Stressed-Out Posted December 11, 2007 Share Posted December 11, 2007 Sorry, but did anyone else here this drivel this morning - I was incensed! Why should anyone dumb enough to take out a 'sub-prime' interest-only mortgage a couple of years ago be 'cushioned' in any way from the 'blow' of higher interest rates hitting in at the end of their fixed-term deal? Isn't it their own bloody fault if they couldn't factor in the possibility of this happening? It doesn't take much more than a simple dalliance with a pocket calculator to figute it out. Unbelievable! Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted December 11, 2007 Share Posted December 11, 2007 Sorry, but did anyone else here this drivel this morning - I was incensed!Why should anyone dumb enough to take out a 'sub-prime' interest-only mortgage a couple of years ago be 'cushioned' in any way from the 'blow' of higher interest rates hitting in at the end of their fixed-term deal? Isn't it their own bloody fault if they couldn't factor in the possibility of this happening? It doesn't take much more than a simple dalliance with a pocket calculator to figute it out. Unbelievable! Maybe he might be hoping to pick up some more votes....? So just what promises did you make to all those women when you were trying to get in their knickers..lol Quote Link to comment Share on other sites More sharing options...
Bingo Posted December 11, 2007 Share Posted December 11, 2007 Sorry, but did anyone else here this drivel this morning - I was incensed!Why should anyone dumb enough to take out a 'sub-prime' interest-only mortgage a couple of years ago be 'cushioned' in any way from the 'blow' of higher interest rates hitting in at the end of their fixed-term deal? Isn't it their own bloody fault if they couldn't factor in the possibility of this happening? It doesn't take much more than a simple dalliance with a pocket calculator to figute it out. Unbelievable! Looks like he is chasing the 'bleeding hearts' hug a hoodie' vote again... Don't worry, he is a Tory and his back benchers will keep him right... Quote Link to comment Share on other sites More sharing options...
Medium Phil Posted December 11, 2007 Share Posted December 11, 2007 (edited) I don't think he's having a good day today. He's also against nationalising NR BBC link. What would he prefer, handing Branson a blank cheque or it going bust? Edited December 11, 2007 by Medium Phil Quote Link to comment Share on other sites More sharing options...
lets get it right Posted December 11, 2007 Share Posted December 11, 2007 Sorry, but did anyone else here this drivel this morning - I was incensed!Why should anyone dumb enough to take out a 'sub-prime' interest-only mortgage a couple of years ago be 'cushioned' in any way from the 'blow' of higher interest rates hitting in at the end of their fixed-term deal? Isn't it their own bloody fault if they couldn't factor in the possibility of this happening? It doesn't take much more than a simple dalliance with a pocket calculator to figute it out. Unbelievable! Not at all. I'd be disappointed if he came out with anything else. Shrewd bloke. What he'll do when in power - that's another matter. Quote Link to comment Share on other sites More sharing options...
Bingo Posted December 11, 2007 Share Posted December 11, 2007 I don't think he's having a good day today. He's also against nationalising NR BBC link. What would he prefer, handing Branson a blank check or it going bust? Aaaah, Richard Branson, the King of England haaaaaaaaaaaaaaaa....!!!! Quote Link to comment Share on other sites More sharing options...
gilf Posted December 11, 2007 Share Posted December 11, 2007 Not at all. I'd be disappointed if he came out with anything else. Shrewd bloke.What he'll do when in power - that's another matter. If nothing else he is almost ensuring it doesn't happen, at least not under labour, the damage will be done by the time the Tories get in. Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted December 11, 2007 Share Posted December 11, 2007 He's also against nationalising NR BBC link. What would he prefer, handing Branson a blank check or it going bust? Going bust? It's been a zombie since August. It's deader than Python's parrot. Quote Link to comment Share on other sites More sharing options...
svag Posted December 11, 2007 Share Posted December 11, 2007 He also said that because of the past credit binge and the current credit crunch NOW is a good time to learn the lessons and seek social responsibility from banks and mortgage lenders. What a Tw@t Quote Link to comment Share on other sites More sharing options...
Medium Phil Posted December 11, 2007 Share Posted December 11, 2007 Going bust? It's been a zombie since August. It's deader than Python's parrot. Point taken ParticleMan but it's more a question of how it will be presented to Joe Public. As far as they'll be concerned one minute it was alive (albeit sick) then the Gov withheld a loan, then it was bust! Quote Link to comment Share on other sites More sharing options...
cells Posted December 11, 2007 Share Posted December 11, 2007 I don't think he's having a good day today. He's also against nationalising NR BBC link. What would he prefer, handing Branson a blank cheque or it going bust? that is exactly what should happen northern shit should stop trading right now, then when mortgage renewals come in. Turn them down and tell them to get a mortgage from another bank that way 98% of northern rocks Mortgage book would be cleared within 2-3 years. not rocket science tbh Quote Link to comment Share on other sites More sharing options...
