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Yes yes yes, but they're all fked now as is right and proper. Who in the end wins? We do.

I have no ill feeling towards these people, most are guilty of nothing more than being stupid, which is typically not their fault. But it's ok. They are now having a terrible time and we are doing ok with our savings and our flexible lifestyles in nice accomodation.

It's taken a while but things have turned out as they should have. Don't be angry, be satisifed you were right after all.

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The Evening Standard printed a repossession story last night. It was about a man who bought a small flat for £175,000 in a smart west London Georgian terrace at the peak of the boom. By the time his story was going to press he'd been told he'd lost half the value.

What sympathy I had for him was tempered by the fact he had bought it as an 'investment'.

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Guest mattsta1964
Absolute and total rubbish of the highest order. He clearly wanted to do this. For all the daft and dangerous things the financial services industry does, it doesn't drag people in off the street at gunpoint and make them sign stuff. He made a conscious decision to purchase a product he couldn't afford. It's his own fault, and sending out the message that the lil' guy can always blame a big, faceless institution for their retarded behaviour is just plain wrong.

I think you are being very harsh.

Most people just blindly go along in life watching X Factor and watching property porn on TV. They are totally clueless, bovine morons

But hasn't the 'system' been designed like that deliberately?

The bastards who run this country DO NOT want people to be capable of critical thinking. They want pliable morons that can be easily duped and manipulated. The state 'education' system doesn't prepare people AT ALL for the kind of society we have created.

Our society is rotten to the core from the bottom up. It is absolutely ghastly.

It's just not on to point the finger at these people and say it's all their fault. The system is designed to exploit people and keep them ignorant

It was obvious tha things were totally out of hand years ago. House prices crossed the rubicon into Silly Ville in 2001. How many documentaries or reports did you see on TV between 2001 and 2007 that questioned the wisdom of a monetary and regulatory system that was clearly hopeless?

NOT ONE I reckon.

Alot of people are gonna get burned. They were ignorant and foolish, NOT BAD PEOPLE.

Edited by mattsta1964
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...

Genius.

Blame Extradry and his banker mates. By the way, he now expects me and you to bail him and his mates out to cover for the losses incurred by his reckless lending.

There is only one explanation for this behaviour. For the last 5 years or so the banks embarked upon a crazy lending spree safe in the knowledge that they were too big to fail. Events have subsequently proven them to be right. The bailouts received by Extradry and his banking mates will encourage even more sub-prime lending.

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The truly annoying thing is that these people will probably end up in council accomodation on benefits. You and I get to pay for their stupidity either way.

Bed and breakfast more likely.

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It's simple, if you cannot afford it, DON'T BUY IT :angry: :angry:

- and certainly don't expect MY taxes to bail you out, or this useless Government to protect you from your own stupidity.

To$$ers...

http://news.bbc.co.uk/1/hi/business/7680498.stm

(NB Apologies if posted before)

Thank heavens there is no sub-prime lending in the UK is all I have got to say.

Just imagine how big a mess we would be in if there was?! :blink::blink:

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My wife and I bought the £195,000 house in Norwich in October 2006 with a 75% mortgage, paying interest at 7.25%.

At the start, we were able to keep up the payments between my wife's job as a classroom assistant and mine at Norwich airport, where I was earning £14,000 a year.

So we lived through an era when a classroom assistant and a cleaner could expect to buy a £200k house.

That will never happen again during any of our lives. And consequently none of us will live to see UK house prices recover in real terms to the level they reached in September 2007. This HPC isn't just a passing blip after which prices will bounce back. It represents a permanent shift away from the twelve years of insanity from 1995 to 2007. Anyone hanging on waiting for prices to recover, and wittering on about "they're in it for the long term", needs to wise up. Let's try a touch of vintage Eric here.

HOUSE PRICES WON'T "RECOVER" FOR AT LEAST A GENERATION.

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We had to pay interest at 9.8%, which I was advised was the best I could get at the time because of credit problems, as neither my wife nor I were working.

WTF!!!!!

A £167k loan and no income job!

Q. How on earth did he intend to pay the mortgage?

A. Benefits no doubt.

So not content with being one of the fortunate few in London that has a council/social place to rent, the greedy scum [email protected] wanted the social (us tax payers) to buy it for him.

Unbelievable! You can bet this is the tip of the iceberg too.

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Blame Extradry and his banker mates. By the way, he now expects me and you to bail him and his mates out to cover for the losses incurred by his reckless lending.

There is only one explanation for this behaviour. For the last 5 years or so the banks embarked upon a crazy lending spree safe in the knowledge that they were too big to fail. Events have subsequently proven them to be right. The bailouts received by Extradry and his banking mates will encourage even more sub-prime lending.

Dunno why you have a grudge against EDM?

anyway, the method by which the risk free lending was created is now gone...where do you envisage the new sub prime lending to be generated from?

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I think you gotta think about the mindset and fears induced deliberately in people AT THE TIME.

These were:

IF you dont buy NOW, you never will be able to.

If you dont buy NOW, you will miss out on all the future capital gains

Interest rates rise? no way, there is a WALL OF MONEY trying to find a home..wont happen.

Renting is dead money.

If you lose your job, you can sell up with a nice tidy profit.

It was the PROFESSIONALS in the game that SOLD this fear into the populace, a populace, many of which cannot read or write properly, a populace fed daily property porn, credit and cheap mortgage teasers.

of course, there is NO subprime in the UK. apart from our sub-prime Minister.

