Tuesday, April 8, 2008

Government set to plead with banks to keep the party going.

Rate cut demanded as property prices slide

Caroline Flint set to urge Council of Mortgage Lenders to extend mortgage repayment durations to enable homeowners to make smaller payments so the government can continue robbing Joe Public blind!!

Posted by enuii @ 10:08 PM (727 views)
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9 thoughts on “Government set to plead with banks to keep the party going.

  • This government is sub-standard.

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  • And given that most of the people who are struggling are on interest only mortgages, how exactly is that going to help?

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  • You have to love how everything is sudden and “could have gone either way”

    Reminds me of chess problems that i have seen around “Explain why white should resign immediately otherwise it is forced check-mate in 6 moves.”. Except now its 2 moves.

    Check!

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  • it_is_going_with_a_bang says:

    Exactly. People stopped being able to afford the repayment option a couple of years ago.
    Oh and thanks Caroline – of course I missed the obvious fix which would be to pay it off over 70 years.
    That amounts to a return to slavery and having to work for your freedom – thanks but no thanks.

    As a “country” wouldn’t it be more prudent to half house prices. Bankrupt anyone who is in negative equity.
    Change the Law so that – like the US – the banks cant chase you for the money are more than any other debt and start over?

    In 10 years or so it would be sorted. Nobody would have a lifetime repayment and the only losers would be the banks.

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  • voiceofreason says:

    What I don’t understand is why EAs (Estate Agents) like Savilles on Channel 4 News tonight keep ramping.
    Their best interests lie in a quick correction, say 30% drop in 6 months followed by a return to normal transaction levels.
    As they only make money on transactions. Same is true of solicitors, surveyors and brokers….

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  • it_is_going_with_a_bang says:

    Because of the huge property portfolios that half of their management probably own

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  • Another lot of garbage from the Daily Murdoch.

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  • “Same is true of solicitors..”

    Scuse me V of R …. ? This is one who doesn’t….

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  • ‘Rate Cut Demanded’….?!?!?!?!?!?!?

    EH?????????? I don’t remember hearing anyone bleating that interest rates should be increased to prevent the out of control upward spiral of property prices!!!!

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