sub prime market !!!

[graysblue]

the yanks allowed banks ect to borrow large sums of cash to poor payers and surprise surprise the bad payers defaulted leaving a trillion pound mortgage debt .

greedy bankers from all corners of the world gleefully ploughed cash into this mad system ,lending to all and sundrie with no disregard for the outcome.

today this country is in turmoil with the likes of crazy labour and the gormless tories squabbling over all manner of things.in all honesty anyone with half a brain cell could have forecast this meltdown yet the so called leaders allowed the crazy spending to carry on.

look at the housing market,this mental goverment allowed prices to go into orbit simply because stamp duty was earning 7 billion per year,this country has now blown it all and is now borrowing shedloads to stay afloat.

the population has risen to over 60 million with experts predicting very soon this country will be the most crowded in the world with 75 million.

another recipe for disaster.

 

[Mad Cyril]

the yanks allowed banks ect to borrow large sums of cash to poor payers and surprise surprise the bad payers defaulted leaving a trillion pound mortgage debt .

greedy bankers from all corners of the world gleefully ploughed cash into this mad system ,lending to all and sundrie with no disregard for the outcome.

today this country is in turmoil with the likes of crazy labour and the gormless tories squabbling over all manner of things.in all honesty anyone with half a brain cell could have forecast this meltdown yet the so called leaders allowed the crazy spending to carry on.

look at the housing market,this mental goverment allowed prices to go into orbit simply because stamp duty was earning 7 billion per year,this country has now blown it all and is now borrowing shedloads to stay afloat.

the population has risen to over 60 million with experts predicting very soon this country will be the most crowded in the world with 75 million.

another recipe for disaster.

Just keep thinking about those 19 gold medals and everything will be OK.

 

[Aberdeen Shrimper]

the yanks allowed banks ect to borrow large sums of cash to poor payers and surprise surprise the bad payers defaulted leaving a trillion pound mortgage debt .

greedy bankers from all corners of the world gleefully ploughed cash into this mad system ,lending to all and sundrie with no disregard for the outcome.

today this country is in turmoil with the likes of crazy labour and the gormless tories squabbling over all manner of things.in all honesty anyone with half a brain cell could have forecast this meltdown yet the so called leaders allowed the crazy spending to carry on.

look at the housing market,this mental goverment allowed prices to go into orbit simply because stamp duty was earning 7 billion per year,this country has now blown it all and is now borrowing shedloads to stay afloat.

the population has risen to over 60 million with experts predicting very soon this country will be the most crowded in the world with 75 million.

another recipe for disaster.

Plenty of room up hear mate.....there are more people living in London than the whole of Scotland, although after Mr Salmond has got his way, you south of the border lot will only be able to visit but not move here.

 

[seany t]

I for one am secretly (well, not so secretly now I'm posting it on here) pretty pleased that this is all happening sooner rather than later.

In my lifetime thus far getting on the property ladder (or building up any savings in proportion to what is necessary to do so) has always been impossible, and whilst in some ways that's still the case, in others I'm likely to be a prime target for Banks in the coming years.

House prices are falling, but banks are giving away great savings account rates (up to 6.5%) meaning that if I can save hard for the next 18 months or so, then it'll reap dividends sometime soon. I have a good credit rating, my wage is fairly ok and I have paid off every loan or debt I've ever had barring my Student Loan (still a few K to go). I'd like to think that come late 2009 / 2010, maybe getting a property is more of a possibility than a pipe dream, and if ever I've had a window of opportunity to do so, this is it.

There was even an article in the Guardian at the weekend that to stop going into liquidation, builders are giving away free first year mortgages for houses and paying your bills in order to get you onboard, with even bigger incentive schemes in the pipeline (like you buy half the property, and then a further half when the market improves). We'll have to see, but if you stay hard working at your job (allowing for 2 hours a day on here) and are sensible with your outgoings then I don't see that it'll likely affect us 30 somethings at all - if anything, it could be our chance in life to get a cheap pad like our parents had back in the day...

 

[fatshrimp]

builders are giving away free first year mortgages for houses and paying your bills in order to get you onboard, with even bigger incentive schemes in the pipeline

Good idea in practice, but research how the mortgage will be paid if the builder is no longer around to pay it for you.

Look at some of the builders and see how delicate their situation is first.

If I can find the chart that show the level of debt compared to the big builders market cap, I'll send it to you.

 

[Yorkshire Blue]

I for one am secretly (well, not so secretly now I'm posting it on here) pretty pleased that this is all happening sooner rather than later.

In my lifetime thus far getting on the property ladder (or building up any savings in proportion to what is necessary to do so) has always been impossible, and whilst in some ways that's still the case, in others I'm likely to be a prime target for Banks in the coming years.

House prices are falling, but banks are giving away great savings account rates (up to 6.5%) meaning that if I can save hard for the next 18 months or so, then it'll reap dividends sometime soon. I have a good credit rating, my wage is fairly ok and I have paid off every loan or debt I've ever had barring my Student Loan (still a few K to go). I'd like to think that come late 2009 / 2010, maybe getting a property is more of a possibility than a pipe dream, and if ever I've had a window of opportunity to do so, this is it.

There was even an article in the Guardian at the weekend that to stop going into liquidation, builders are giving away free first year mortgages for houses and paying your bills in order to get you onboard, with even bigger incentive schemes in the pipeline (like you buy half the property, and then a further half when the market improves). We'll have to see, but if you stay hard working at your job (allowing for 2 hours a day on here) and are sensible with your outgoings then I don't see that it'll likely affect us 30 somethings at all - if anything, it could be our chance in life to get a cheap pad like our parents had back in the day...

My housemate was suggesting the same a couple of months ago and was all for a housing slump until I pointed out that he wouldn't be able to afford a mortgage without job.

 

[seany t]

Good idea in practice, but research how the mortgage will be paid if the builder is no longer around to pay it for you.

Look at some of the builders and see how delicate their situation is first.

If I can find the chart that show the level of debt compared to the big builders market cap, I'll send it to you.

Yeah that was the warning they gave at the end of the piece. I'm likely a year or three away from having enough capital to get on the ladder anyhow, and I'd need mortgage lending to return to the 10%-15% mark if I wanted any change for fees / taxes / redecoration / etc, but at least I now know that the people who have been holding all the cards to date are scared, and that puts us lot in the driving seat.

 

[seany t]

My housemate was suggesting the same a couple of months ago and was all for a housing slump until I pointed out that he wouldn't be able to afford a mortgage without job.

I honestly believe that if you stay confident in your abilities and do your job well, then you should never really find it that hard to get work. Maybe I've lucked out in my industry (Graphic Design) with freelance being a great fall back option, but I don't think slumps necessarily need to affect us if we continue to try our best.

But time will tell...

 

[fatshrimp]

Nine years ago today...

http://query.nytimes.com/gst/fullpa...933A0575AC0A96F958260&sec=&spon=&pagewanted=1