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Bill D'arblay

Party Like It's 2006 - Sub-Prime Is Back In The Uk!

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and yet Bernanke was being interviewed last Monday (on Hardtalk and link posted in an HPC thread yesterday, Friday) about the economic collapse and saying how it was all far better regulated etc and of course they would have to be vigilante and of course the UK was following good policies like the US.

They'll say anything.

Edited by billybong

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Sub-prime mortgages make surprise comeback in the UK

According to the Grauniad sub prime mortgages are back and many players are entering this market again.

Especially welcome are ex bankrupt and feckless would be 'buy to let'ers.

My only surprise is the use of the word surprise in the headline.

Let's re-phrase & correct that:

Sub-prime PREDATORY LIAR LOAN mortgages make surprise comeback in the UK

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How can something come back when it never left?

They did, as far as the general public was concerned. I think you are referring to Liar Loans.

Let's re-phrase & correct that:

Sub-prime PREDATORY LIAR LOAN mortgages make surprise comeback in the UK

You don't need to lie or have a good credit record to get these sub-prime, high interest loans.

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And these mortgages come at a price: some borrowers taking out a two-year fixed-rate deal will be charged as much as 7%-8%, compared with current best-buy rates of as little as 1.54% on conventional loans.

Many of the lenders in this sector, including Bluestone and Magellan, say they will only consider people whose financial problems were triggered by a specific event in their lives, such as redundancy, a relationship breakdown, serious illness or an unplanned pregnancy, and who are now willing and able to meet their obligations.

Individuals will usually be required to provide evidence of this event, such as a P45 or doctor’s note.

Not good but not exactly the the return to pre 08/07 breath on this mirror please ,now how much would like to borrow

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It's the thin end of the wedge. Gradually over time the lenders/crooks will introduce more and more dodginess back into the market. They're crooks and that's what crooks do.

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When all the fundamentals for sensible borrowing, in order to buy shelter, is so absolutely broken and out of kilter with the "real" economy of average earning and affordability, then there is no other route for debt slavers to take, it HAS to be the return of liar loans in some form or the dance can't continue. I hope this time it burns them into the ground, no bailouts, no forbearance, just old fashioned lesson learning long jail terms to reset the system of the super crooks and idiots for a while.

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