massive slowdown in new house building

I put every one of these ahead of the 'liar loan' issue. I simply think perhaps you have a point, but in the overall scheme its a small point and its time to move on.

Personally, I feel point B is one which the impact may only just be raising its head. I don't think its going to unwind as there is a cultural issue at play. In a way its like what is happening with 2nd properties in Cornwall. Its just that the 2nd properties are in London and they aren't necessarily going to come on to the market in the future even if they're left empty. Hence tightening supply and driving house prices higher further

dick

Edited by thefruits

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hi,

What you so conveniently fail to grasp, ..//...

dick

:D:P

http://www.theguardian.com/money/2010/aug/10/falling-house-prices-blame-media

Follow the trail to the SOURCE of the "money": NOTHING can be done without the "money" - which is sourced from a complex - and newish source - via "securatisation" / CDO's, etc etc. THIS was the secret weapon the Banksters used - and continue to use. They magic "money" out of thin air. Plenty of posters here on HPC have talked about this endlessly.

It's like petrol/diesel in the car....

Without it - nothing moves.

This "money" was raised by vast amounts of people who HAD TO/WERE URGED to lie about their income. It was endemic; & I reckon it's still going on now. How else would the run of the mill person be able to "afford" the run of the mill transaction...? IF they are being given mortgages of anything over 3.5 x their salary - that is effectively a LIAR LOAN.

Can the average ['ish] person buy something on 3.5 x their income? Nope. So they are "given" 5, 6, 7, 8 [etc.] x their "salary": THAT is effectively a LIAR LOAN: It is a lie - because a mortgage of over 3.5 x salary is unsustainable; it is a lie.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=152508

And anyway mate - YOU are entitled to YOUR opinion -- and I am entitled to MY opinion. Shall we leave it at that? Please....? : i.e please bug off. :rolleyes:

Edited by eric pebble

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- :rolleyes:

Correction:

This "money" was handed over as "mortgages" [ LIAR LOANS] to vast amounts of people who HAD TO/WERE URGED to lie about their income. It was endemic; & I reckon it's still going on now. How else would the run of the mill person be able to "afford" the run of the mill transaction...? IF they are being given mortgages of anything over 3.5 x their salary - that is effectively a LIAR LOAN.

Edited by eric pebble

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The more they lent the higher their assets grew, the more they then could lend....second, third mortgages.

When it all gets top heavy aka Ireland and Spain......the asset can be anything you want it to be as long as it is not sold to show true value and the mortgagor stays living covering low interest......a lived in house is worth more than a derelict ransacked house that turns into a run down area....to demolish and turn back into something productive like farmland costs. ;)

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Taking out a self-cert that doesn't contain any lies is fine.....

But - as we all know - it quickly became a system by which literally hundreds of thousands took out MUCH larger loans by "exaggerating" their incomes - and they then completely distorted the "market" by "buying" using FAR more "money" than they would have otherwise - thereby pushing up prices - ENORMOUSLY - in every street, village, town & city - & forcing everyone else to MATCH those prices...... Hey presto - you had MASSIVE hpi that resembled a snowball roaring down the snowed up hillside - growing in size exponentially.....

End result - Massively inflated house "prices" for EVERYONE..... Thanks to lies & deceipt....

i.e. End result - misery for everyone.... :

Not misery for all the other people who owned homes at the mid-to-higher end of the market already, and saw their homes rise and rise and rise in value eh. Now the politicos and BoE wanting to lock in the gains, and have housing 'price-stability' at super high prices. Joy for many such owners. Well for all the ones who don't even pause to think about the hardships on younger non-owners or prudent older non-owners who refused to over-borrow to buy a house.

Nor misery for those who got into BTL, even doing so late into 2007, and many still believe, even today thanks to the authorities never allowing a crash. Carney says 'hold rates at 0.5%. Too many of the FTB style houses I save to my list on Rightmove, sell at high prices, then come back to the market as rentals within a few months.

Just wondering if it's only the banks you lay the blame on for allowing no-check self-cert. Or whether you feel like any of the 'hundreds of thousands' of people who lied about their incomes have any responsibility for their own actions?

Edited by Venger

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  • 238 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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