Yes, I'm strong willed and rather a non-conformist but even I found it hard to argue my decision not to buy in over the last two to three years. The people who told me prices won't fall in the long run, and the "Government won't let it happen", now claim that they never said these things.

A bit like Gordon Turd Brown "I never said no more boom and bust, I said no more Tory Boom and Bust", oh right, SILLY US!!!

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Sobering thought #44: When Gordon talks about "getting the mortgage market moving again", he actually means "handing more money over to feckless, gullible bastards like these".

W****r. :angry:

Correct. Extradry really thinks it's a good use of our money to recapitalise stupid banks that have lost all their savers's deposits on stupid loans, so that they can carry on making stupid loans - credit vital for the economy. My ****. Credit should only be granted to firms for investment purposes. The world would be a lot bettwe off without self-cert mortgages and alike.

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WTF!!!!!

A £167k loan and no income job!

Q. How on earth did he intend to pay the mortgage?

A. Benefits no doubt.

So not content with being one of the fortunate few in London that has a council/social place to rent, the greedy scum [email protected] wanted the social (us tax payers) to buy it for him.

Unbelievable! You can bet this is the tip of the iceberg too.

ah yes, the infamouse NINJA loan, no income, no job at all. We dont have those in the UK Dontchaknow.

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Guest theboltonfury
Yes, I'm strong willed and rather a non-conformist but even I found it hard to argue my decision not to buy in over the last two to three years. The people who told me prices won't fall in the long run, and the "Government won't let it happen", now claim that they never said these things.

A bit like Gordon Turd Brown "I never said no more boom and bust, I said no more Tory Boom and Bust", oh right, SILLY US!!!

I also heard one of the Treasury guys on Newsnight say 'yes but we never said we'd have a downturn' - which now seems to be word for the BBC, they rarely mention recession, just a casual reference to the downturn

doesn't a prolonged downturn equal a bust??

t

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yeah all 3 shows irresponsibility, with the 2nd one (the cleaner the not so bad out of the 3).

1st one they got a mortgage whilst unemployed incredible. Also council houses need to stop been sold.

3rd one the guy got tempted by greed and paid the price, funnily enough he was an accountant yet cant even manage his own finances. He looks down on benefits as if its for scum only but many people like himself who dive in without thinking are now causing the current subprime losses.

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ST I always agree with your sentiments and everything, but you do seem to have a strange preoccupation with herpes....

I aim to wish realistic and proportionate ills on those that displease me. Its no good wishing people dead or raped by horses. A nasty STI is easy to pick up and should ruin their year to an agreeable degree.

(also there was once this screaming hot girl I had to turn down on account of her confessing nastyness downstairs. To my mind you don't jump in a crocodile swamp even with your rubber boots on. Perhaps that dissapointment has affected me more that I realise)

The only bit that's missing is someone who's been mew'ing for the last few years, who isn't now able to afford their lifestyle due to not having any more mew, and without the mew is unable to afford the repayments.

See my topic from last week re. my parents :(

.

St

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I also heard one of the Treasury guys on Newsnight say 'yes but we never said we'd have a downturn' - which now seems to be word for the BBC, they rarely mention recession, just a casual reference to the downturn

doesn't a prolonged downturn equal a bust??

t

Yes I saw him too, Stephen Timms - Treasury Minister. What a geek. Loved the way he dismally failed to weasle out of the questions. [email protected]

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I cant speak after reading this, these are the same people that caused all of us to put our lives on hold, I might have kids now if all these irresponsible [email protected]@rds had used a brain cell.

But no! like good citizens us HPC's saw the madness and didnt subscribe to it, and what do you know, we are the ones that pay the price.

Awesome.

Not sure I understand your thinking here? I've had 2 kids in the last 3 years in rented accomodation. They haven't once complained about our lack of "ownership". However they have been delighted that Daddy has been able to spend weekends in their company rather than doing DIY.

GET BREEDING!!!!!!!! :P:blink::P

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Absolute and total rubbish of the highest order. He clearly wanted to do this. For all the daft and dangerous things the financial services industry does, it doesn't drag people in off the street at gunpoint and make them sign stuff. He made a conscious decision to purchase a product he couldn't afford. It's his own fault, and sending out the message that the lil' guy can always blame a big, faceless institution for their retarded behaviour is just plain wrong.

Half agree - he'll suffer bankruptcy and hopefully learn a lesson in personal finance.

The people who made the loan effectively breached the trust of the savers in the bank, that their money would be managed with a modicum of care, and should go to jail.

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BBC Article on What Banking could Evolve Back Too

Having retired in 1982 after 41 years service and remained as a Barclays customer, Mr Tarratt, now 83, has seen things change.

"The difference now is the decline of the old-fashioned bank manager, the manager who was known to everyone in town. The other thing is that you can't ring the branch anymore. My big maxim was 'know your customer'. I don't think they do now."

Knowing the lives of customers inside out made decisions on loans much easier.

"You were the focal point of local business affairs, you were part of the local community. You knew whether someone was spending a lot of time at local bookies or whether they were off with somebody else's wife.

Quaint view of how banking used to be and perhaps a peek at what it will go back to.

I opened my first Nat West Account in 1975 and can remember being taken into a side room for a 'pep talk' 33 years later I still use the same current account. In all those years It has never been overdrawn by more than £100 and only then on the 2 or 3 times it occurred it was with agreement. These days they give me a credit buffer zone of just shy of £4,000 in the hope they can generate some income from me. I never use it as I never allow the account to go overdrawn.

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