Thursday, May 15, 2008

They are planning for worse to come

Treasury meeting on repossession

She continued: “We are extremely pleased to be involved in today’s meeting where we will put forward various recommendations. These include, a review of the current qualifying conditions for state supported mortgage payments, the feasibility of creating a national mortgage rescue scheme, the implementation of the early protocol on repossession action as drafted by the Civil Justice Council and an examination of the possession action taken by sub prime lenders who are not presently regulated by the Financial Services Authority.” They all know what's coming!!

Posted by renting2 @ 01:11 PM (1504 views)
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16 thoughts on “They are planning for worse to come

  • will be discussing ‘…the feasibility of creating a national mortgage rescue scheme’.- What the hell is that ?

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  • This is ridiculous and shameful!!! How much tax payers money is spent per year on paying these idiots and running their departments? And here they are discussing issues which half the users of this board would have advised them to start discussing at least 12 months ago. It is truly shocking that our so called ‘leaders’ can be inept and allowed to get away with it time after time after time.

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  • “action taken by sub prime lenders who are not presently regulated by the Financial Services Authority.”

    but the UK doesn’t have any sub prime, how can there be any sub prime lenders????

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  • While they can argue on “social terms” for the home owners… what can they do for the BTLetters? Nothing!!! BTL is the real UK subprime

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  • This just goes from mad to madder to even more mad…

    “the feasibility of creating a national mortgage rescue scheme”

    So,
    Banks all act like lemmings running off a cliff – and our taxes go to save them
    Developers build [email protected] overpriced shoeboxes and can’t sell them and our taxes go to buy what they can’t sell – to save them
    Now it looks like anyone who paid stupid money they couldn’t afford for any property will be saved by…. our taxes

    I suppose this latest wheeze is aimed at preventing repossession and forced sales driving down the price of property – since anyone unfortunate enough to be in that position already has a safety net in that once they are chucked out, the council has to house them in rented.

    If it comes off, it will, doubtless, be dressed up as ‘being on the people’s side’.

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  • I will certainly be very pi$$ed off if the government starts paying mortgages.

    After being very disciplined and prudent and actually saving money and waiting until house prices become affordable for me (therefore being a responsible for my own descisions) I will be so annoyed if the government decide that to stop prices becoming afforadble, they are going to just give money away to those that didn’t consider that interest rates may actually go up.

    GRRRRR!

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  • Frankly I find the government’s pathetic attempts to use taxpayer’s money to prop up an absurdly inflated housing bubble ridiculous. This is like buying up dotcom ipo’s during the internet bubble in order to keep the bubble in place. Thankfully I don’t live in the u.k. so I don’t have to pay for this nonsense.

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  • justwatching says:

    Before getting too angry, I think I’ll wait until after the meeting. Minutes released possibly? At the moment I can’t take too seriously an article in ‘Mortgage Introducer’.

    Lots of hot air and spin to follow, I’m guessing little substance.
    ‘Your home may be repossessed if you don’t keep up your repayments’ What more can be said??

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  • Tipping Point says:

    If you can’t afford the mortgage then sell and rent back.
    If negative equity means you can’t afford to sell and rent back then sell and rent somewhere smaller.
    If you’re not prepared to do either of the above then you deserve all you get. If the government removes the fear of repossession then we will be left with a nation of home squatters and a bankrupt treasury.

    The economy will not improve until lower house prices free up money to be spent on the high street.

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  • If its all true though, im off to get hte biggest morgage i can, as many credit cards as i can, as many secured loans as i can and as many unsecured loans as i can and then turn up on Gordon Browns doorstep after resigning my job and blowing my savings on beer and asking him to pay for them all as after al i am supporting the economy in a sensible way arent i??

    F**king idiots, the lot of them!! and really upsets me that i have spend the last 8 years working my fingers to the bone in underpaid jobs slowly rising through the ranks, putting myself through numerous degrees and training courses, to now face crippling inflation where it all means nothing where everyone else lives the life of riley care free on my shoulders…

    Im starting to feel more like ‘Atlas’ every day..!!

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  • If something like this goes ahead I will consider stripping my Company of all money [I am contractor] and screw!ng them for the Corporation tax I can’t believe how prudent people are being robbed for banks, developers and now idiots who “bought” places they cannot afford to debt service

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  • ‘Money talks, bullsh*t walks’…how MUCH are they going to put behind this? Very, very little I’d bet, fact is they’re broke!! It’s just anothing soundbite to make the voting public think they are doing everything they can to help…

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  • @ marcus b “just anothing soundbite to make the voting public think they are doing everything they can to help…”

    you have a point there. I heard this morning that the £200m mentioned yesterday to buy up unsold properties was money that had already been promised and was already in the budget. It was simply being re-spun.

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  • @ Marcus b is right. It is just trying to re start the market by encouraging first time buyers (some hope). HPI = more money borrowed = more GDP = more revenue. That’s the long and the short of it.

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  • Orcusmaximus says:

    Marcus @9 – an upside to the country being broke – Gordon can’t waste any more of our money!

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  • Stupid_boy_pike says:

    Getting the responsible taxpayer to prop-up the irresponsible taxpayer.
    That’s how socialism works.
    I’m pretty thankful that the Gov’t is very near its borrowing limits.
    This will help control any idiotic (expensive) ideas that GB/ AD may have.

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