villakram Posted May 9, 2017 Share Posted May 9, 2017 4 hours ago, Dr_Pangloss said: Yes, a key feature of the crisis was the miss-selling of subprime mortgages to otherwise 'prime' candidates, brokers were under some really perverse incentives, which also lead to things like NINJA mortgages (No Income, No Job, No Assets). Also a key feature of securitisation was the packaging up of bad and good loans, so when the bad loans defaulted it was impossible to unwind the these from the MBS (mortgage backed securites). NINJA loans are back in style over here, though mostly in the CC and car market thus far, but the mortgage market is re-appearing too Link to comment Share on other sites More sharing options...
Dr_Pangloss Posted May 9, 2017 Share Posted May 9, 2017 3 minutes ago, villakram said: NINJA loans are back in style over here, though mostly in the CC and car market thus far, but the mortgage market is re-appearing too House prices in the US have recovered from their pre-recession peak, pretty sure it's the same case in the UK as well. So it's a good test to see if banks and brokers have learned their lesson. Link to comment Share on other sites More sharing options...
villakram Posted May 9, 2017 Share Posted May 9, 2017 Just now, Dr_Pangloss said: House prices in the US have recovered from their pre-recession peak, pretty sure it's the same case in the UK as well. So it's a good test to see if banks and brokers have learned their lesson. ...they were all bailed out! 1 Link to comment Share on other sites More sharing options...
snowychap Posted May 9, 2017 Share Posted May 9, 2017 9 minutes ago, villakram said: NINJA loans are back in style over here, though mostly in the CC and car market thus far, but the mortgage market is re-appearing too There was a piece on The Grauniad website yesterday about car sales and credit here in the UK: Quote Cars have helped drive the UK’s recovery since the 2008 financial crash. British factories are today making more cars than at any time this century, and consumers are buying more of them than at any time in history. The question, though, is whether cars, and the way we buy them, will be the cause of Britain’s next financial crisis. UK households borrowed a record £31.6bn last year to buy cars, up 12% on the year before, and 90% of private buyers used personal contract plans – PCPs – to make their purchases. This year the total borrowed is expected to exceed £40bn. Cash purchases for the legion of souped-up shiny 4x4s, SUVs and estate cars that populate Britain’s streets are almost unknown. The boom in debt-financed car sales stems from the convergence of ultra-low interest rates and falling oil prices, which almost halved in 2014. Leasing companies, seeing how these developments made cars more affordable, embarked on a frenzy of marketing. Almost overnight this pushed the UK to the top of Europe’s car ownership rankings; it was the making of Land Rover, which found its rebirth as a glamorous brand helped as much by domestic sales as by its success in China and the rest of Asia. But this sharp rise in debt-fuelled car purchasing should be cause for worry. A steep rise in car loan arrears and repossessions is already fuelling concern about another crash in the US. Doomsayers predict a tipping point will be reached when car companies and lenders are laden with unsold cars and consumer debts that cannot be repaid. ... For many people with poor credit records, a PCP is likely to be the only way they can borrow a sizable sum of money. That is partly because the loan is arranged against a tangible asset, and partly a reflection of a regulatory environment that critics say allows people with fragile incomes to bypass scrutiny. It is this last point that the Bank of England is concerned about. Its last major report on the economy warned that a sharp rise in all forms of consumer credit was a worry and would be monitored closely. The market for car loans is only a fraction of the mortgage market – in the US, $1.1tn v $14tn – and car companies are not banks: they are not systemic risks. Yet without car sales, growth in GDP and wages and all the other standard measures of economic progress stand still. This highlights the Bank of England’s difficult balancing act in regulating an economy dependent on consumer spending where debt is a large element for an important minority of households, especially millennials and young families with constrained budgets. ...more on link 2 Link to comment Share on other sites More sharing options...
Demitri_C Posted May 12, 2017 Author Share Posted May 12, 2017 Link to comment Share on other sites More sharing options...
