Sunday, March 15, 2009

Finally Someone Speaking Of Even 4x’s Income As Irresponsible Lending

Watchdog to curb risky mortgages

Is this the week that the UK finally wakes up to the FACT that we cannot afford to support an inflated property bubble? Is this the week that the UK finally wakes up to the FACT that trying to do so broke the banks and led to the current crisis? Is this the week that the good people of the UK accept that ensuring that property prices stay in line with wages is not such a stupid idea? Is this the week that the UK finally realises that you can't blame the government for the banks going broke trying to support property prices that had been allowed to increase 190% in a decade (US prices only went up 75% and are down nearly 50%), whilst also believing now the government are being irresponsible not FORCING lenders to go back to irresponsible lending. Let's hope so.

Posted by sybil13 @ 07:48 AM (614 views)
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2 thoughts on “Finally Someone Speaking Of Even 4x’s Income As Irresponsible Lending

  • Do you know that the more you SHOUT on the internet the LESS likely it is that people will LISTEN to you?

    Provide a precis of the article you are linking to, for the benefit of the reader, and not a self-indulgent RANT.

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  • Surely interest rates and the size of monthly mortgage repayments should set the threshold for borrowing. A good friend of mine took out a lifetime tracker three years ago on a £100k mortgage. His repayments are currently £18 per month!
    I’m sorry, but even someone on unemployment benefits can afford that size mortgage! What’s the size of your salary got to do with the amount you want to borrow with loans that cheap?

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