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DoctorJ

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All this madness with the markets over the past few days and all the beeb are banging on about US subprime mortgages- why has no one started to look closer to home yet?

Has anyone come out and admitted that we have a 'subprime'* problem here too (IO, self-cert, 10x salary etc)?

*call it what you will - its still dodgy credit

Edited by DoctorJ

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All this madness with the markets over the past few days and all the beeb are banging on about US subprime mortgages- why has no one started to look closer to home yet?

Has anyone come out and admitted that we have a 'subprime'* problem here too (IO, self-cert, 10x salary etc)?

*call it what you will - its still dodgy credit

You are SPOT ON DrJ: I have talked about this a great deal. e.g. read this whole page - http://www.housepricecrash.co.uk/forum/ind...52880&st=15 - and follow all the links. The UK has a HUGE "sub=prime" type problem ---and much of it is down to vast amounts of Mortgage Fraud...

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The UK has a HUGE "sub=prime" type problem ---and much of it is down to vast amounts of Mortgage Fraud...

I wonder how long it will take to bubble to the surface like RBs poisons in the mud. I get the feeling that soon the beeb will be reporting our own subprime nightmare rather than blaming all the market chaos on the US (and trying to make us all feel better)

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All this madness with the markets over the past few days and all the beeb are banging on about US subprime mortgages- why has no one started to look closer to home yet?

Has anyone come out and admitted that we have a 'subprime'* problem here too (IO, self-cert, 10x salary etc)?

*call it what you will - its still dodgy credit

...yeah...but like the Yanks a lot of it is securitised and sold on.......wonder where it's gone......?..... :o:o:o ...wonder when they will come out....?..... :o:o:o

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I heard some "expert" on BBC 5 saying that we dont have such a problem with self cert as the banks will lend you 6 times your income :blink: There was another in the same piece saying that we need some rate cuts to restore "normality" and prevent defaults. Funny I did not hear such comments when it was 10%yoy HPI.

Phoney

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[Has anyone come out and admitted that we have a 'subprime'* problem here too (IO, self-cert, 10x salary etc)?

*call it what you will - its still dodgy credit

would someone who has more going out on cc debt than their monthly mortgage payment be in the sub prime bracket ?

Bloke at work has just ( last april ish ) been granted a mortgage even though he has 45k of debt around his neck.

Surely that cant be right, ???

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I wonder how long it will take to bubble to the surface like RBs poisons in the mud. I get the feeling that soon the beeb will be reporting our own subprime nightmare rather than blaming all the market chaos on the US (and trying to make us all feel better)

At the moment, whenever the mainstream media talk about sub-prime, they are always very careful to place 'US' in front of the phrase 'sub-prime'. 'The US sub-prime mortgage problem'. Who are they trying to kid? It is very likely that this sub-prime problem exists across most of the countries that have had these housing price bubbles.

It is inconceivable the 'powers that be' will start prosecuting everyone who has lied to get a mortgage. Fraud is a very serious crime with harsh legal penalties. If large numbers of people start to be prosecuted, fear will grip the housing market and it will tank like never before.

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