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Brown's 2007 Lending Levels "not Prudent"..


Moo
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i was just about ot post the same link myself, its laughable, it seems that the banks dont want ot get back to 2007 levels, the CML dont want to, the public (most of) dont want to either, only the government, and with this "forced" part nationalisation they think they can force the banks to do it.

what to we give, 6 minths before it goes to pot and we've lost how ever many £bns or even trillions over this farce

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I was really surprised at this. Good on them. The more pressure on Brown and his crooked antics the better. It's great to have someone speak out about this move. We do not want to get people into a bigger mess than we already are.

Not surprised this isn't being thought by the lenders. I'm just stunned that such a large chunk of money can be chucked at the banks, presumably with their agreement, and yet for the lenders themselves to turn round the next day and say "This is ******, m8" to Brown is just amazing. I really does show just how far the whole "Government by Smoke and Mirrors" shite has gone.

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The banks will have to select very low risk lenders and entice them with very good deals if they are to follow what GB wants without digging a bigger hole for themselves.

So the already rich (ex- European Ministers, Ex- PMs) will be able to buy a better second or third homes and reduce unemployment by employing servants.

Back to the old class system based on political influence rather than inherited wealth or manufacturing. No more chavs driving fancy cars and living the good life.

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If that's not a rhetorical question, it was between 1997 and 2001. During this period, apart from the pension funds theft,he was prudent. After the sad business with the loss of his baby lin ate 2001/early 2002 his brain appears to have gone to ratsh*t.

What about the years up to 2007?!? When LIAR LOANS reigned supreme?

Was THAT prudence?!?!? :blink: :angry:

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If that's not a rhetorical question, it was between 1997 and 2001. During this period, apart from the pension funds theft,he was prudent. After the sad business with the loss of his baby lin ate 2001/early 2002 his brain appears to have gone to ratsh*t.

Wasn't he sticking with the Conservatives spending plans during his early years in office? After that he let rip and shat on everything with cash. The man's a spendaholic – he's like a pig in shite with the current situation, chucking the money around.

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Guest sillybear2

They put this point to Yvette Cooper on World at One (radio 4) and see seemed disappointed and angry that the CML will be unable to lend at peak 2007 levels, with absolutely no understanding of what got us into this mess to begin with. Clearly the problem was all from America right, giving away x6, 125% self cert crap in the UK was just fine?

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They put this point to Yvette Cooper on World at One (radio 4) and see seemed disappointed and angry that the CML will be unable to lend at peak 2007 levels, with absolutely no understanding of what got us into this mess to begin with. Clearly the problem was all from America right, giving away x6, 125% self cert crap in the UK was just fine?

If I had 1 bullet, it would be for her

She is so irritating, so thick, so up herself, so c0cksure, and so incompetent it beggars belief.

have you a link?

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Yes, Yvette almost lost her air of composed petulance when Martha "I know nothing about the marjets but I have a big mortgage" kearney badgered her today. Cooper lierally huffed and said "Yes, well I am very disappointed with the CML....". What she meant to say is " I am very disappointed with the CML because if The Supreme Leader's game plan works he will hand over to my husband the chancellorship and then the PMship with a view to us being re-elected on the back of HPI regained...."

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Be fair to Gordon.

He said a while ago 'we will do everything in our power to keep the housing market moving forwards'.

And he is. The banking system would not play ball so he has nationalized a bit of it and told them to lend at 2007 levels.

Fortunately, his actions are those of a man in a state of panic and he really hasn't thought this through.

Where are RBS and HBOS going to get the money to return to 2007 lending levels? Answer - from the government - or from us, the taxpayer. So, think of this scenario in a month's time.

RBS and HBOS are offering high LTV, high salary multiple mortgages and Nationwide and HSBC (and all the other non-nationalized banks) are not. RBS and HBOS will have the mortgage market to themselves.

Firstly, Nationwide, HSBC and all the others will be knocking on the door of the European Competition Commission - as their financial status will be at risk if they cannot attract new borrowers.

Secondly, RBS and HBOS will need endless tranches of government money if they are not to break the new, stricter Capital Adequacy rules.

Unless, of course, RBS and HBOS offer higher interest rates to savers - based on government support. If they do this, again the EEC will come a-knocking.

I begin to think Brown is deranged. He can't think anything through.

Edited by Lets' get it right
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Here you go, the government's plan all along :-

http://news.bbc.co.uk/1/hi/business/7667072.stm

They want banks to lend at 2007 levels.

The CML said it wanted clarification of what exactly was meant by this. It said it doubted whether, given the current market, it would be prudent or desirable to return to 2007 lending volumes.

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I was really surprised at this. Good on them. The more pressure on Brown and his crooked antics the better. It's great to have someone speak out about this move. We do not want to get people into a bigger mess than we already are.

The members of CML know that the total market for mortgages has significantly, if not dramatically, reduced in the short term at least. If RBS/HBOS/LloydsTSB return to 2007 levels (presumably by cutting rates) then the available market for the remaining CML members will be nothing, and they won't have meaningful businesses.

If the government doesn't back down on this one rapidly, expect them to be taken to the EU pronto on the grounds of unfair competition.

Interesting to note that Denmark recently had to threaten EU action for exactly the opposite reason, as nationalised NR were hiking savings rates and mortgage rates and so destroying the savings side of other banking businesses -including ones in the UK.

Left hand - right hand, etc.

Taken in tandem with Brown's recent statement that we still don't have enough houses, confirms he still doesn't have a clue what is going on.

I am personally convinced that Darling has learnt more about economics in a year than GB did in his fifteen of shadow/actual chancellorship, and that he and Merv are quietly picking up the pieces and sorting things out as best they can.

I would expect the 2007 target for lending to businesses to be imposed ruthlessly on the banks - to prevent the economy going under, while the commitment on mortgage lending will be respected in the breach.

Sometime in the next 18 months or so, as they economy eventually stabilises, I also expect our Alistair to do a very surgical 'Geoffrey Howe' on GB as revenge for the serial humiliations and stealing of credit that he has had to endure.

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