StefanAVFC Posted May 12, 2017 Share Posted May 12, 2017 Painfully unfunny. Link to comment Share on other sites More sharing options...
PompeyVillan Posted May 12, 2017 Share Posted May 12, 2017 Not only painfully unfunny, ridiculous sexism. Link to comment Share on other sites More sharing options...
colhint Posted May 12, 2017 Share Posted May 12, 2017 That blokes an idiot. Not funny at all Link to comment Share on other sites More sharing options...
dAVe80 Posted May 12, 2017 Share Posted May 12, 2017 Check out his interview with Sarah Champion, where she absolutely wipes the floor with him. Link to comment Share on other sites More sharing options...
Jon Posted May 12, 2017 Share Posted May 12, 2017 5 minutes ago, dAVe80 said: Check out his interview with Sarah Champion, where she absolutely wipes the floor with him. you got a link Dave? found one on youtube, but not sure it was the same one .... Link to comment Share on other sites More sharing options...
Popular Post dAVe80 Posted May 12, 2017 Popular Post Share Posted May 12, 2017 2 minutes ago, Jon said: you got a link Dave? found one on youtube, but not sure it was the same one .... No problem Jon: 9 Link to comment Share on other sites More sharing options...
sharkyvilla Posted May 12, 2017 Share Posted May 12, 2017 Hang on, are you blaming Adam Boulton for the Dianne Abbott thing? Link to comment Share on other sites More sharing options...
blandy Posted May 12, 2017 Moderator Share Posted May 12, 2017 2 hours ago, dAVe80 said: No problem Jon: More like her would be really good. Competent, clear, focused, mentally agile, open, calm... 4 Link to comment Share on other sites More sharing options...
choffer Posted May 12, 2017 VT Supporter Share Posted May 12, 2017 20 minutes ago, blandy said: More like her would be really good. Competent, clear, focused, mentally agile, open, calm... Aye she was on the telly yesterday and came across really well. Link to comment Share on other sites More sharing options...
Jon Posted May 12, 2017 Share Posted May 12, 2017 I'd certainly 'champion' her. I thank you. 4 Link to comment Share on other sites More sharing options...
Jon Posted May 12, 2017 Share Posted May 12, 2017 There are a lot more like this in the Labour party to. King Clive Lewis for one. Rebecca long Bailey for 2. Etc. Why Abbot is there only Jez knows. Idiot. 1 Link to comment Share on other sites More sharing options...
MakemineVanilla Posted May 12, 2017 Share Posted May 12, 2017 The sad thing about Labour's manifesto is that I agree with a lot of it, and it is only a pity it is on offer exactly at the wrong time. New Labour had the resources to do all those things and to put right where the Tories had gone astray, and would have definitely been 'repairing the roof while the sun shone' but instead we were all sent shopping while Blair played soldiers with Bush. 1 Link to comment Share on other sites More sharing options...
chrisp65 Posted May 12, 2017 Share Posted May 12, 2017 I don't think I could vote for a man that would think twice before having a half arsed value engineered dabble in Libya, Iraq and Syria. We don't need fools like that, we need leaders prepared to get stuck in. In other news, bad news about all those immigrants in the Med isn't it. Link to comment Share on other sites More sharing options...
dAVe80 Posted June 1, 2017 Share Posted June 1, 2017 Upon hearing Martyn Ware of Heaven 17 was a Comrade, a mate of mine updated the 'Penthouse and Pavement' sleeve. 2 Link to comment Share on other sites More sharing options...
PompeyVillan Posted June 23, 2017 Share Posted June 23, 2017 Apparently Jeremy Corbyn is making an appearance at Glastonbury tomorrow. I wonder what reception he'll get? A chorus of 'Ohh Jeremy Corbyn', I should imagine. I'd freakin' love to see Theresa May address a Glastonbury crowd, or any crowd actually. Link to comment Share on other sites More sharing options...
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