Tuesday, May 20, 2008

House prices won’t crash!

Citigroup shuts UK call centre and 49 branches

Citigroup announced plans yesterday to extricate itself completely from new sub-prime lending in Britain, with the loss of up to 700 jobs. The American bank is closing down Future Mortgages, its mortgage operation, and CitiFinancial, its unsecured loans business.

Posted by confused76 @ 07:58 AM (715 views)
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4 thoughts on “House prices won’t crash!

  • I’m not sure why this should be surprising… there no way come hell or high water that people are going to want to buy funny backed securities with a bit of good and bad in it… that era of cheap credit or let rather say we might have cheap credit in the future but it will not be easy to actually get credit… For a change people are actually going to have to do some proper work which is going to be hard for those who’ve been working in the funny money business and now going to find you actually have to do some thinking …

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  • need-a-crash says:

    “The rate rise came as brokers gave warning that now there were no buy-to-let mortgages on the market charging less than 6 per cent interest”

    I think this quote is pretty interesting given BTL are our main competitors in the market for property. I don’t see the Express reporting this one as prominently as the 0.1% reduction by Halifax which is supposed to take us back to the ‘good-old-days’ of 2007.

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  • feelgood factor is secondary to actually being able to get the rate you need to survive

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  • Of course, given that Halifax increased their rates by 0.5% after the last Bank of England “rate cat” and by another 0.6% the following week, a 0.1% rate cut doesn’t take us anywhere near the good old days of 2007.

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