Wednesday, September 22, 2010

CML worried as mortgage funding has to be repaid

Families face new credit crunch

Banks will soon have to start repaying the various support schemes and replace the money with more expensive market funding.

Posted by monty032 @ 07:47 AM (1107 views)
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5 thoughts on “CML worried as mortgage funding has to be repaid

  • little professor says:

    This is going to be a key issue over the next twelve months. A combination of near-zero interest rates and massive government intervention has kept the housing market on life support. Once the goverment subsidies to homeowners and banks start to wind down, there will be a flood of repossessions and forced sales, which will inevitably drive the market lower.

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  • You may well be correct LP.
    The plate spinning illusion could not be maintained for ever.
    I will watch with interest.
    Thank you again HPC.

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  • Interesting how it was savers who suffered because of low interest rates but it is ‘families’ who suffer because of more expensive credit. As if the two are mutually exclusive.

    The city’s PR machine is in overdrive today, trying to portray bank taxes as unpopular and more expensive credit as hurting ‘families’.

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  • Hi Smugdog – “I will watch with interest”

    Is that with government subsidised low interest, or realistic levels of ongoing interest?

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  • Bizarre.

    In crude terms, we’d expect Tories or The Torygraph to be vaguely in favour of people paying their own way, saving up, taking out modest mortgages and shunning credit cards, and once they have a mortgage (or student loan) to do the responsible thing and pay it off ASAP (that being the best form of saving) and to shun ‘conspicuous consumption’. FFS, the only real sustainable source of income is your, er, income and you have to go out and earn that as best you can.

    But in the topsy turvy world of Home-Owner-Ism or Blue Socialism, not feat of DoubleThink should come as a surprise.

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