Tuesday, 29 July 2008

Insanity Alert: Government recommended to help Banks by Banker


The title is the summary of the treasury report into the housing market today.

James Crosby, ex-CEO of HBOS (presumably owner of lots of shares in the company) has done what was entirely predictable.

He has said that the failed Fannie Mae, Freddie Mac scheme (the failed US mortgage scheme that has likely just cost US taxpayers a sum not unadjacent to our entire national debt) would not suit the UK - Well done Dr. S. Holmes!

Then the report has gone on to say it is important that the UK government assist the banking industry in avoiding a property meltdown that will further affect their shareholders (i.e. Jim and his money) - only they said it was to protect first-time buyers, poor put upon dears of course.

What tosh - potential first-time buyers are in the purple at the moment, house prices falling, more choice of property, more rentals coming onto the market. Who wants to buy a house in this market mess?

Only the banks are really against a steep correction in house prices as to protect their wasting portfolios; And which bank is the most exposed to the UK mortgage market? Yup you guessed it, HBOS- yet 'the plan' is for our Government to step in and securitise the loans for them that the market will not do.

Utter stupidity - the market saying is 'trying to catch falling knives.' The idea is so bad that it is likely the Treasury team whom I fisked yesterday will run with it.

12 comments:

TBRRob said...

Agree -- It really is a very, very stupid idea.

Bill Quango MP said...

There are many first time car buyers, who are unable to borrow enough money for a new car.
If only the government could be a guarantor of the debt the banks say they will happily lend the money..
I have written to the Treasury to seek their help..

Yours
Chaucer Quango
Quango Car sales and servicing ltd.

Blue Eyes said...

What about people who bought 12 months ago, how are we to be helped by the taxpayer?

I would like a new kitchen and bathroom. In return I promise to vote Labour at the next election.

Nick Drew said...

and you would, BE

mutleythedog said...

I went into a Halifax estate agency today to be met by 4 eager beavers... I said "Oh I thought this was a Halifax bank !" and left...

CityUnslicker said...

Mutley - I bet they were the first person they had seen in weeks!!

Blue Eyes said...

I was too early for my dinner date this evening and took a walk around the back streets to kill half an hour and I have never seen so many to let and for sale boards. This was in the much-feted Hackney which not so long ago boasted the fastest-rising prices anywhere.

Blue Eyes said...

ND - secret ballot ;-)

Letters From A Tory said...

This is a shocking story. How can anyone, after Northern Rock, suggest that the government should intervene on this scale to save the banks from their own mistakes?

Mark Wadsworth said...

I thought he left it pretty open ended - other people say that JC suggested doing nothing was the best option.

I suppose from his point of view, he doesn't want the banks to be nationalised any more than I want their debts to be nationalised.

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