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ursus darling

News At 10 - Sub-prime .... Oooops!

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News at 10 just mentioned UK sub-prime mortagages.

I thought they didn't exist ;)

They don't exist. Or rather, they're called Buy-To-Let mortgages over here...

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eee I'll tell thee what inflation is. When I were young it were news at 9. now it's news at ten :)

And the BoE only put up 1/3 of the short term loan money these major banks wanted.

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News at 10 just mentioned UK sub-prime mortagages.

I thought they didn't exist ;)

Saw Ray Boulger saying it is not just sub-prime customers having problems securing a mortgage. I think that is an important step towards the crash. If Charcol can't place customers, then ....

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Sub-prime UK = Lie to buy.

As CtT says. Spot on.

It does seem ridiculous that a rigidly enforced system that should pretty much guarantee a stable market should be so corrupted, simply by a collusion of independant profesionals who decide that checking the facts of any application is unimportant. It's risk assesment gone mad.

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..........or is that called self cert?

:ph34r:

All "mortgages" in this mad "market" HAVE TO be, EFFECTIVELY, Sub-Prime --- OTHERWISE - it would not be possible to "afford" the manipulated "prices" --- using the age-old 3 x salary calculation - which has been conveniently [that is to the Moneylenders anyway] discarded...... And therein lies the root to the terrible problems we now live with....

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News at 10 just mentioned UK sub-prime mortagages.

I thought they didn't exist ;)

...why then did UK lenders have thousands of products under the heading sub prime....?... <_<

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Guest Bart of Darkness
i.e. LIAR LOANS...

Cheers Eric, I was anticipating your response.

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As much a I heartily agree with Eric's sentiment, some of the more glaring comments can sometimes make it a bit diffcult trying to pretend to colleagues this is an IT website!!!

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As much a I heartily agree with Eric's sentiment, some of the more glaring comments can sometimes make it a bit diffcult trying to pretend to colleagues this is an IT website!!!

My large red letters are an effort to portray the BIGGEST ELEPHANT IN THE ROOM, nmarks, -- i.e. Mortgage Fraud, "Self-Cert", Liar Loans.... call it what you will... but THESE are what were the ENGINE of the House Price SuperTurboInflation - "Prices" were driven up like never before BECAUSE FALSE "MONEY" derived from Lies, Cheating, Obfuscation etc etc. - in the form of LIAR LOANS were the HIGH-OCTANE FUEL that accelerated "house prices" - especially between 2002 and 2006.

AND - it was a DELIBERATE, PLANNED, ORCHESTRATED SCAM. Pure and simple.

And now we live with the consequences. UTTERLY LUDICROUS HOUSE "PRICES" WHICH ARE TOTALLY UNAFFORDABLE TO THE ORDINARY PERSON - WHO ISN'T PREPARED TO LIE AND CHEAT - AND THUS TAKE OUT A LIAR LOAN -- SO HE IS STUFFED -- BECAUSE WITHOUT A LIAR LOAN - YOU CAN'T AFFORD A ROOF OVER YOUR HEAD!!! CATCH 22........

Edited by eric pebble

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My large red letters are an effort to portray the BIGGEST ELEPHANT IN THE ROOM, nmarks, -- i.e. Mortgage Fraud, "Self-Cert", Liar Loans.... call it what you will... but THESE are what were the ENGINE of the House Price SuperTurboInflation - "Prices" were driven up like never before BECAUSE FALSE "MONEY" derived from Lies, Cheating, Obfuscation etc etc. - in the form of LIAR LOANS were the HIGH-OCTANE FUEL that accelerated "house prices" - especially between 2002 and 2006.

AND - it was a DELIBERATE, PLANNED, ORCHESTRATED SCAM. Pure and simple.

And now we live with the consequences. UTTERLY LUDICROUS HOUSE "PRICES" WHICH ARE TOTALLY UNAFFORDABLE TO THE ORDINARY PERSON.

I think a new name for these loans is in order.

I propose Blind-eyer loans

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second thoughts, Gordon Brown might need a blind-eyer loan

dont want to encourage him

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News at 10 just mentioned UK sub-prime mortagages.

I thought they didn't exist ;)

They've existed for a long time - they just used to be called 'impaired credit history' or something similar. It's really interesting the way that US terminology for mortgage lending has suddenly been taken up over here.

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They've existed for a long time - they just used to be called 'impaired credit history' or something similar. It's really interesting the way that US terminology for mortgage lending has suddenly been taken up over here.

