Fudge Posted August 5, 2008 Share Posted August 5, 2008 Sky front pages of Wednesdays National Papers Quote Link to comment Share on other sites More sharing options...
Fairies Wear Boots Posted August 5, 2008 Share Posted August 5, 2008 Maddy, Maddy, Maddy, Maddy, Hamlet ... But as for the rescue plan, wow! Now the housing market needs rescuing. That's odd, I still have a friend who says this isn't really even a problem with the housing market. The credit crunch is a mere bump in the road. Quote Link to comment Share on other sites More sharing options...
uptherebels Posted August 5, 2008 Share Posted August 5, 2008 Maddy, Maddy, Maddy, Maddy, Hamlet ...But as for the rescue plan, wow! Now the housing market needs rescuing. That's odd, I still have a friend who says this isn't really even a problem with the housing market. The credit crunch is a mere bump in the road. Some bump...........some road. Quote Link to comment Share on other sites More sharing options...
salamander Posted August 5, 2008 Share Posted August 5, 2008 My personal favourite is from the Metro: "Cruel Lenders Seizing Homes" http://www.metro.co.uk/news/article.html?i...p;in_page_id=34 I think perhaps I ought to check my seat on the Tube tomorrow morning for "soiling" before sitting on it... Quote Link to comment Share on other sites More sharing options...
REP013 Posted August 5, 2008 Share Posted August 5, 2008 I like the Metro headline, "Cruel lenders seizing homes". We all know lenders have obligations to shareholders and contracts with borrowers. We also know that many turned a blind eye in the good times and when the going gets tough they recoup what they can how they can but .... What about, "Cruel lenders force people to borrow money they can't afford to pay back". I never saw that as a headline, anyone else here see it? Quote Link to comment Share on other sites More sharing options...
REP013 Posted August 5, 2008 Share Posted August 5, 2008 My personal favourite is from the Metro: "Cruel Lenders Seizing Homes"http://www.metro.co.uk/news/article.html?i...p;in_page_id=34 I think perhaps I ought to check my seat on the Tube tomorrow morning for "soiling" before sitting on it... From the link This year, there are likely to be 45,000 repossessions. The figure is still well below the level seen in 1991, when 75,000 homes were seized. What's the problem then? Quote Link to comment Share on other sites More sharing options...
wonderpup Posted August 6, 2008 Share Posted August 6, 2008 Rescue plan to save the property market So they are going to save the property market from...market forces? Quote Link to comment Share on other sites More sharing options...
Y-QUERK Posted August 6, 2008 Share Posted August 6, 2008 Save it? I say let it crash and burn. Quote Link to comment Share on other sites More sharing options...
REP013 Posted August 6, 2008 Share Posted August 6, 2008 So they are going to save the property market from...market forces? No, they are going to save the property market from sound fundamentals and the most robust economy to manage a downturn. Quote Link to comment Share on other sites More sharing options...
uptherebels Posted August 6, 2008 Share Posted August 6, 2008 I like the Metro headline, "Cruel lenders seizing homes".We all know lenders have obligations to shareholders and contracts with borrowers. We also know that many turned a blind eye in the good times and when the going gets tough they recoup what they can how they can but .... What about, "Cruel lenders force people to borrow money they can't afford to pay back". I never saw that as a headline, anyone else here see it? How on earth did the lenders force anyone to do that? Quote Link to comment Share on other sites More sharing options...
Patfig Posted August 6, 2008 Share Posted August 6, 2008 Sky front pages of Wednesdays National Papers Letting the housing market fall to 3 x salary is the rescue that is required not keeping it artificially high. Quote Link to comment Share on other sites More sharing options...
ingermany Posted August 6, 2008 Share Posted August 6, 2008 Hold on: this week we have seen headlines that house prices will "soar" beyond the means of UK families within 3 years. In this context, why is the government trying to "stimulate" the housing market? OK, some may have suspected the CEBR and NHF are liars who just made up their figures in order ramp property prices. It sounds as if the government knows it, otherwise why would they be introducing these crisis measures? Quote Link to comment Share on other sites More sharing options...
uptherebels Posted August 6, 2008 Share Posted August 6, 2008 Hold on: this week we have seen headlines that house prices will "soar" beyond the means of UK families within 3 years. In this context, why is the government trying to "stimulate" the housing market? OK, some may have suspected the CEBR and NHF are liars who just made up their figures in order ramp property prices. It sounds as if the government knows it, otherwise why would they be introducing these crisis measures? Very good question, to which I don't know the answer Quote Link to comment Share on other sites More sharing options...
Patfig Posted August 6, 2008 Share Posted August 6, 2008 Very good question, to which I don't know the answer It's all very sinister and Qusling Brown is clearly mentally unwell. Quote Link to comment Share on other sites More sharing options...
