Saturday, November 6, 2010

Mortgage Broker doesn’t like FSA mortgage restrictions

Ray Boulger: FSA is biggest threat to mortgage market

Ray Boulger asserts that half of the mortgages granted between mid 2005 to early 2009 would not have been possible if the FSA's proposed regulations were in place and thinks that the governemnt should do something to help the mortgage market: "If the FSA proposals go through, it will have a big impact on house prices."

Posted by quiet guy @ 04:26 PM (1888 views)
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13 thoughts on “Mortgage Broker doesn’t like FSA mortgage restrictions

  • bizarre to say the least….this guy has lost the plot….you cannot lend people money unless they can afford to pay it back…this is the basis of money and banking

    what he’s talking about is total delusion imo

    assets do fall….oil and gold had falls for 19 years….stock markets are lower than 1999

    The species known as youth cannot buy into society…me and my girlfriend were managers at 20 owned a property and had 2 kids..in todays society we would be described as ‘youth’….16-24’s

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  • Perhaps these are the consequences of living longer. More people go to Uni.and start their working life later and because of that they will buy a house a lot later in life ie. from 30 onwards assuming they have a deposit.

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  • ’51 per cent of loan applications – would not have been granted if the regulator’s Mortgage Market Review had been in place between the second quarter of 2005 and the first quarter of 2009′

    Just goes to show that half of existing mortgages are NOT servicable then. No wonder the gov’t are keeping IR down.

    I have always been of the mind-set that Banks and Lenders are the financial experts and not the individual borrower. People are stupid. They will borrow what they can to buy the house of their dreams. If a Bank will lend them the money, it must be alright, mentality. Now we’re in the brown stuff, and will be here for a long long time.

    All property should be re-valued at sensible levels. All nequity picked up by the irresponsible and negligent lenders and borrowers.

    A house is the most expensive thing people will buy in their life-time. It has a dramatic effect on a family and society. The gov’t should have been regulating this industry far more than it had. Gov’t needs to regulate far more than it ever has before. Is it fair that some families can not afford to buy a home, near to their family, where they grew up, or near to where they work. Whilst other people can afford to bulk buy portfolios of property? And others are supported by welfare state in high-end expensive areas?

    £400 a week for rent alone!!! F me, I pay £800 a month for a really nice property, ideal for my family (of 5). OK we have to drive the kids to school, and I have to drive to work, but we are in a rural area. And that’s because I can’t afford to live where i really want to.

    The systems sucks. £1733 per month, wow. Sorry for going off on a tangent.

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  • Nice of Ray Boulger to be concerned about future homeowners, although I cant help but think its his commission/overvalued pay packet/bonuses that he is more concerned about.

    These people are blind to anything other than themselves

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  • mark wadsworth says:

    “If the FSA proposals go through, it will have a big impact on house prices.”

    Yeah! Result!

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  • taffee @1..”you cannot lend people money unless they can afford to pay it back…this is the basis of money and banking”. Yes and no – it depends on whether the state’s backing the bankers.

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  • …..and on whether the individuals signing off on the loans have any skin in the game.

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  • @3; All houses are equal, except some houses are more equal than others.

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  • All together. The FSA is our friend. The FSA is our champion. The FSA will save us (FTB’s) from many years of additional debt. We thank FSA for their efforts and pray they succeed. Amen.

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  • crash bandicoot says:

    icarus, that’s my view entirely. If the lenders were responsible for the outstanding debt after a default I would be more than happy for them to be as “innovative” as they like. But, if like Ray here they go crying for government assistance every time they feel the pain of the market that they themselves have created, then the government needs to produce legislation to protect itself, and the tax payers, from these guys’ bad judgements. To err is human but to make the same mistake twice is stupidity.

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  • Is there a way to indicate support for the FSA proposals? I am aware that the feedback loop closes on Nov 16 & all the soundbites are coming from the lenders/builders. We dont hear the rest of the story, if there is any!

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  • Does he not realise that it is precisely because these mortgages were granted that we and the US are in the mess we are in? Japan made the same mistake with reckless mortgage lending in the late 80s and is still paying the price. It’s about time people like that put the interests of the country first instead of their own vested interest.

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  • bizarre to say the least….this guy has lost the plot….you cannot lend people money unless they can afford to pay it back…this is the basis of money and banking

    what he’s talking about is total delusion imo

    assets do fall….oil and gold had falls for 19 years….stock markets are lower than 1999

    The species known as youth cannot buy into society…me and my girlfriend were managers at 20 owned a property and had 2 kids..in todays society we would be described as ‘youth’….16-24’s

    Best Mortgage

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