Friday, June 8, 2012
Walls of Jericho
Homeowners faced with hikes in mortgage repayments as credit downgrade threatens UK banks
Millions of homeowners and small businesses could face brutal hikes in their mortgages and loan repayments as three of the biggest high street banks brace themselves for a humiliating downgrade by credit ratings agency Moody’s.
Posted by dill @ 07:37 AM (2414 views)
8 thoughts on “Walls of Jericho”
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khards says:
Do I hear uncle Merv coming to the rescue again?
mark says:
UK banks are in a pretty good position now, you watch the profits start rolling in when they have got rid of the government ownership, I feel they are making losses on purpose until the government offloads the shares
taffee says:
uk banks are insolvent imo and its going to get far far worse for them in the uk
khards says:
Mark, dont you have a large position on Lloyds? Or was it RBS?
mr g says:
They can still afford to pay bonuses though.
Bankers are w*nkers.
mark wadsworth says:
Ah yes, but those monthly payments are only “brutal” because the underlying mortgages are “brutal”. If houses cost half what they did, then mortgage would be (less than half) what they are, so yer average recent purchaser would have a mortgage of £75,000 or something, and he’d be able to afford an interest rate of 10% a year.
mr g says:
Is there a problem with the HPC website? I have experienced difficulties accessing it recently and no problems with other websites, unless, LOL, I am being dissuaded from using HPC because of my opposition to LVT?
MW “Ah yes, but those monthly payments are only “brutal” because the underlying mortgages are “brutal”. If houses cost half what they did, then mortgage would be (less than half) what they are, so yer average recent purchaser would have a mortgage of £75,000 or something, and he’d be able to afford an interest rate of 10% a year.â€
And that is exactly why I commented on 31 May:
“Illiterate school leavers become financial illiterates and, to repeat what I said at 13, consequently don’t understand the value of money and therefore don’t understand mortgages and debt and as a result are conned by the Home-Owner-Ists, to borrow your expression, into buying into the ponzi scheme and pushing house prices ever higher.â€
Surely we can agree on that?
hpwatcher says:
UK banks are toast and are going to need more bail-outs sooner rather than later.