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The Colour

Bbc Finally Blink, Publish Something

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shame it's just on the blog, but hey it's a start.

http://www.bbc.co.uk/blogs/thereporters/ro...aneproof_1.html

Some of the comments are good though, much better than the article, and made by very smart people.

1. At 11:22 AM on 06 Jul 2007, JPF wrote:

There is actually a long article yesterday in CITY A.M. (a financial newspaper) about this.

Seems to me that UK's situation is different from that of the USA.

UK's sub-prime market seems to have a much less per centage of the total mortgage market, and relatively speaking, it is much more difficult to borrow here in UK. Trust me, I have friends in property development area.

I am not saying we should not worry about this, I just think UK won't be badly affected by this.

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2. At 12:33 PM on 06 Jul 2007, ACL wrote:

JPF:

If it is more difficult to borrow in the UK then it follows that more UK borrowers would need subprime loans not less. All thing being equal, it implies a bigger percentage of subprime loans in the UK compared to the US.

Besides, as Robert Preston states, the financial reach of your bank/pensions fund etc. is global. So the exotic financial products situation in the US has a bearing on your personal wealth regardless of your physical location.

But what do I know, I'm not an economist.

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3. At 12:34 PM on 06 Jul 2007, Dick wrote:

I wonder if we'll ever get back to a simpler world where investment is in companies that do real things rather than in shifting liabilities around.

It's a bit like carbon trading.. I learn't recently that the traders have already made about a billion euros out of this... Once just can't help but feel that this money might actually have been better invested in clean technologies.

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4. At 12:48 PM on 06 Jul 2007, REP wrote:

JPF, you are a funny person. If this does collapse we, in this country, will be no better off than the Americans or rest of the world. As for UK's subprime market I believe it is greater than 10% of the current market and borrowing in the UK are you for real? Unemployed people can get mortgages. Wake up and smell the coffee.

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5. At 01:11 PM on 06 Jul 2007, MER wrote:

It is reassuring that the FSA are confident that major institutions have strong foundations. I mean Equitable Life was such an institution wasn't it?

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6. At 02:07 PM on 06 Jul 2007, primesub wrote:

i found a very good site on subprime news. it might be handy for you all: http://subprimemess.blogspot.com

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7. At 02:08 PM on 06 Jul 2007, Tom wrote:

Non-conforming mortgage securities accounted for 30% of issuances last year - so our subprime sector is plenty big enough.

You think it's hard to borrow money in the UK? I don't think so. Look at this:

http://www.easier.com/view/Finance/Mortgag...cle-126147.html

"Ian Giles, Director of Marketing at Kensington, said: “The buy to let market is changing. There continue to be real opportunities presented by buy to let, but with house prices continuing to increase, interest rates rising and rental yields remaining fairly static, it is becoming much harder for new investors to enter the market. Kensington have recognised this and built a product to help more borrowers benefit from the sector. If you have enough extra income at the end of each month to service the mortgage on an investment property, why should you be constrained by rental yields? This product will empower a new breed of buy to let investor, but it is just the start, and our customers can look forward to more innovations from Kensington in the near future.” "

Edited by The Colour

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