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

Eric's 'liar Loan' - Meme Is Taking Off

Recommended Posts

From the times:

http://business.timesonline.co.uk/tol/busi...icle4842838.ece

B&B carved out a niche in lending to buy-to-let landlords and to borrowers who could not, or would not, provide evidence of their earnings. These self-certified mortgages, dubbed “liar loans”, are going bad in much higher numbers than ordinary mortgages.

!!! :P:lol: Talk about horse, barn door, bolted --- TOO LATE!!!!!! :lol:

LIAR LOANS are the Biggest Mammoth EVER in the Room.............. :angry:

Share this post


Link to post
Share on other sites

I thought of Eric in bed this morning, how scary is that.

On the news they were explaining self cert mortgages for the terminally thick.

"Thats right, you declare that you earn x amount and as long as you make the monthly payments the bank is happy to lend to you" all said with a disbelieving look on his face as if this was something that the rest of us had never heard of before. :rolleyes:

Share this post


Link to post
Share on other sites

I would explain further that the only reason I thought of him in bed was because I was watching the news in bed. I re-read my post and realised I didnt make that properly clear. I was picturing him jumping out of bed and running full pelt downstairs to his computer

Share this post


Link to post
Share on other sites
I would explain further that the only reason I thought of him in bed was because I was watching the news in bed. I re-read my post and realised I didnt make that properly clear. I was picturing him jumping out of bed and running full pelt downstairs to his computer

Seek professional help.

Share this post


Link to post
Share on other sites

And next month this bright spark david wighton unearths the issues surrounding prime and alt-a mortgages, and the nonsense that was the mortgage lenders' affordability criteria.

In that same article he calls for a return to a historically prudent x3.5 income multiple but doesn't believe house prices will fall any further. :blink:

Share this post


Link to post
Share on other sites
Guest Skint Academic

Congratulations Eric on the sucessful meme! The birthing process was long and arduous (large colourful fonts hurting the eyes etc), but I am sure that you are going to be very proud of your offspring and constantly telling your colleagues "That's my meme that is." :)

Share this post


Link to post
Share on other sites

guess who's picking up the liabilities for these liar loans?

the UK taxpayer

but it's a good deal for the UK taxpayer they scream, the debt is worthless and no one wants it but supposedly it's a good deal

Share this post


Link to post
Share on other sites
Congratulations Eric on the sucessful meme! The birthing process was long and arduous (large colourful fonts hurting the eyes etc), but I am sure that you are going to be very proud of your offspring and constantly telling your colleagues "That's my meme that is." :)

Well -- in the US the term "Liar Loan" is q well known......... However -- here in the UK - it would appear that MANY people on the street KNOW about them - nudge nudge, wink wink -- but -- reading, watching and hearing the MEEDJA -- You'd think they never existed............

It just SO P1SSES ME OFF the way the meedja kept quiet about the whole LIAR LOAN phenomenon [apart form that one bbc Money Programme way back in 2003 - see below] .......... It is THE KEY behind the present economic mayhem.......

Edited by eric pebble

Share this post


Link to post
Share on other sites
!!! :P:lol: Talk about horse, barn door, bolted

Horse died of old age and was turned into Kennomeat chunks.

Barn converted into luxury dwelling, sold for ridiculous price, owner eventually couldn't meet the payments, now to be sold at auction.

That's how late this "discovery" is in the conventional "meeja".

Eric, my only hope is that there's not a wave of "no one could have seen this coming" statements on TV or by the general public, otherwise I seriously fear for your blood pressure.

Share this post


Link to post
Share on other sites
Horse died of old age and was turned into Kennomeat chunks.

Barn converted into luxury dwelling, sold for ridiculous price, owner eventually couldn't meet the payments, now to be sold at auction.

That's how late this "discovery" is in the conventional "meeja".

Eric, my only hope is that there's not a wave of "no one could have seen this coming" statements on TV or by the general public, otherwise I seriously fear for your blood pressure.

Totally agree PR! :lol:

Share this post


Link to post
Share on other sites
Guest Skint Academic
Hutton mentions LIAR LOANS!!.

No description possible. Oh the humanity!

Actually didn't he call them liar mortgages? What kind of a sound bite is that?? He was an 4rse though. Waffled on about nothing in particular and trying to shift the blame away from the government occasionally.

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.

  • 314 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.