LIAR LOANS were a very "clever" ruse thought up by the BW@NKERS -- the likes of Goldman Sachs --- LIAR LOANS are a very effective means of screwing money out of the gullible who think the Lender is doing them a favour [!!!!] -- but the Lender is crying with laughter back at the bank because LIAR LOANS

1 - Help pump up the prices all around - very quickly

2 - the Lender off-loads the "money" he has "lent" within a few hours - wrapped up as a "CDO" which some poor sucker the other side of the world picks up and pays top whack for thinking it's a "AAA investment"...

3 - The original "Lender" has thus "sold" a loan to a sucker who thinks he's going to do well on the Giant Pyramid Selling Scam - the "housing market" - say for £400,000 - the original buyer THINKS THE LENDER IS A NICE GUY!!!! [He doesn't understand that the "Lender" has, in the process of "lending" him the £400,000, EFFECTIVELY SET THE "MARKET VALUE" of the house!!!!! THIS IS THE KEY !!] - - -- and the original "Lender" sells the £400,000 "loan/debt" on the international markets as "AAA" "asset" [!!!] -- and takes a massive slice of profit - which he receives IN CASH within hours: THEREFORE "JOB DONE, MONEY IN HAND" - Off he goes to the next deal.

4 - Over the weeks, months, years........ the "AAA" eventually turns out to be worthless -- BUT HEY!! THE ORIGINAL "LENDER" has got his cash - and is in the Bahamas sunning himself and the bird..... Leaving the poor sod in XYZ BANK in Switzerland/France/wherever holding the baby.....

A simple SCAM -- Originating with the LIAR LOAN -- which is so insanely unaffordable that the original borrower very soon simply can't keep up with the repayments.... The MULTIPLES are 6, 7, 8, 10, 12 x , & THE REAL TRUTHFUL "salary" IS ABOUT £26K PA -- the "salary" quoted in the original Mortgage Application Form - £78K PA - WAS A LIE -- i.e. "LIAR LOAN".

5 - In the meantime -- house "prices" in the area where that original LIAR LOAN was taken out are pumped up very quickly, accordingly, -- and so everyone else who follows as a buyer in that area - and soon in the whole country -- has to pay 2, then 3, then 4 x what "prices" were only 10 years ago.....

6 - The BW@NKERS and their friends - and various types like BBC Producers and Meedja sorts - all of whom RAMP UP THE "PROPERTY MARKET" AD NAUSEUM ON THE BBC [LICENSE PAYER!!] FOR YEARS AND YEARS - knowing this is a cash-cow/Pyramid SCAM like NO OTHER in history have "invested" into HUGE Property "Portfolios" in the meantime - and have off-loaded them WAY before the sh1t hits the fan - making MASSIVE "profits" in the process........

LIAR LOANS --- PURE RADIOCACTIVE POISON

Edited by eric pebble

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Radiocactive Eric?

Is this glow in the dark turds?

I suppose they might be

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Its quite amazing that there is denial regards Sub-Prime in the UK though there might be less than the UK not that it matters as our banks have bought into Sub-Prime packages wherever they are . The challenges are the New Build BTL not necessary Sub-Prime but in a few cases will be. Alot are going bankrupt and being reposessed each day . Alot are having to sell their own homes they used as collaterall adding more properties on the market at discounted prices from the banks trying to recoup their money. More job losses in the banks, and the knock on effect of the USA RECESSION. Ehhmmm Challenging times ahead a 250K house in Barnsley is going to be a distant memory now for at least 20/30 years

Edited by joey

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Its quite amazing that there is denial regards Sub-Prime in the UK though there might be less than the UK not that it matters as our banks have bought into Sub-Prime packages wherever they are . The challenges are the New Build BTL not necessary Sub-Prime but in a few cases will be. Alot are going bankrupt and being reposessed each day . Alot are having to sell their own homes they used as collaterall adding more properties on the market at discounted prices from the banks trying to recoup their money. More job losses in the banks, and the knock on effect of the USA RECESSION. Ehhmmm Challenging times ahead a 250K house in Barnsley is going to be a distant memory now for at least 20/30 years

Well - who knows -- I personally think that the VI's are going to fight back tooth and nail..... and they will stop at NOTHING to keep things as they have been up 'til now..... Already, in the US, they've fitted up Spitzler - got a temptress to draw him in -- and they then got him......... The VI's will do EVERYTHING in their power to keep the whole HPI ball running --- watch out....

