Friday, Oct 09, 2009

Labour to the advertising campaign

Sunderland Echo: Sunderland families hit by home repossessions

The new Government advertising campaign is the second stage of the national Mortgage Help campaign, launched by Housing Minister John Healey last month.
"The worst thing any struggling homeowner can do is bury their head in the sand," said Mr Healey.
"I want anyone in Sunderland concerned about paying their mortgage to know that practical and impartial advice is available online and over the phone.

Posted by sold out @ 10:40 AM (919 views)
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1. crunchy said...

Come home to a real fire!

Friday, October 9, 2009 10:55AM Report Comment

2. mark wadsworth said...

Today Birmingham council, tomorrow Sunderland council.

Friday, October 9, 2009 11:00AM Report Comment

3. wiltshire said...

I wonder how "practical and impartial" the advice will actually be?

Friday, October 9, 2009 12:14PM Report Comment

4. Little_red_rooster said...

This is interesting as it backs up some analysis that I've helped gather. Expected defaults in non-conforming loans (equivalent to US sub-prime) that support Residential Mortgage Backed Securities (The instruments that drove the growth in UK house prices over the last 10 years) have remained the same over the last few quarters, however expected losses (In the form of Loss Severity) are starting to increase. At first this is confusing when you see statistics on improving HPI, however I suspect it's a consequence of banks forcing through more repossessions. Those in default might now be more likely to face repossession as banks look to limit their losses. In other words banks see the rise in HPI as an opportunity to recover their money. This is interesting when you read about the government leaning on banks to help out home owners. Banks have not changed, they will continue to pursue profit and the tax payer money given to them by the government will be invested in asset classes that yield high returns. Those asset classes that look undervalued include structured assets (RMBS is a sub category of the structured asset market). RMBS have been written down to very low levels. This means there are now opportunities in the secondary market where banks can buy undervalued RMBS assets and get good returns but the prime market (Prime refers to new issuance) is still very poor because banks see the UK housing market as very risky. As prime issuance suffers and banks look to recover their losses on legacy assets more aggressively you might conclude that house prices will lurch down again. 2010 could be quite a bad year.

Friday, October 9, 2009 12:24PM Report Comment

5. crunchy said...

I wonder if they will be advised to buy gold and drop the pound and short the dollar along with the big boys.

btw AUD/JPY setting up for a nice short for next week. No they will be told how to be even further enslaved by debt and that saving is a

mugs game.

Friday, October 9, 2009 01:09PM Report Comment

6. cyril said...

It's a nice idea to buy up empty homes for council housing but they won't be able to afford it. The 'normal' way to provide social houising in Britain is to get the developer of new houses to build a few social houses as a condition of the planning permission (i.e. cross-subsidised by the owner occupiers). Another reason why a booming property market is wanted.

Friday, October 9, 2009 06:33PM Report Comment

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