ParticleMan Posted December 11, 2007 Share Posted December 11, 2007 Point taken ParticleMan but it's more a question of how it will be presented to Joe Public. As far as they'll be concerned one minute it was alive (albeit sick) then the Gov withheld a loan, then it was bust! Hmm, interesting point - the message, broadcast from the minarets, given the full weight of the machine during the run was - this is a viable company, don't panic Mr Mainwaring. And quite true - the wider perception will be (for those not following the bouncing ball, daily, here, or otherwise au-fait with the intimate detail) that this is Railtrack all over again. Big, dumb government, bungling in the private sector. And finally sent to the wall, through their failure to manage. And ironically, the more entwined government get, as the saga drags on - the more likely this outcome. I don't think the financial sector will see it this way, I think they already know that NRK has failed in the market. But the wider public, likely will. They will turn to this as the most plausible rationalisation available, when the wheels finally do come off this sorry vehicle. Quote Link to comment Share on other sites More sharing options...
steve99 Posted December 11, 2007 Share Posted December 11, 2007 He also said that because of the past credit binge and the current credit crunch NOW is a good time to learn the lessons and seek social responsibility from banks and mortgage lenders.What a Tw@t It was regulation that kept banks within the bounds of social responsibility until the Tories themselves de-regulated much of the banking system back in the 80's. The banks since then have gone on a rampage encouraging their customers to borrow and spend like never before. At any one time there is a reasonably large minority of the popultaion who will spend everything they can get or borrow without a thought for the future, and many more normal people have felt forced to buy into the housing market with ever larger loans on the basis of seing themselves locked out forever. The banks have more than encouraged this on the basis of bigger bonuses for them selves and in fact their staff at branch level were often given quotas of loans to sell (or be punished). The banks and government/s are the main guilty parties here, the customers are also guilty however many sensible and financialy prudent people will also get their fingers burnt over the next few years and this is 100% the government and banks fault for letting the whole system degrade to where we are now. Quote Link to comment Share on other sites More sharing options...
The Colour Posted December 11, 2007 Share Posted December 11, 2007 northern shit should stop trading right now, then when mortgage renewals come in. Turn them down and tell them to get a mortgage from another bank This would need to be done sooner rather than later when the value of the asset pool will have fallen. The longer this idiotic dance goes on, the worse off it will be when crock finally dies. Quote Link to comment Share on other sites More sharing options...
babesagainstmachines Posted December 11, 2007 Share Posted December 11, 2007 that is exactly what should happennorthern shit should stop trading right now, then when mortgage renewals come in. Turn them down and tell them to get a mortgage from another bank that way 98% of northern rocks Mortgage book would be cleared within 2-3 years. not rocket science tbh I can really see the other banks queuing up to take on all those people who took out up to 125% LTV... 25% negative equity before ANY proce falls. Indeed, it's not rocket science. Quote Link to comment Share on other sites More sharing options...
Bingo Posted December 11, 2007 Share Posted December 11, 2007 It was regulation that kept banks within the bounds of social responsibility until the Tories themselves de-regulated much of the banking system back in the 80's. The banks since then have gone on a rampage encouraging their customers to borrow and spend like never before. At any one time there is a reasonably large minority of the popultaion who will spend everything they can get or borrow without a thought for the future, and many more normal people have felt forced to buy into the housing market with ever larger loans on the basis of seing themselves locked out forever. The banks have more than encouraged this on the basis of bigger bonuses for them selves and in fact their staff at branch level were often given quotas of loans to sell (or be punished). The banks and government/s are the main guilty parties here, the customers are also guilty however many sensible and financialy prudent people will also get their fingers burnt over the next few years and this is 100% the government and banks fault for letting the whole system degrade to where we are now. Further to this, I have personal experience of social pressure being put on me to take out a mortgage just to enable me to get a mobile phone, credit card, car loan etc. etc. Society has ostracised (sp) those people who have decided they don't want a life of debt slavery. The FSA and in turn, successive governments are culpable in this. They have created the culture. Northern Rock was a beacon for this culture and it encapsulates everything this new culture has stood for. It is a failed social experiment, just like high rises were in the 60's.... Let it go and let's move on..... Quote Link to comment Share on other sites More sharing options...
microbe Posted December 11, 2007 Share Posted December 11, 2007 Looks like he is chasing the 'bleeding hearts' hug a hoodie' vote again... Don't worry, he is a Tory and his back benchers will keep him right... Webcameron is lift music for public consumption - sound bites and lovely fluffy stuff. Anything to get votes. If you want to know the real deal, listen to what David Davis is saying. Quote Link to comment Share on other sites More sharing options...
jp1 Posted December 11, 2007 Share Posted December 11, 2007 He's being a shrewd politician He knows theres a sh*tstorm about to hit the economy, and in particular homeowners and house prices. Seeing as a housing crash destroyed the Tories in 90's he's just getting his message in beforehand, so all the blame sits rightly on Brown mismanagement of his Mirage Economy Quote Link to comment Share on other sites More sharing options...