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NOTHING will EVER change my mind on the role of Liar Loans: As I have frequently explained - Liar Loans played an absolutely CRUCIAL role in HYPING PRICES LIKE ROCKET FUEL when everyone was climbing onto the bandwagon -- and when EVERYONE was climbing onto the early stages of THE WORLD'S BIGGEST EVER PYRAMID SELLING SCAM: -

LIAR LOANS were a very "clever" ruse thought up by the BW@NKERS -- the likes of Goldman Sachs --- LIAR LOANS are a very effective means of screwing money out of the gullible who think the Lender is doing them a favour [!!!!] -- but the Lender is crying with laughter back at the bank because LIAR LOANS

1 - Help pump up the prices all around - very quickly

2 - the Lender off-loads the "money" he has "lent" within a few hours - wrapped up as a "CDO" which some poor sucker the other side of the world picks up and pays top whack for thinking it's a "AAA investment"...

3 - The original "Lender" has thus "sold" a loan to a sucker who thinks he's going to do well on the Giant Pyramid Selling Scam - the "housing market" - say for £400,000 - the original buyer THINKS THE LENDER IS A NICE GUY!!!! [He doesn't understand that the "Lender" has, in the process of "lending" him the £400,000, EFFECTIVELY SET THE "MARKET VALUE" of the house!!!!! THIS IS THE KEY !!] - - -- and the original "Lender" sells the £400,000 "loan/debt" on the international markets as "AAA" "asset" [!!!] -- and takes a massive slice of profit - which he receives IN CASH within hours: THEREFORE "JOB DONE, MONEY IN HAND" - Off he goes to the next deal.

4 - Over the weeks, months, years........ the "AAA" eventually turns out to be worthless -- BUT HEY!! THE ORIGINAL "LENDER" has got his cash - and is in the Bahamas sunning himself and the bird..... Leaving the poor sod in XYZ BANK in Switzerland/France/wherever holding the baby.....

A simple SCAM -- Originating with the LIAR LOAN -- which is so insanely unaffordable that the original borrower very soon simply can't keep up with the repayments.... The MULTIPLES are 6, 7, 8, 10, 12 x , & THE REAL TRUTHFUL "salary" IS ABOUT £26K PA -- the "salary" quoted in the original Mortgage Application Form - £78K PA - WAS A LIE -- i.e. "LIAR LOAN".

5 - In the meantime -- house "prices" in the area where that original LIAR LOAN was taken out are pumped up very quickly, accordingly, -- and so everyone else who follows as a buyer in that area - and soon in the whole country -- has to pay 2, then 3, then 4 x what "prices" were only 10 years ago.....

THIS IS BECAUSE ALL LOCAL "PRICES" ARE SET BY ESTATE AGENTS AND SURVEYORS ON A COMPARISON BASIS --- HOUSE X SELLS FOR £300,000 - PAID FOR WITH A LIAR LOAN --- AND THUS ALL THE OTHER LOCALCOMPARATIVE HOUSES SELL FOR A "PRICE" WHICH IS COMPARATIVE: THIS IS THE SECRET WEAPON WHICH THE VESTED INTERESTS KNEW WAS OPERATING -- THIS IS THE ROCKET FUEL THAT POWERED HOUSE "PRICES" TO RISE AT ASTRONOMICAL RATES... THE "PRICE" WAS HIKED UP BY LIAR LOANS TAKEN OUT AND USED TO PAY A PRICE THAT WOULD HAVE OTHERWISE NOT BEEN POSSIBLE TO PAY. THE PROCESS FEEDS ON ITSELF...... THIS IS THE KEY TO THE WHOLE THING -- THIS IS THE MAGIC WEAPON....

6 - The BW@NKERS and their friends - and various types like BBC Producers and Meedja sorts - all of whom RAMP UP THE "PROPERTY MARKET" AD NAUSEUM ON THE BBC [LICENSE PAYER!!] FOR YEARS AND YEARS - knowing this is a cash-cow/Pyramid SCAM like NO OTHER in history have "invested" into HUGE Property "Portfolios" in the meantime - and have off-loaded them WAY before the sh1t hits the fan - making MASSIVE "profits" in the process........

LIAR LOANS --- PURE RADIOCACTIVE POISON

Edited by eric pebble

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  • 293 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%



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