The credit crunch...Debt and the federal reserve

[barryo]

Down here I can be all civilised

I dont think so................nice try


http://www.bluemoon-mcfc.co.uk/phpBB2/v ... sc&start=0

 

[Benarbia]

I was being civilised there :/

 

[Bigga]

What are you going to do now??

Presume there are no brokerages taking people on

Got a new job in recruitment. Doing alright but it's completely new to me. Just gonna have to see how it goes.

Matey, I hope I'm not the bearer of bad news here, but it REALLY depends on what sector of recruitment you're in. My lady's in the industrial part and everthing's slowed to a virtual stand still. Other sections have tightened their belts too, but industry's the worst hit as far as I'm aware.

I think they're gonna let her go.

 

[1894]

Not everybody tails off at the same rate, Bernabia.

Uncle has a mega client bank so there are re-mortgages to do all year round to keep us busy

Not that I'm including you in the following comments Benarbia, but you'll probably appreciate the sentiments...there's a note of caution in here.


The firm I worked for, took FSA responsibility for a whole load of Mortgage Advisers.

One of our biggest concerns from a business compliance viewpoint was the volume of re-mortgaging that went on under the guise of 'getting the client a better deal.'

Bollocks ! we used to say when we saw the fat fees that advisers were reaping from this. Broker fees, arrangement fees, commissions from add-ons like PPI, Life Cover and home insurances.

Many of these fees were added to the mortgage, thus the clients ended up paying interest on the fees as well.

Added to this was the dreaded 'debt consolidation' aspect, which cleared a client's outstanding credit card debts but at the cost of hiking the mortgage by several thousand pounds. This was quite a common practice.

It was also not unusual to see banks and mortgage lenders accepting 'self certification' earnings to ease some business thru' rather than stall on it.

Truth is, we've had it good for such a long time, that it's payback time now.

Hope this gives some idea of the issues we had to deal with on a daily basis, and it was far from easy to always determine from the files in front of us, that the clients always knew what they were getting into long term.

I'm not in that business any longer, glad to say, and I hope no-one here is on the point of re-possession. It must be an awful thing to hand back the keys to a house you have cherished.

 

[Matty]

So News at Ten tonight open with the story Bank of England leave base interest rates at 5%. The News at Ten lady reporter tells us that the problem is, if people keep mentioning recession we'll talk ourselves into one. So have a guess at what the next ten minutes have been about?

Ronaldinho?

 

[Benarbia]

I don't charge a fee and don't sell any add ons unless life cover is needed, but they are many rogue brokers out there

 

[Knight1979]

Now Freddie and Fannie are going to have be bailed out. I remember doing a report on them and that they were "Too big to fail" and how that belief encouraged risky practices......it did but it doesn't take a genius to figure that out.

 

[Danish Blue]

Now Freddie and Fannie are going to have be bailed out. I remember doing a report on them and that they were "Too big to fail" and how that belief encouraged risky practices......it did but it doesn't take a genius to figure that out

too true and it wasnt long ago they were rated only fractionally under sovereign debt, any takers now.....

the latest cpi figures in the UK are terrible news, the Boe has been trying to talk down inflation in an attempt to ride out the storm without having to raise rates again. Of course they are right to do so as the increase is due primarily to the fuel and food sectors. Raising rates will do shag all to effect prices in these sectors and only futher depress growth. We already see clothing falling back as the crunch sets in. Problem is the BoE's job is to control inflation and if it continues to rise it risks being seen as irresponsible if it does nothing.

I think they are starting to see the light eventually, Bernanke was very bearish today i believe. Not sure as I am in South Africa and they dont seem that bothered at the mment, few problems of their own.

 

[Knight1979]

Danish Blue check PM when you get a chance!

thanks

 

[Kinkys Blue Socks]

What are you going to do now??

Presume there are no brokerages taking people on

Got a new job in recruitment. Doing alright but it's completely new to me. Just gonna have to see how it goes.

Matey, I hope I'm not the bearer of bad news here, but it REALLY depends on what sector of recruitment you're in. My lady's in the industrial part and everthing's slowed to a virtual stand still. Other sections have tightened their belts too, but industry's the worst hit as far as I'm aware.

I think they're gonna let her go.

I'm in financial division mate (ironically!) Not brokers etc though. It's for Purchase/Sales Ledger Clerks and Credit Controllers and that. They are more important than ever in times like this! The departments doing really well.