Stressed-Out Posted December 11, 2007 Author Share Posted December 11, 2007 He's being a shrewd politicianHe knows theres a sh*tstorm about to hit the economy, and in particular homeowners and house prices. Seeing as a housing crash destroyed the Tories in 90's he's just getting his message in beforehand, so all the blame sits rightly on Brown mismanagement of his Mirage Economy I get that it's effectively a PR stunt, but does it honestly strike people on this forum as in any way acceptible to bail idiots out of their own financial mess? Quote Link to comment Share on other sites More sharing options...
jp1 Posted December 11, 2007 Share Posted December 11, 2007 I get that it's effectively a PR stunt, but does it honestly strike people on this forum as in any way acceptible to bail idiots out of their own financial mess? It doesnt matter - hes in opposition so his proposals arent going to be implemented. Next week everyone will have forgotten the detail, but may remember when they are handing back their keys to the Norther Rock, or Abbey that the Tories warned Brown to do something this mess Its just a form of political insurance Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted December 11, 2007 Share Posted December 11, 2007 the tories - always playing the game, but never for the interests of the people. if anything, they will be worse than even nulab. libs is the only real choice for genuine ftbs and the priced out. everything else is lip service. Quote Link to comment Share on other sites More sharing options...
patprimer74 Posted December 11, 2007 Share Posted December 11, 2007 ... but does it honestly strike people on this forum as in any way acceptible to bail idiots out of their own financial mess? Certainly, it does! It's the duty of all us hardworking savers to give up part of our hard-earned interest to subsidise the idiots. Cameron says so. Bearing in mind that the bulk of the Fogey Party's supporters are old-age pensioner savers, (I think it's 5 savers for each 1 mortgage borrower?) you have to ask the question "How bright is Cameron?" I have my view - but I might be a tad biased. p Quote Link to comment Share on other sites More sharing options...
sikejsudjek Posted December 11, 2007 Share Posted December 11, 2007 Everyone is positioning themselves to avoid blame. The FSA have suddenly 'discovered' lie to buy. Cameron wants banks to be nice. Darling wants to save all those jobs in the North East. Its the old story - in a debt money system everyone is happy until the music stops. By then its too late. They want to go back to the good old days of easy credit, but it ain't going to happen. Debt DOES NOT equal wealth. This is a lesson Great Britain PLC is going to learnt to its cost. As for Cameroon's suggestion, just how an interest only mortgage is going to help with no repayment vehicle in place, when interest rates are STILL at historical lows is beyond me. Try adding 40% negative equity and higher interest rates over the next few years, and see how good a decision that looks then... Quote Link to comment Share on other sites More sharing options...
Bear Goggles Posted December 11, 2007 Share Posted December 11, 2007 Certainly, it does! It's the duty of all us hardworking savers to give up part of our hard-earned interest to subsidise the idiots. Cameron says so.Bearing in mind that the bulk of the Fogey Party's supporters are old-age pensioner savers, (I think it's 5 savers for each 1 mortgage borrower?) you have to ask the question "How bright is Cameron?" I have my view - but I might be a tad biased. p It's obvious isn't it. Cameron is trying to pinch the middle England voters Tony managed to steal so cunningly from the Tories in the nineties. The old fogeys are due to swap to Labour as they start needing all those public services they helped vote away in the 80s. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 11, 2007 Share Posted December 11, 2007 (edited) I can really see the other banks queuing up to take on all those people who took out up to 125% LTV... 25% negative equity before ANY proce falls.Indeed, it's not rocket science. that would work if they were mortgage renewals. They are not renewals, they are a reversion to the banks SVR, and I should imagine that at the review date, the criteria for lending will then take account of the LTV, the income to loan ratio, and the trade the borrower is employed in. ANybody who is at that time considered sub prime will expect to have to pay a risk premium on top of the SVR. Even if Cameroon ( and Cable) really want to help, I object to paying through my taxes, my prudence and my savings for ANYBODY who has borowed beyond their means. If they can prosecute a woman for losing her husband and cashin the insurance, then they can just as well prosecute someone for fraudulently obtaining a mortgage. NO HELP- If they do, I will be claiming recompense for when I lost my house in 1992. EDIT sorry DnC should have picked the submission YOU were replying to. Edited December 11, 2007 by Bloo Loo Quote Link to comment Share on other sites More sharing options...
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