I can not abide a whimpering man.Today, the Council of Mortgage Lenders director general, Michael Coogan was again moaning and groaning about how his members can not lend without a crutch from the public sector:
“Lending on completed transactions is currently running at levels considerably lower than a year ago. However, the picture for mortgage approvals for new business and prospective lending levels in the next few months is worsening.
“We await the eagerly anticipated announcement of further action by the Bank of England to respond to these rapidly worsening market conditions. Early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices.”
We are hearing far to much from the CML, who seem to be on a permanent beggathon at the moment. While feigning concern for borrrowers, mortgage borrowers are looking for public money to subsidize a bloated and over-valued housing market.
The CML played a large part in this decade of foolishness. However, the past has caught up with them. CML members have a pile of crap on their balance sheets. They should shut up and sort it out their financial problems quietly and leave the rest of us to enjoy the pleasant vista of crashing housing prices.
3 comments:
'CML members have a pile of crap on their balance sheets.'
The intention is that it should be transferred to all of us, as you say.
The whole country, it wasn't just the North East and their nasty little bank. 'Saving' that was just a practice run.
The moaning from banks is getting a teeny bit tiring.
"They should shut up and sort it out their financial problems quietly"
Having spent all afternoon looking up the numbers, I reckon that if the banks did a 1-for-5 rights issue, that would be them sorted out - no need for gummint involvement. RBS are doing 1-for-3, so I can't be far off.
"...and leave the rest of us to enjoy the pleasant vista of crashing housing prices."
Well, obviously!
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