Guest An Bearin Bui Posted February 4, 2008 Share Posted February 4, 2008 that made me laugh out loud! Can that estate she bought get any worse press. Flat one, international ganster: Flat two: Professional all night party organisers: Flat 3: Estate moped lover... 304000.... 3-0-4-0-0-0! hahahahahahaha! You forgot to mention the brothel as well - an essential feature for any new-build development ASBO-riddled hellhole. That parting shot of the little hoodie chavs zipping off on their scooter, can of petrol at the ready, was classic. Excellent show - a little limited in scope but to be fair they only had half-an-hour. In a way, it was tragic too though as some of the worse extremes of house price lunacy could have been avoided by some relatively lightweight regulation and better vigilance. Anyone with a command of basic maths (a minority I know) could tell that the property market was riddled with fraud just by looking at the figures. Yet some basic vigilance and all the heartache and stress for young buyers who just wanted a home could have been avoided. It's one thing to have fraud in a stockmarket boom but a housing boom driven by massive fraud and scams can really ruin people's lives as there will always be people e.g. the fireman who are basically honest but just naive and keen to have a home of their own and they're the ones who suffer most. No sympathy for the BTL-ers though. They're the kind of idiots who would have been scammed by someone at some point anyway regardless what asset class was the boom du jour. They did seem amazingly sanguine about their 100k-700k debts though. They all seemed in the 45+ age-group and at that age, you have less time to recoup losses. I wouldn't be that calm facing into a penurious old age. Quote Link to comment Share on other sites More sharing options...
Little Professor Posted February 4, 2008 Share Posted February 4, 2008 Redrow Reassures Wrexham home-hunters Buying a new home can be a daunting experience, especially for first-time buyers, but housebuilder Redrow is on hand to re-assure homehunters in Wrexham with a range of packages. Visitors will be able to find out more about Redrow’s ground breaking ‘house price protection’ promise, which aims to protect the value of customers’ new homes for up to three years*, and is available on all properties at both developments, allowing buyers complete piece of mind when purchasing their home. For those worrying about finding the money to pay the mortgage every month Redrow may be able to provide a substantial subsidy for the first year or two; while those struggling to raise a 5% deposit, stamp duty or legal fees up-front, may have these paid for them. http://www.easier.com/view/UK_Property_New...cle-159548.html Quote Link to comment Share on other sites More sharing options...
Guest mattsta1964 Posted February 4, 2008 Share Posted February 4, 2008 hahahahahwoman gets 36x salary mortgage!! 36x salary no deposit and now owes 700K and filing for bankruptcy!! What a stupid woman! GEEEZZZ!! Quote Link to comment Share on other sites More sharing options...
CviewUK Posted February 4, 2008 Share Posted February 4, 2008 Interesting to note that the firm of solicitors that was mentioned is based near Newcastle. Quote Link to comment Share on other sites More sharing options...
grey shark Posted February 4, 2008 Share Posted February 4, 2008 Still at the same time i have a lot of sympaty for the fireman who paid all that money for a house if the market really tanks - Yes he's just another innocent victim who's gone learn a lesson the hard way , i wonder if his maxed out 5x income mortgage with his brother is INTEREST ONLY , hope not for his sake . For the next few years he's going to be coming down a differant ladder to the one on top of his fire engine . Quote Link to comment Share on other sites More sharing options...
0q0 Posted February 4, 2008 Share Posted February 4, 2008 (edited) I missed it. Can anyone give a quick summary? What were the best bits? Serious Fraud Office investigating developers/solicitors/valuers who may have given Land Registry an inflated price for the places sold to make properties look higher in value than they really are, properties of seemingly £300K now being valued at £200K, one sold at £176K repo'd at £75K, dirty linen all over the place, lenders been stuffed, less likely to lend now, fools - money - parted, musical chairs and music stopped and idiots still dancing. Poster from here who is a financial professional gave astute commentary (although he did not talk about his floor coverings). Nana Says:"It means I am in negitive equity now. Maybe in a years time when all the reposessions have been sold I will be able to sell it at the right price" (paraphrased a bit!) So after all this time, she has not learnt a thing. Even after doing panorama, she has not cottened on. Nana's been a nana. One of the best Panoramas ever broadcast, clearly thought out and worded to explain the alleged corruption and whole caboodle. edited due to typo caused by alcohol Edited February 4, 2008 by The Last Bear Quote Link to comment Share on other sites More sharing options...
