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Another bank I hear are being bought tomorrow
- Thread starter Digweeds Trousers
- Start date
aftershavedave
Well-known member
don't agree, at all.
every financial asset has a potential owner, at the right price. if the portfolio is sold at say 50% are you saying that no financial institution will be interested? of course there will be a buyer.
and your second statement is also wrong. this is a global economy!
- Jul 7, 2003
- 47,499
Sing a song about it?
(to the same tune he "gives you extra" to)
"Dole queue, dole queue
Join the dole queue
I'll see you down there Wednesday week"
Uncle Spielberg
Well-known member
Sorry I have only been working in the mortgage market for 20 years and kept my pulse on every aspect of mortgages and mortgage lenders but I will bow to your superior knowledge as you obviously know a lot more about mortgages and mortgage lenders than me.
Please accept my sincere apologies. I have quite a complicated mortgage scenario I am not sure about could I possibly PM you for some help.
Uncle Spielberg
Well-known member
Also Afters can you tell me the queue of buyers to take on the Northern Rock Plc book as to my knowledge their were none and the governement had to bail them out but obviously you know more so please infiorm me
Uncle Spielberg
Well-known member
Ok mate. Someone may well take on the book but people were just assuming it would happen automatically. It did not with the Northern Rock Plc the government had to bail them out. The HBOS group have some lenders whose lending was similar to the Northern Rock Plc. Birmingham Midshires lent sub prime, adverse and 125% mortgages, Bank of Scotland did a lot of self cert and 100% mortgages, The Mortgage Business did self cert, sub prime and high loan to value mortgages.
Also the HBOS group have up to 30% of the mortgages in the UK, Northern Rock Plc had about 10%.
At the moment and all year the only business lenders want on their books is 75% loan to value and under, sqeaky clean credit profile and stable and secure jobs/income.
Probably well over 50% of the HBOS mortagge book will not fall into that category and a new lender will not want to take on 100% and 100% plus mortgages, self cert mortgages, sub prime mortgages from another lender. There is also not the money going around in the system for a new lender like Abbey to lend billions of pounds to HBOS customers. Abbey already have 26% of new business this year so will not want to expose themselves further.
There are no other major players who can match Abbey's lending power at the moment so whilst some of the book may be tempting the majority will not.
Also the HBOS group have up to 30% of the mortgages in the UK, Northern Rock Plc had about 10%.
At the moment and all year the only business lenders want on their books is 75% loan to value and under, sqeaky clean credit profile and stable and secure jobs/income.
Probably well over 50% of the HBOS mortagge book will not fall into that category and a new lender will not want to take on 100% and 100% plus mortgages, self cert mortgages, sub prime mortgages from another lender. There is also not the money going around in the system for a new lender like Abbey to lend billions of pounds to HBOS customers. Abbey already have 26% of new business this year so will not want to expose themselves further.
There are no other major players who can match Abbey's lending power at the moment so whilst some of the book may be tempting the majority will not.
Bars Mar
Registered Drug User
Why Dont You Lot Just Shut The f*** Up And Listen To Garth For Once? He's Obviously Far More Financially Astute Than you Bullies And What Gary Doesnt Know About Mortgages Probably Isnt Worth Knowing.
You Can Bet Your Bottom Dollar That If Garth Was Chancellor Then We'd Not Be In This Mess. We Need Someone With A Bit Of Knowledge Of The Real World Who Has Advised The Good Burghers Of Southwick On Finance. Not You Fly By Night Flash Harries. That Twat Afters Is Getting His Arse Kicked In This Thread.
You Can Bet Your Bottom Dollar That If Garth Was Chancellor Then We'd Not Be In This Mess. We Need Someone With A Bit Of Knowledge Of The Real World Who Has Advised The Good Burghers Of Southwick On Finance. Not You Fly By Night Flash Harries. That Twat Afters Is Getting His Arse Kicked In This Thread.
Uncle Spielberg
Well-known member
Good to have my comrade back.
larus
Well-known member
This is not meant to be a go at you Gareth, but you make very wild predictions about global economics and markets based upon the fact that you sell mortgages.
To me, that's the same as a mechanic predicting developments in engine technology.
Here's what you was saying fairly recently about house prices (and also certain others about the chances of a recession).
http://www.northstandchat.biz/showthread.php?t=130543&page=3
No-one knows where this is all going to end, but how can you say that HBOS will or won't be bought.
I do, however, totally agree with you on the negative effect the Browns policies have had on this countries ability to weather these events.
To me, that's the same as a mechanic predicting developments in engine technology.
Here's what you was saying fairly recently about house prices (and also certain others about the chances of a recession).
http://www.northstandchat.biz/showthread.php?t=130543&page=3
No-one knows where this is all going to end, but how can you say that HBOS will or won't be bought.
I do, however, totally agree with you on the negative effect the Browns policies have had on this countries ability to weather these events.
Uncle Spielberg
Well-known member
I have commented on mortgage lending and the HBOS " situation " only.
Now please don't flounce Gareth but I don't entirely agree with you.
There are two key differences between Northern Rock & HBOS. Firstly, market share. HBOS have a far bigger client list than Northern Rock - that is worth a lot. Secondly, Northern Rock were highly leveraged and had no savings business of which to speak - that was the reason nobody would take them over. There WAS considerable interest in doing so but the risk this posed . HBOS of course is not like this at all.
Secondly, you might be right about other major UK players not having the borrowing to take on HBOS's customers BUT as Dave says, this is a global market and HBOS are a tiny fish in the global pond.
There are two key differences between Northern Rock & HBOS. Firstly, market share. HBOS have a far bigger client list than Northern Rock - that is worth a lot. Secondly, Northern Rock were highly leveraged and had no savings business of which to speak - that was the reason nobody would take them over. There WAS considerable interest in doing so but the risk this posed . HBOS of course is not like this at all.
Secondly, you might be right about other major UK players not having the borrowing to take on HBOS's customers BUT as Dave says, this is a global market and HBOS are a tiny fish in the global pond.
Uncle Spielberg
Well-known member
Brown spunked over hundreds of milliosn pounds selling our Gold reserves at rock bottom not to mention to billions and billions of pound he spunked away as Chancellor for 10 years when Labour rode the back of the World economy growth wave.
Uncle Spielberg
Well-known member
aftershavedave
Well-known member
why do you react like a spoilt child gareth? i'm sure that your 20 years selling mortgages has taught you a lot about the workings of the mortgage-selling business but why oh why do you claim complete knowledge of all things financial?
i really don't think a cock-measuring contest is the way to debate a fairly serious subject do you?
Rusthall Seagull
New member
I come in at 8.5" (flacid)
Porky
New member
This high tech finance is way beyond me, but what does amaze me about the U.S. situation is that they throw up their collective hands in horror at the thought of a National Health Scheme, or Socialized Medicine as they call it, but happily throw in milions and milions of taxpayers dollars to prop up financial institutions like Bear Stearn, Fannie Mae and Freddie Mac.
Uncle Spielberg
Well-known member
Fair enough apologies
Alex Alex Dawson oo! oo!
Primary data is fact
I've just got back from the US this morning - a very interesting day yesterday. I haven't read this thread but there was some gossip/rumour yesterday after Wall Street had closed that Goldman Sachs are also in trouble; I believe they're due to issue a financial statement today.
User removed 4
New member
are you at work today mate ? your reuters is logged out ?