Wednesday, January 9, 2008

A spokesman for the Council of Mortgage Lenders said: ‘It’s a misconception to see a link between the base rate and the mortgage rates.’

PM tells banks to pass on rate cuts

At least they have been honest this time

Posted by confused76 @ 04:12 PM (802 views)
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6 thoughts on “A spokesman for the Council of Mortgage Lenders said: ‘It’s a misconception to see a link between the base rate and the mortgage rates.’

  • I think Brown has made a fool of himself with that ”request”

    It would take an even bigger fool to think about legislation….and I would not put that past him either….

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  • GB(H) is a menace to the prosperity of this country and the viability of Sterling. Is this a Free Market or Stalin’s Russia?

    The base rate cut is for the benefit of the bigger dogs up the chain, not little “hamster house buyer”. Providing that they do not “pass on the cuts”, a base rate cut allows them to recoup the money they have lost having to writeoff billions. It increases the spreads.

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  • I agree wholeheartedly with Ivmreader: “The base rate cut is for the benefit of the bigger dogs up the chain, not little “hamster house buyer”. Providing that they do not “pass on the cuts”, a base rate cut allows them to recoup the money they have lost having to writeoff billions. It increases the spreads.”

    The people who will suffer, as always are those who have done the right thing over the years and put money away, for a rainy day, well today its bloody pouring and Crash and his gang are stealing every savers umbrella and selling it for a quick prifit to the financial organisations responsible for this downpour, who will then sell it back to the now soaking saver for a heft premium, capitalism at its best.

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  • Landedgentry says:

    ‘warned’ – so what they gonna do if the lenders don’t comply?

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  • @lvmreader

    You didn’t mention all the $billion losses that haven’t been officially announced yet, like:

    UBS
    Credit Suisse
    Citi ………and the rest.

    Results due out soon!

    The banks will need all the money they can get…and guess who will be paying? No rate cuts for you, people.

    Captain Darling will explain soon that it’s part of the plan to keep inflation down, of course….

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  • it_is_going_with_a_bang says:

    So now he wants to change the way the banks are run to suit himself?

    He is going to have a hard time selling the NR if he is going to start throwing his weight around in this.
    They are hardly going to want to do the ugly toad a favour.
    The only thing he cares about is his career. Not ‘real’ people or we wouldnt be in this mess.
    His ‘cunning plan’ of putting pressure on the BOE has faltered and now he feels a little miffed.

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