MrPin Posted August 6, 2008 Share Posted August 6, 2008 Sky front pages of Wednesdays National Papers The DSS would pay your mortgage (interest only) after two months unemployment! Well, that stopped me being homeless back then. Lenders get a bit "legal" after three months of non-payment! That facility has now been removed, about 1992-ish, I think! Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted August 6, 2008 Share Posted August 6, 2008 My personal favourite is from the Metro: "Cruel Lenders Seizing Homes"http://www.metro.co.uk/news/article.html?i...p;in_page_id=34 I think perhaps I ought to check my seat on the Tube tomorrow morning for "soiling" before sitting on it... I've given the Metro my thoughts. I have also cancelled my support for Shelter which is a bleeding disgrace. Quote Link to comment Share on other sites More sharing options...
otters Posted August 6, 2008 Share Posted August 6, 2008 So they are going to save the property market from...market forces? They are trying to save the British economy; which is the housing market. Quote Link to comment Share on other sites More sharing options...
Michael Posted August 6, 2008 Share Posted August 6, 2008 so they're using my tax pounds to prop up the market they've priced me out of ????????? Quote Link to comment Share on other sites More sharing options...
Patfig Posted August 6, 2008 Share Posted August 6, 2008 so they're using my tax pounds to prop up the market they've priced me out of ????????? It would appear so unless I am seeing it wrongly......... good plan eh!! Quote Link to comment Share on other sites More sharing options...
The Spaniard Posted August 6, 2008 Share Posted August 6, 2008 (edited) so they're using my tax pounds to prop up the market they've priced me out of ????????? Yes. Tax pounds confiscated from a system which forces Joe Public to borrow them into existence, at interest, from commercial banks. Joe Public pays interest for the existence of his means of exchange, then pays swingeing taxes to enable his government to service even more debt on behalf of him and his descendants. Joe is shackled doubly to the debt treadmill forever. Neat. Good system for the bankers, good system for the political class, crippling for Joe Public. Edited August 6, 2008 by The Spaniard Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 6, 2008 Share Posted August 6, 2008 Saw all the samein Sept October in the US. Lots of plans. Lots of politicos demanding rescues. if any took place, none worked. Just ended up with more money for the banks. Move along. There is no rescue that can work until the BUST has done its work. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted August 6, 2008 Share Posted August 6, 2008 There is no plan and everyone is on holiday! Quote Link to comment Share on other sites More sharing options...
Patfig Posted August 6, 2008 Share Posted August 6, 2008 There is no plan and everyone is on holiday! Don't they call it a recess? Or is it a VOID! Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted August 6, 2008 Share Posted August 6, 2008 Yes.Tax pounds confiscated from a system which forces Joe Public to borrow them into existence, at interest, from commercial banks. Joe Public pays interest for the existence of his means of exchange, then pays swingeing taxes to enable his government to service even more debt on behalf of him and his descendants. Joe is shackled doubly to the debt treadmill forever. Neat. Good system for the bankers, good system for the political class, crippling for Joe Public. bang on the nail Quote Link to comment Share on other sites More sharing options...
Wad Posted August 6, 2008 Share Posted August 6, 2008 (edited) The DSS would pay your mortgage (interest only) after two months unemployment!Well, that stopped me being homeless back then. Lenders get a bit "legal" after three months of non-payment! That facility has now been removed, about 1992-ish, I think! The problem with this I suspect is that it may be 'worthwhile' for quite a few people who are struggling to pay their mortgage on their current salary to simply be sacked or made redundant. In other words, they needed a job to get a say a low start mortgage a few years ago but now the rate has gone to SVR then it will be worthwile sitting back and let the Govt pay the bill. Indeed, it may well prove to be the biggest poverty trap ever constructed. If wages start falling and interest rates stay high it may never be worth some people going back to work so long as the Govt is paying the mortgage. I suspect that this particular measure has been specifically constructed to assist in areas of fairly high unemployment and welfare dependency - say like Newcastle where NR is based and is perhaps most likely to suffer the most from mortgage defaults arisng from job losses. Indeed, under this scenario the Govt woudl be paying the mortgage interest on a mortgage it actually already owns via the NR. Wonder of the Govt will pay the mortgage on a 125% 'Together' loan or perhaps if someone has just rolled up all their credit card debts and car loans into the mortgage as well - just before they lost their job? EDIT: I suppose a mortgage being payed by the Govt will be classified as performing on the NR books even though the Govt is really paying itself. Indeed a mass default on the NR mortgage book with all the interest being paid by the DSS as supplementary benefit would make NR look like the best performing bank in the UK. Now that would be an irony Edited August 6, 2008 by Wad Quote Link to comment Share on other sites More sharing options...
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