Jump to content
House Price Crash Forum
Sign in to follow this  
OnlyMe

Calls For Rock Rescue Package For 100 Per Cent Borrowers

Recommended Posts

Predictable.

The fact that they were in negative equity the second they signed the papers seems to escaped Mr MC Fall's attention, were the ****** was he when these loans were being dished out? Nowhere, so why the fuss now when the taxpayer will be footing the bill.

http://business.timesonline.co.uk/tol/busi...icle3431470.ece

Calls for Rock rescue package for 100 per cent borrowers

Elizabeth Colman

John McFall, Chairman of the Treasury Select Committee, has added his voice to calls for Northern Rock to offer a rescue package to borrowers who took out 100 per cent-plus mortgages.

Mortgages from the bank's so-called Together range comprise a home loan of 95 per cent of the value of the property and an unsecured loan of up to 30 per cent, to a maximum of £30,000.

However, borrowers who come to remortgage face punitive rates of nearly 16 per cent on if they elect to move the secured loan to another lender.

Advisers are calling on the bank, which fell into Government ownership last week, to be lenient with customers on 100 per cent-plus deals as cooling house prices threaten to send some borrowers into negative equity.

Share this post


Link to post
Share on other sites

Their houses should be repossesed, and sold to professional BTL investors at realistic Auction Prices.

That would allow hard working families to have a roof over their head for a reasonable rental payment.

The taxpayer should not be bailing out the Unions overstretched mortgagees.

Share this post


Link to post
Share on other sites
Their houses should be repossesed, and sold to professional BTL investors at realistic Auction Prices.

That would allow hard working families to have a roof over their head for a reasonable rental payment.

The taxpayer should not be bailing out the Unions overstretched mortgagees.

And Mr McFall should be asking why his party has been pumping houses for all they are worth. PArticularly the evil that is shared ownership. :angry:

Share this post


Link to post
Share on other sites
Their houses should be repossesed, and sold to professional BTL investors at realistic Auction Prices.

That would allow hard working families to have a roof over their head for a reasonable rental payment.

The taxpayer should not be bailing out the Unions overstretched mortgagees.

No, the poor sufferring mortagees should be bailed out with funds raised by selling the children of this country to a lifetime of slavery, and servitude. And once this great feat is achieved, the Members of parliament who devised this brilliant plan should be rewarded with spanking new learjets, bio-fuelled by the the worlds' dwindling food supply. And then, just for fun and entertainment, we should start another jolly old war somewhere! :rolleyes:

Share this post


Link to post
Share on other sites
And Mr McFall should be asking why his party has been pumping houses for all they are worth. PArticularly the evil that is shared ownership. :angry:

Mr Fall is Gordon's man on the Treasury Select Committee - this call for a rescue package is our 'couragous' leader Gordon Brown 'flying a kite' to see what the response is. If theres not to much outrage, then Brown will publicly call for it

Share this post


Link to post
Share on other sites

95% LTV Mortgage, max £30K or 30% in cash. Average was 8% , there is only one rate for mortgage & cash, not a split rate so they are already on a high rate.

Unless you paid a £1,995 fee which kinda defeats the purpose of borrowing £10K seeing as you are on a 7.79% Mortage and already in negative equity.

25/11/2007

http://companyinfo.northernrock.co.uk/corp....asp?newsID=139

My point is this is a terrible decission, John McFall said not to worry about Northern Rock mortgages back in September so they should have ignored him and moved the mortgage while they still could. So he's probably wrong on this as well. He hasn't even bothered to look into BuyBack schemes and reports of pensioners being ripped off,

How John McFall voted on key issues since 2001:

* Voted strongly against a transparent Parliament. votes, speeches

* Voted very strongly for introducing a smoking ban. votes, speeches

* Voted strongly for introducing ID cards. votes, speeches

* Voted very strongly for introducing foundation hospitals. votes, speeches

* Voted strongly for introducing student top-up fees. votes, speeches

* Voted strongly for Labour's anti-terrorism laws. votes, speeches

* Voted very strongly for the Iraq war. votes, speeches

* Voted very strongly against investigating the Iraq war. votes, speeches

* Voted very strongly for replacing Trident. votes, speeches

* Voted very strongly for the hunting ban. votes, speeches

* Voted moderately for equal gay rights. votes, speeches

Edited by maxwell

Share this post


Link to post
Share on other sites

Now that McBroon is in control of the "at arms length" Norther Rock, Im sure this will be the first of many things Brown will do to "help out" those in trouble

Share this post


Link to post
Share on other sites

Morons. Do they not have any ideas of their own? Must admit I'm now looking forward to the economic stimulus package though ;)

And we can take comfort from the fact that we already know this approach doesn't work.

Share this post


Link to post
Share on other sites
Predictable.

The fact that they were in negative equity the second they signed the papers seems to escaped Mr MC Fall's attention, were the ****** was he when these loans were being dished out? Nowhere, so why the fuss now when the taxpayer will be footing the bill.

http://business.timesonline.co.uk/tol/busi...icle3431470.ece

Calls for Rock rescue package for 100 per cent borrowers

Elizabeth Colman

John McFall, Chairman of the Treasury Select Committee, has added his voice to calls for Northern Rock to offer a rescue package to borrowers who took out 100 per cent-plus mortgages.

Mortgages from the bank's so-called Together range comprise a home loan of 95 per cent of the value of the property and an unsecured loan of up to 30 per cent, to a maximum of £30,000.

However, borrowers who come to remortgage face punitive rates of nearly 16 per cent on if they elect to move the secured loan to another lender.

Advisers are calling on the bank, which fell into Government ownership last week, to be lenient with customers on 100 per cent-plus deals as cooling house prices threaten to send some borrowers into negative equity.

So long as the cost of "bailing out" the 100%+ mortgagees is factored into the price paid for NR by the government, then the bank should continue to loan to these customers at its normal rates. People (most financially illiterate) were duped into believing that house prices only ever go up and that they could borrow more than they needed - they should never have been lent the money. It is not necessary their fault that things are going tits up.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.