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thefinalbear

As The Housing Market Falls........

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I think everyone here is familiar with Martin Lewis's http://www.moneysavingexpert.com/ but there are now

sites springing up that are offering serious legal help and discussion with pretty much all aspects

of banking law.

Consumer Action Group is one

Legal Begals is another.

It is actually pretty amazing that there is such a wealth of legal info and help out there.....anything from a mis sold mortgage to debt, bank charges etc....

I can only imagine what the customer service teams and legal depts of banks are going to be dealing with over the next few years.

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I think everyone here is familiar with Martin Lewis's http://www.moneysavingexpert.com/ but there are now

sites springing up that are offering serious legal help and discussion with pretty much all aspects

of banking law.

Consumer Action Group is one

Legal Begals is another.

It is actually pretty amazing that there is such a wealth of legal info and help out there.....anything from a mis sold mortgage to debt, bank charges etc....

I can only imagine what the customer service teams and legal depts of banks are going to be dealing with over the next few years.

Mis-selling of Mortgages.

That litigation will no doubt flow both ways.

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Mis-selling of Mortgages.

That litigation will no doubt flow both ways.

Indeed. The criminal courts could be packed with borrowers and brokers, but not lenders, for they are without doubt the squeakiest of the clean. <_<

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Mis-selling of Mortgages.

That litigation will no doubt flow both ways.

You can imagine the conversation:

Borrower: "You sold me a mortgage I couldn't afford to pay. Now my house has been repo'd, my wife has left me, I dont see the kids, my dog bit me and I now have rabbies, im gonna sue you're a*se off".

Lender: "I see you lied about your income"

Borrower: ""

Lender: "Now f**k off".

Edited by TheCountOfNowhere

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I think everyone here is familiar with Martin Lewis's http://www.moneysavingexpert.com/ but there are now

sites springing up that are offering serious legal help and discussion with pretty much all aspects

of banking law.

Consumer Action Group is one

Legal Begals is another.

It is actually pretty amazing that there is such a wealth of legal info and help out there.....anything from a mis sold mortgage to debt, bank charges etc....

I can only imagine what the customer service teams and legal depts of banks are going to be dealing with over the next few years.

A bit like taking Burger King to court because they caused your obesity by selling you too many burgers.

Prediction: the lawyers will win.

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Or try this one..........

Borrower: You sold me a mortgage at 5 times income.........it is now clear that with rate rises I cant afford it......I am one of the honest few that didnt lie about my income.....however you failed to take affordability into account.

Bank: Speak to the national bank of Ubekistan......they bought the mortgage backed security.......and now its their problem......NEXT

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:lol:

You can imagine the conversation:

Borrower: "You sold me a mortgage I couldn't afford to pay. Now my house has been repo'd, my wife has left me, I dont see the kids, my dog bit me and I now have rabbies, im gonna sue you're a*se off".

Lender: "I see you lied about your income"

Borrower: ""

Lender: "Now f**k off".

ha ha

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Or try this one..........

Borrower: You sold me a mortgage at 5 times income.........it is now clear that with rate rises I cant afford it......I am one of the honest few that didnt lie about my income.....however you failed to take affordability into account.

Bank: Speak to the national bank of Ubekistan......they bought the mortgage backed security.......and now its their problem......NEXT

Try this one.

Bank - You owe me £x because I say you borrowed it.

"Borrower" - What denomination was that in? £20 notes or £50's and do you have a witness, cashier reciept etc?

Bank - "........"

"Borrower" - I'll be happy to pay you anything I owe if you just provide some proof for what you are saying. That's fair enough isn't it?

Bank - "i'll get right on that....yes...."

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:lol:

This is the best bit

Last week, at the CML complaints handling seminar, he said: “If media comment is any guide, we might expect to see a significant number of consumers raising concerns that their lender (or intermediary) should not have assisted them to borrow so much - so called unaffordable lending.

“I have to say this is not a conclusion the ombudsman will reach lightly. The consumer knows their own financial circumstances, and if the costs of the mortgage are clearly explained, they should be readily be able to assess how affordable that mortgage is for them.

“However, in practice, matters are not always as clear-cut as this suggests.

We see cases where I find it difficult to imagine how the lender could have considered the customer capable of maintaining the required level of payments. Rather it seems that the advice has been more about generating commission or fee income than a fair assessment of the interests of the customer. As you know the FSA’s rules require the lender to take into account the customer’s ability to repay the mortgage - with the presumption being that the customer will need to meet the repayments from income.”

“In such cases, the ombudsman will seek to put the consumer back into the position they would have been in, if the poor mortgage advice hadn’t been given in the first place.

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One of my concerns about the banking crisis is that these people will group together under the umbrella of MSE and decide that they've been hard done by and shouldn't have to pay any of this nasty debt back.

Some of these people need a real slap and to be told to pay every penny back!

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One of my concerns about the banking crisis is that these people will group together under the umbrella of MSE and decide that they've been hard done by and shouldn't have to pay any of this nasty debt back.

Some of these people need a real slap and to be told to pay every penny back!

Granted.....there are some cases where there is no cause for complaint. But there are quite a few where there has obviously been some misselling going on. The FSA has just banned plenty of mortgage brokers and fined loads more. They must have been doing something wrong.

I dont think that the mortgage market today will lend itself to a bandwagan approach to misselling (a la endowments).......but on a case by case basis I can see some horror stories emerging where people have been sold down the river in the race for more business and bigger commissions. There will be deserving cases out there. Just as there will be plenty who will deserve bugger all.

Edited by thefinalbear

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Granted.....there are some cases where there is no cause for complaint. But there are quite a few where there has obviously been some misselling going on. The FSA has just banned plenty of mortgage brokers and fined loads more. They must have been doing something wrong.

I dont think that the mortgage market today will lend itself to a bandwagan approach to misselling (a la endowments).......but on a case by case basis I can see some horror stories emerging where people have been sold down the river in the race for more business and bigger commissions. There will be deserving cases out there. Just as there will be plenty who will deserve bugger all.

Yes --- I think you'll find that there are just a few cases out there [i.e. 1 or 2 million...] ........... But don't hold your breath -- the VI's will make absolutely certain that they brush this entire matter under the carpet..... Just watch as they cover their tracks........ JUST WATCH....

Edited by eric pebble

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I'll be watching..........I hope you are wrong.........I think there will be people out there deserving of compensation in some form. But I know you're right. The banks will close ranks. But there are only so many lawyers out there..........and people have become much more active in recent years........A bank cant survive if its litigating with every one of its customers........they might no conceed everything.......but they'll have to give a little on some points.

I saw what they did with bank charges............but it was easier since every claim was the same.....they could close ranks without too much hassle. Given the sheer scale and complexity of the mortgage market I cant see them being able to pull the smae trick.

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You are British. You are therefore a subject. You therefore should know your place. If you do not then the Establishment will ensure you do, especially if you try to upset the financial apple-cart.

Doff your cap, bend over and say "Can I do anything for you Guv-nor!?"

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You are British. You are therefore a subject. You therefore should know your place. If you do not then the Establishment will ensure you do, especially if you try to upset the financial apple-cart.

Doff your cap, bend over and say "Can I do anything for you Guv-nor!?"

:lol:;)

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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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