the end is nigh!

puppylover said:
Dunno about buying, because once I shuffle off this mortal coil I have no one to leave my worldly goods to (assuming Phil and I die at the same time that is :lol:) but can you find me somewhere nice with a garden so I can have a goat and a couple of chickens with a veg patch please to rent for the foreseeable future once I have paid off my mortgage and left with the cash to live on????

Around 2014 onwards would be about right timewise.... :lol::lol:
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I'll give you a Spotlighter discount ;)

puppylover said:
... before you get your hands on my hard earned cash......
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Hard earned ???? Do you work at night then, as you're always on here in the day, hard earned pffft :lol:
 
Buckley said:
So money becomes worthless, we all turn on each other
and erstwhile Spotlighter LagunaBeach rules the world until his ammo runs out.:lol:
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Hahahaha

where the hell is he anyway? Doesn't he have the internet set to "disaster thread alert"??


So, im not too clever right, and i dont own property. Does this news mean Im ****ed even more? Or can i continue living my fly-by-the-seat-of-my-pants easy-go-lucky life without too much disruption?
 
i bought in 2000 and signed a reasonable 5 year fixed rate mortgage not long ago so not too worried...although who knows what state the economy will be in come 2013! :?
 
Development land is off 50%. Watch property go the same way esp in London. The whole thing is a gravy train... the demise of the banks will also affect law firms, hotels, restaurants, estate agents, recruitment consultants, travel agents, department stores etc etc. A family member is a property developer... he is offering some of his book at 25% below start of year value and there are NO BUYERS. :arrow:
 
you can't get your money out of some commercial property funds unless you give a 1 year notice on the redemption, for the above reason.
 
This question might sound rather dumb to you more clued up persons.

"Do the guys who sold a lot of these mortgages to people they KNEW would never be able to repay the debt get off scot free?"

It seems truly criminal to trick people who are not very bright into buying something they will never be able to afford to pay back. Capitalism at it's most magnificent I suppose :cry:
 
If only Lehman Bros had bought Danny Rampling's book, this would have happened because they would have positive thought their way to SUCCESS!!!
 
Buckley said:
If only Lehman Bros had bought Danny Rampling's book, this would have happened because they would have positive thought their way to SUCCESS!!!
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I'm sure they did enough positive thinking on their way to failure! :lol:

**I'm positive these people can repay their subprime mortgages**
 
It happened to me last month...

I came to the end of my 5 year fixed rate deal and went to the bank to talk about my new deal. I couldnt believe what was on offer. Luckily I had a big lump sum (rainy day and all that) waiting in the background which I gave to the bank to get the payments down. So, now I have the same mortgage payments, but my lump some has gone gone gone gone. Devastated, but I can at least afford my mortgage. The advisor told me he has had people in crying when they have had to decide on their new deal.

It is going to get worse before it gets better..

"an eye for an eye only causes blindness"
 
WeLuvIbiza said:
This question might sound rather dumb to you more clued up persons.

"Do the guys who sold a lot of these mortgages to people they KNEW would never be able to repay the debt get off scot free?"

It seems truly criminal to trick people who are not very bright into buying something they will never be able to afford to pay back. Capitalism at it's most magnificent I suppose :cry:
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ultimately I would guess so. the financial services ombudsman has in this country nailed people for 'mis-selling', but mis-selling a mortgage may be difficult to prove.

So ultimately yes, they get away with it. If 'they' is the mortgage salesmen.

so so much of the blame, i think, has to land at the door of the government that according the banks so little regulation. all the crazy days, every making a fortune in property, low inflation etc etc years we have had - they were not for real. Like a pyramid scheme finally unravelling.

no rules saying a person can only borrow X (for instance) and/or the philosophy (particularly on behalf of the yanks) that the market is king & interference is bad.

all together...its the end of the world as we know it and I feel...slightly concerned!
 
Does anyone want to pop their head over the barricades and let Laguna know that no-ones robbing their neighbours just yet? (Well, bar Grego and his ticket touting:lol:)
 
I was just reading a story about the banker meetings over the weekend to try to save Lehman and Merrill

Those who stepped from their limousines to be present included Richard Fuld, the chairman and chief executive of Lehman Brothers; John Mack, the head of Morgan Stanley; Jamie Dimon, of JP Morgan Chase; Vikram Pandit, of Citigroup; Lloyd Blankfein, of Goldman Sachs; Bob Diamond, the head of Barclays Capital; and senior representatives from Mellon Bank and Royal Bank of Scotland.
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Sounds like something out of the Godfather... a meeting of the heads of the 5 families!
 
Morbyd said:
I was just reading a story about the banker meetings over the weekend to try to save Lehman and Merrill

Sounds like something out of the Godfather... a meeting of the heads of the 5 families!
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Or the Ibiza Superclubs (well 5 of them) meeting to discuss opening/closing hours.... :lol::lol::lol::lol:
 
Just had an estate agent round, the housing market is absolutely ferooked :(

I asked for the brutal truth, he reckoned prices would not stop falling until late 2009, and no chance of prices picking up until mid to late 2010 maybe 2011.:spank::spank:.
 
WeLuvIbiza said:
Just had an estate agent round, the housing market is absolutely ferooked :(

I asked for the brutal truth, he reckoned prices would not stop falling until late 2009, and no chance of prices picking up until mid to late 2010 maybe 2011.:spank::spank:.
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Jeez - that's so worrying for anyone selling.... :cry::cry:

Well we need to sell after 2012 so hopefully... fingers crossed, things might have started to pick up by then.... :?:?:?
 
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