Sunday, July 30, 2006

Another reason to regulate this market.

High-risk lenders target vulnerable

'I would never buy again,' says Shelley. 'I only wanted to be able to leave something for the children, but this has ruined our lives. We will never pay off these debts.'

Posted by inbreda @ 08:11 AM (586 views)
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5 thoughts on “Another reason to regulate this market.

  • Bulltraderpt says:

    I hope the broker’s and associated parasites which obviously realised they could screw these vulnerable people over (referring to the couple at the end of this article), all get testicular cancer or some other horrible aliment.

    Salesmen like these are the scum of the earth as far as I am concerned

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  • These are the tears at the beginning of the end of the party.

    There will be many many stories like this now.

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  • Time To Raise Petrol Prices says:

    Sorry, but these people must be muppets. I know of no sub-prime lender that will let borrowers go to 100%LTV, so even after all those remortgages, there must have still been some residual equity – where did that go? The article also says that they were using credit cards to balance the books – why? The average subprime rate is about equivalent to what 90% of people were paying pre-1997 when interest rates were at a more neutral level, and people still managed then.

    Despite sharky selling, it looks like this family pi$$ed away their house because they didn’t connect signature-hand with brain. Take some responsibility for your own actions!

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  • I think that the current situation can be summed up nicely with “For the love of money is a root of all kinds of evil”.

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  • How could u say something as nasty as that-“number 3” u are obviously one of the gutless lowlife parasites who agree in handing out massive loans to people who really cannot afford it.The woman said she only wanted to leave something for her children.
    The greedy filthy rich financiers have created a world trend to raise global housing prices/putting prices out of reach to most/although still offering loans to the ill informed young married couples.

    +

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