rettah Posted February 4, 2008 Share Posted February 4, 2008 To see the full glory of that hole in Nottingham, put NG7 3PH into Rightmove. Property bee tells me that one of the 6 bed terraces was reduced today to £109,950. IMO they are worthless. Crikey. Looks like even the guy buying the place for £75,000 paid well over the odds as you can get a 4 bed flat for £69,000!! Quote Link to comment Share on other sites More sharing options...
Second Time Around Posted February 4, 2008 Share Posted February 4, 2008 They end with suggesting a 35% drop over 5 years or -7% YOY . That's a Bear. I think he said that "some experts predict a fall of 35% over the next five years". Doesn't he mean us? If so I feel a sense of loss - I liked it better when we were called "doom-mongering amateur economists". Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted February 4, 2008 Share Posted February 4, 2008 I suggest an HPC Rule - If it is a shithole at the top of the market it will definitely be a shithole at the bottom of the market. Head testing time for anybody thinking otherwise! On the basis that there was confirmation today that non-conforming loans are still making up 30% of lending, and 90% of that is going through the intermediary network I am yet to be convinced that the lender/property complex is not as bent as it was in the summer of last year. Savings in BBB rated Indian bank seem, to me safer than any of the jumped up property pushing lenders in the UK. A quite extraordinary programme. Except we knew that this has been going on for a long time. Quote Link to comment Share on other sites More sharing options...
muggle Posted February 4, 2008 Share Posted February 4, 2008 £305 for a fiat in thames mead!? Wtf was she thinking!? Quote Link to comment Share on other sites More sharing options...
Yoss Posted February 4, 2008 Share Posted February 4, 2008 Loss of £700,000 - I remember the days when £700,000 was considered quite a lot of money! AVE IT! Muhahahhahaha (Although I do feel for the young fire fighter!) What concerns me, if walk in my local bank and ask for 4K I get alsorts of questions. Are you a drug dealer, are you going over seas, whats it for (TBH I prolly shouldn't wear a hoody). However it seems perfectly alright to put down 0k on a 700K investment and £100K comes from a source where no questions are asked. One can't help but wonder what money laundering laws were put in place for? Who enforces these...have they looked at housing trades. Now if only 20,000 people in the UK thought that was a good idea (V small % of population) thats.....14 billion of write downs. The SFO only just sniffed this puppy out, no wonder the banks won't lend each other money! Infact I suspect those banks that have repo'd these are doing thier dam hardest to avoid having to sell these "assets", because once those shirt holes are marked to market all hell will break lose. Which totally explains the Gov/BOE bail out behind closed doors approach being taken. Prop up the assets. The banks MUST AVOID ASSET SALES AT ALL COST! because when this junk gets marked to market, Joe Public's life dept on an asset worth 50% what they paid for it and 25 years of service is gunna make for one hell of an already overly taxed angry mob. Anyone waiting to buy, seriously keep waiting! All the SWF bail outs in the world aren't gunna make te value of these assets rise, if they try to protect them then rents are going through the floor. There is only one way out of this mess and its a massive Crash... soz i mean ...."Ongoing Correction", It bodes ill for everyone. Quote Link to comment Share on other sites More sharing options...
dissident junk Posted February 4, 2008 Share Posted February 4, 2008 After watching that Panarama, I am utterly gob-smacked. What were people thinking? Had they taken leave of their senses? How on earth did anyone think that terrace in Leeds was worth anything over £180K, never mind nearly £300K? That you could get anything more than £600 a month for a flat in Nottingham? It's like the UK has had some sort of collective hysteria or hallucination, where reality has been dissolved into a wonderland. Like that scene at the end of Perfume, where all the people are so overcome by the murderer's scent that they swoon and start having an orgy in the public square. I am so shocked at the idiocy of it all. What on earth has happened to this country? How on earth could you possibly sign up for £1.5 million pounds worth of debt and not even THINK ABOUT IT. Oh, we really are in for a ride over the next few years..... Quote Link to comment Share on other sites More sharing options...
