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IPOD

This Is Really Starting To Take The Piss Now

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http://www.mortgageintroducer.com/news/new...p?unqueid=15638

Bananas Inc has launched its House 2 House tracker that does not require any proof of rental income.

...

Instead of using rental income, the product uses the borrower’s own self-certificated income to calculate affordability.

....

It allows them to become a residential property investor by escaping the rental income proof. They only have to state their own income, for which we do not require any proof.”

For ****'s sake! A jobless, homeless wino could take out one of these loans, and let the property out to his homeless, jobless mate! WHO THE HELL IS BUYING THESE BONDS, what credit rating are the rating agencies giving them, it should be 'J' for 'junk'.

NB. To explain, the finance for this loan is almost certainly obtained via a securitisation issue in the capital markets in which so-called "investors" lend the money to these flaky mortgage operations to make loans with non-existent credit checks. They are normally given "AAA" investment grade ratings by Standard & Poor's, Moody's etc, unjustifiably in my opinion.

Also, note the name of the finance house ("Bananas Inc"). Is today April 1st?

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http://www.mortgageintroducer.com/news/new...p?unqueid=15638

For ****'s sake! A jobless, homeless wino could take out one of these loans, and let the property out to his homeless, jobless mate! WHO THE HELL IS BUYING THESE BONDS, what credit rating are the rating agencies giving them, it should be 'J' for 'junk'.

NB. To explain, the finance for this loan is almost certainly obtained via a securitisation issue in the capital markets in which so-called "investors" lend the money to these flaky mortgage operations to make loans with non-existent credit checks. They are normally given "AAA" investment grade ratings by Standard & Poor's, Moody's etc, unjustifiably in my opinion.

Also, note the name of the finance house ("Bananas Inc"). Is today April 1st?

Keep calm IPOD. Isn't this exactly what you would expect from the stinking fag-end of a bull run?

If these were stocks they would be being sold over the phone from the Dutch Antilles or Nigeria.

The last few mugs need to be pulled in then they can shut up shop sell their mortgage book to someone with a big enforcement/legal department and try something else.

I view this as very positive for the bear case.

The Fox

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Here, Sue Cox, the banana manager, gives sagely advice to a new graduate.

http://www.mortgageintroducer.com/CaseStudies/250505.htm

Clearly this advice is based on sound experience and connections, as cited in their about us box.

About bananas inc.

bananas inc. has been in business since 2003, established specifically to serve brokers and IFAs and we’re still growing. The team are experts within the financial services marketplace and have experience of all types of mortgage sourcing and placement.

Importantly, we’re well connected. As Regulatory Alliance of Mortgage Packages (RAMP) panel members, we have exciting products with Platform, Kensington, TMB and Future. To compliment these, we have branded lending with SPML and Partnership lending with Preferred Mortgages, both with the added benefits of in-house underwriters to ensure swift processing and offers. And we’re also on the panel of some networks including Sesame and Inter-Alliance.

RAMP?!??

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I reckon the whole thing is bent

What's the betting they take everyone's money and then split ....

... or dessert their creditors in some other way!

(Can't see them hanging around to face the music - their type are yellow through and thru.)

Edited by Sledgehead

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  • 301 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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