tag:blogger.com,1999:blog-29618513.post4789149233708254686..comments2023-09-13T09:59:36.013+01:00Comments on snowflake5: Action in Queen's speech on Repossessionssnowflake5http://www.blogger.com/profile/14700425293614182769noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-29618513.post-28137105585531037892008-12-05T16:37:00.000+00:002008-12-05T16:37:00.000+00:00Big Jock Knew - when a bank has to repossess, they...Big Jock Knew - when a bank has to repossess, they usually have to write off the debt especially if they are selling in a falling market (as the chances of the borrower paying the difference between the sale price and the amount borrowed is slim if they are jobless, and homeless and having to fork out rent somewhere on top of their loan repayment).<BR/><BR/>Strictly speaking the banks are lendingsnowflake5https://www.blogger.com/profile/14700425293614182769noreply@blogger.comtag:blogger.com,1999:blog-29618513.post-12403970540447754132008-12-05T09:56:00.000+00:002008-12-05T09:56:00.000+00:00A problem of this scheme is that it may reduce ban...A problem of this scheme is that it may reduce bank lending further.<BR/><BR/>If a bank makes a repo it cleanses it's books of a bad debt and enables the bank to make a new loan against its assets.<BR/><BR/>Also it is unclear whether the banks can charge a penal rate of interest during the holiday - if house prices fall or stay flat the owner may end up owing even more at the end of 2 years.<BR/>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29618513.post-5582495429120582442008-12-05T06:39:00.000+00:002008-12-05T06:39:00.000+00:00I like the mortgage package announced. My only con...I like the mortgage package announced. My only concern is that the big 8 lenders do not seem to be on board with this yet. It has the look of some hastily announced political measure rather than the much needed help for the homeoweners. Let's hope that the government can persuade the lenders to do this now that it is announced!CROWNhttps://www.blogger.com/profile/06560750634638531738noreply@blogger.comtag:blogger.com,1999:blog-29618513.post-72469379315758018942008-12-04T21:54:00.000+00:002008-12-04T21:54:00.000+00:00I would strongly recommend that you wait to see th...I would strongly recommend that you wait to see the small print,as with everything Brown does,the reality and rhetoric are two entirerly differnt things.Anonymousnoreply@blogger.com