jonewer Posted February 4, 2008 Share Posted February 4, 2008 (edited) How much must that dumb south african bint be paying to service the interest on her £1.4 mortgage? £10k a month? Its a wonder someone that stupid even managed to get onto a plane to fly over here, let alone corner a £50k job! Edited February 4, 2008 by jonewer Quote Link to comment Share on other sites More sharing options...
cartimandua51 Posted February 4, 2008 Share Posted February 4, 2008 You must be talking about the woman from London 'Val' who brought the 2 bed in Nottingham. What on earth was she thinking when she was told that she could expect £1250/month rental return? Did she not do the math; 2 bed so thats 2 people or a couple, £625/month each in Nottingham. Did she not think that that would be a very large expenditure for the likely renters? I think its safe to assume that she was consumed by her own greed which would of gone along the lines of: looovely, get someone else to pay my mortgage who cares if it leaves them with fvck all afterall everyone needs somewhere to live right?No sampathy whatsoever for people such as this be it her greed or stupidity she deserves what she gets. No sympathy either; 5 minutes research on any property website would have told her what the average rentals were in Nottingham. I looked at Nottingham 5 years ago as a possible BTL when my daughter accepted a Uni place there, and rejected it fast as oversupplied! Self-inflicted injury. Quote Link to comment Share on other sites More sharing options...
Nelly Posted February 4, 2008 Share Posted February 4, 2008 (edited) I think he said that "some experts predict a fall of 35% over the next five years". Doesn't he mean us? If so I feel a sense of loss - I liked it better when we were called "doom-mongering amateur economists". Hell yeah and amen to that mate. HPC needs to have a tag line of doom-mongering amateur economists at the top of the site. Fair enough, most of us got the timing wrong. Myself I got it very wrong. However the further into the 'wrong' it went the further into the 'right' we will be! In a 'the Higher it went the greater the drop' kinda thing doom-mongering amateur economists for ever Edited February 4, 2008 by Nelly Quote Link to comment Share on other sites More sharing options...
RJG18 Posted February 4, 2008 Share Posted February 4, 2008 To be fair, until now these shows have always had some nasty twist that made the bull case appear strong in the end. Not tonight though, pure hard hitting bearfest.Unless I missed it.....was there a bull angle somewhere? Sorry, should have been clearer. The Bull in the program was filmed from outside his office, through the window using a telephoto lense, while a huge hired goon tried to stop the camera man filming, and the voice-over explained that everyone the Bull had been associated with was now under-arrest by the serious fraud squad. How times have changed. Quote Link to comment Share on other sites More sharing options...
Oh Dear Posted February 4, 2008 Share Posted February 4, 2008 After watching that Panarama, I am utterly gob-smacked.What were people thinking? Had they taken leave of their senses? How on earth did anyone think that terrace in Leeds was worth anything over £180K, never mind nearly £300K? That you could get anything more than £600 a month for a flat in Nottingham? It's like the UK has had some sort of collective hysteria or hallucination, where reality has been dissolved into a wonderland. Like that scene at the end of Perfume, where all the people are so overcome by the murderer's scent that they swoon and start having an orgy in the public square. I am so shocked at the idiocy of it all. What on earth has happened to this country? How on earth could you possibly sign up for £1.5 million pounds worth of debt and not even THINK ABOUT IT. Oh, we really are in for a ride over the next few years..... I still can't get over the concept that someone can spend multiples of their gross salary on property that they have not even seen. It is truly incredulous. Quote Link to comment Share on other sites More sharing options...
