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Dare I say it, but I think more are to follow. Here in the UK, lenders are not out of the dark side of the woods either.
I have just been reading a report on Northern Rock. Apparently alarm bells were ringing very loud and very clear, but very little action was undertaken until the final hours, when the tragedy was exposed.
Whats even more concerning, is the way some people have been let off the hook, due to their total misjudgements and supposed expertise. The Government should look into the way banking is being conducted, and by doing so, might help to prevent future chaos.
became banks was a bad one for home buyers/owners
Would it not have been possible for lenders in the homes sector to have a preferential interest charging/paying structure, even if it means lifting personal/business loans to compensate.
Fannie Mae and Freddie Mac, who control over 50% of the US mortgage market are also in deep, deep trouble with their shares plummeting. As the US financial institutions sold 70% of their sub-prime mortgage debt to European banks/financial companies, I fully expect the mire to hit the fan in large quantities PDQ (*cough* Bradford and Bingley, HSBC, RBS *cough*). This uncertainty, coupled with America's insistence that it is going publically roger Iran and nuke it until the populace glows green, will send oil well up to $200 barrel....that's £10 a gallon here.
i remember in the 80's the recession that hit then seemed more focused on smaller businesses & the big companies scraped by BUT this is something very differant it seems to be the BIG companies that are folding as there is very few small companies where i live struggling or it looks that way BUT i suppose thats in the "Post" due anytime as the big companies will have a knock on affect..i just can see more the bigger organisations getting hit harder quicker then folding...this recession (To myself & many others) is CLEARLY going to be huge compared to the last one..
why do the banks not come clean then we can get it sorted and move on.
Come clean about what - that there's an economic downturn? That people are greedy, and given half a chance will borrow money like there's no day of reckoning?
I'm no apologist for the banking industry - they've had things their own way for far too long - but I do find it odd how some people automatically round on the banks as if the state of the economy is all their fault. It's people who take out mortgages, and it's people who are so lacking in financial commonsense that they extend themselves too far. Banks have encouraged such people in the past, but no longer - the honeymoon is over.
The only way we can 'get it sorted' is by working hard and borrowing less. Then we'll have disposable income without the burden of debts that can't be repaid. The banks will learn that they aren't immune to bad weather, and that irresponsible lending leads to tears. It's all so simple, isn't it? If only human nature didn't get in the way.
JUST TO ADD
$5 TRILLION dollars worth of home loans what this company owns is a LOT of money...
makes you wonder how such a GIANT can fall so easy
last starfighter-- The answer is very easy, and it called borrowing beyond your means. This is one of the problem with buying property to rent, which a lot of people have done recently. You borrow on the hopes that others will cover your payments. If they don't,then what happens!.
Only recently there was a program on television, which covered the financial market of mortgage lending and borrowing. Some of the worlds top financial gurus were on this program, and in the main they were very shocked about some of the bonuses being given, because the cherry appeared ripe for picking.Greed by some financial institutions, in what they thought was the way of making a quick and easy returns, didn't quite succeed.And its now coming back to haunt them perhaps.
Surely the thing is that the ordinary people who have over extended themselves with a mega mortgage run a real risk of losing their homes, made bankrupt etc. What is the penalty for the Banks and the (presumably) well paid senior Execs who allowed the situation to develop? Recent history shows that Governments will step in to prevent a Bank failing (and try to avoid the dire consequence which would follow) so it seems there is one rule for the poor devil who has overstretched themselves to get on the housing ladder (which has been overinflated by lax Bank credit controls in the first place)and the Banks who seem to get away with this.
I'm all for people taking responsibility for their actions, it just seems a bit one sided to me.
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