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thecrashingisles

Imf Fears Over Britain's Sub-prime Market

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http://www.telegraph.co.uk/money/main.jhtm...25/cnimf125.xml

The Washington-based institution singled out the UK's low-income mortgage market as a key area of risk for the financial system.

It came alongside a warning that the credit crunch and its aftermath will last longer, and be more painful, than many people expect.

Sub-prime mortgages are a relatively new form of lending, whereby households that would previously have been denied credit because of low incomes or poor credit ratings are forwarded cash.

"The rapid deterioration in the US non-prime mortgage sector has also led to concerns about dislocations in non-US mortgage markets, especially in the UK non-conforming mortgage sector," the report said. "The UK non-conforming mortgage market is somewhat comparable to the US sub-prime market, though about one-half the outstandings [loans]."

Edited by thecrashingisles

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Guest Shedfish

there's no subprime in the UK!

they have Neg-Ams, Alt-A, teasers, flippers

we have 125% LTV, self cert, 2 year fixes, BTL

much better system over here, and it's regulated - i mean, look at Northern Rock!

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Come on ! Bring on the CRASH ! Come On ! :lol:

We are waiting. All the indicators are pointing. We are slip, sliding into a big one !

I can feel it in my water :P

PS. I'd trust the IMF figures slightly more than the UK Govt. and the VI's........

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there's no subprime in the UK!

they have Neg-Ams, Alt-A, teasers, flippers

we have 125% LTV, self cert, 2 year fixes, BTL

much better system over here, and it's regulated - i mean, look at Northern Rock!

:lol:

What do these 'International Monetary Fund' people know about the UK mortgage market, anyway - don't they know it's different over here?

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