0q0 Posted February 4, 2008 Share Posted February 4, 2008 AVE IT! Muhahahhahaha (Although I do feel for the young fire fighter!)What concerns me, if walk in my local bank and ask for 4K I get alsorts of questions. Are you a drug dealer, are you going over seas, whats it for (TBH I prolly shouldn't wear a hoody). However it seems perfectly alright to put down 0k on a 700K investment and £100K comes from a source where no questions are asked. One can't help but wonder what money laundering laws were put in place for? Who enforces these...have they looked at housing trades. Now if only 20,000 people in the UK thought that was a good idea (V small % of population) thats.....14 billion of write downs. The SFO only just sniffed this puppy out, no wonder the banks won't lend each other money! Infact I suspect those banks that have repo'd these are doing thier dam hardest to avoid having to sell these "assets", because once those shirt holes are marked to market all hell will break lose. Which totally explains the Gov/BOE bail out behind closed doors approach being taken. Prop up the assets. The banks MUST AVOID ASSET SALES AT ALL COST! because when this junk gets marked to market, Joe Public's life dept on an asset worth 50% what they paid for it and 25 years of service is gunna make for one hell of an already overly taxed angry mob. Anyone waiting to buy, seriously keep waiting! All the SWF bail outs in the world aren't gunna make te value of these assets rise, if they try to protect them then rents are going through the floor. There is only one way out of this mess and its a massive Crash... soz i mean ...."Ongoing Correction", It bodes ill for everyone. Many good posts on this thread, particularly this one. Quote Link to comment Share on other sites More sharing options...
grey shark Posted February 4, 2008 Share Posted February 4, 2008 £305 for a fiat in thames mead!? Wtf was she thinking!? Pay attention please it was £304k actually , now valued at £200k , likely value in 2 years time approx £100k . All Nana wanted was some nice professional neighbours Quote Link to comment Share on other sites More sharing options...
rettah Posted February 4, 2008 Share Posted February 4, 2008 Looks like the going rate for the flats in that Thamesmead block is £170k - £180k although there are still a few listed at over £250k and a 2 bed penthouse at £360k!!!! To live on what looks like a council estate. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted February 4, 2008 Share Posted February 4, 2008 defaults & bankruptcies are inflationary. That £700,000 has been spent in the economy; it should have been taken back out of the economy (returned to the bank in mortgage payments over time) and destroyed. No they're not - they destroy the bank's actual capital which means less money for them to lend. Whereas the actual value of the defaulted loan may 'escape' into the money supply, a multiple of that amount is removed from the credit supply. Quote Link to comment Share on other sites More sharing options...
0q0 Posted February 4, 2008 Share Posted February 4, 2008 How much must that dumb south african bint be paying to service the interest on her £1.4 mortgage? £10k a month?Its a wonder someone that stupid even managed to get onto a plane to fly over here, let alone corner a £50k job! Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted February 4, 2008 Share Posted February 4, 2008 I think he said that "some experts predict a fall of 35% over the next five years". Doesn't he mean us? If so I feel a sense of loss - I liked it better when we were called "doom-mongering amateur economists". Well as soon as Mr Vine mentioned 35% it sounded like one of your pronouncements FP. Good job btw It looked not just cold but rainy as well. Did you get a brolly? Quote Link to comment Share on other sites More sharing options...
The Hooded C law Posted February 4, 2008 Share Posted February 4, 2008 she was one scary-looking woman. did i detect a hint of a south african accent?i bet the students took one look at her and hightailed it out of there. The second guy sounded South African as well. The Guy who bought the flat for £70k... where was he from ...Nigeria? The the unbearably snobby black woman where was she from? Bloody wall to wall foreigners. Any they say immigrants have no effect on house prices! Quote Link to comment Share on other sites More sharing options...
pharm Posted February 4, 2008 Share Posted February 4, 2008 He deserves his own documentary - When Banduit Met the Bandit.I was slightly mystified as to why these BTL fools were appearing on national prime time admitting to being party to mortgage fraud. Very odd behaviour. The program claimed that legal liability rested with their solicitor. Hence the injuction to use a specific solicitor in some of the cases shown. Said solicitors are now apparently under investigation. Personally, I'd have thought that liability rested with both the buyer and their solicitor, but the police certainly won't prosecute without a complaint from someone who's actually lost money as a result of the fraud. That would be the bank of course, but they've got no incentive to go round getting the police to prosecute people whom they've already made bankrupt. Much more profitable to go after the solicitors and sue them for everything they've got... Phil Quote Link to comment Share on other sites More sharing options...
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