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DaveyDave

Hbos Warns Mortgage Market Set To Slow

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Given that the banker said that he wasn't happy with the first quarter of this year, I guess the article is dated today (in the British DD/MM/YYYY format as distinct from the American MM/DD/YYYY). I further guess that this is one of the opening shots in a propaganda campaign to get Merv to cut IRs.

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The most telling statement:

.

The events of the past few weeks have proved conclusively that 2007 was not the year to grow one's mortgage book too aggressively.

.

2007 has been a year in which (mostly) you have really had to scrape the barrel to get new mortgage customers.

.

ST

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I don't like this pirahnha phrase at the end of the article:

"He pointed out that HBOS holds the UK's largest savings franchise with a 16pc share of UK liquid savings, adding: "Put simply, an ageing UK population needs to save more and we are well placed to exploit this trend."

Last thing I need, is a banker "exploiting" my savings, the same way fund managers "exploited" my pension...

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Last thing I need, is a banker "exploiting" my savings, the same way fund managers "exploited" my pension...

... in the same way that one might "exploit" candy from a baby.

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I'm surprised people aren't making more of this story. When the CEO of Britains biggest mortgage lender says :

"The days of HBOS being a mortgage bank are long over."

AND the share price leaps up, we really are into new paradigm.

And yes, bouyant stocks ARE good for house price bears, because the MPC always factor the market into future inflation expectations.

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Are you sure? I think you are reading the date US style, not UK style.

...US style would have been March 07...but this is a today date ....in fact I am sure these are the guys ...HBOS who recently sacked their head of Retail Banking because he had lost market share in the 1st half of their year...little did they know he did them a favour.... :lol::lol::lol::P

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Sounds like empty rhetoric from HBOS.

To quote: HBOS chief executive Andy Hornby said: "I suspect the mortgage market is about to undergo a fundamental shift.". So a year from now, whatever happens, Mr Hornby will be able to say "I told you so".

And another gem:- Mr Hornby said: "To be clear, I was not 100pc content with the performance of our mortgage business in the first quarter of this year.". Which means what exactly ? There's always room for improvement in any part of any business.

So many words, so little actually said:- "Mr Hornby revealed that the group will make monthly judgments on the trade-off between volume and margins, rather than set itself annual targets. " Surely a monthly check of performance against budgets is fundamental commonsense business practice.

HBOS are just trying to distance themselves from the Northern Rock fallout. There is no detail in this lightweight article revealing the potential bad debt exposure at HBOS with subprime UK clouds on the horizon. HBOS may yet feature in RockyII, a sequel to a well known northern saga.

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Are you sure? I think you are reading the date US style, not UK style.

Just out of interest, STF, are you still bullish on your..er...bull stance?

Be honest, now... :rolleyes:

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