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Cerberus Now on a Feeding Frenzy

mr_goomr_goo Posts: 3,755
edited November 2015 in The cake stop
Those Struggling to pay their mortgages thrown at the mercy of mythical three headed beast Cerberus. Well done the Tory party you bunch of s***s. Another win win for the bankers whilst the working classes are cast out on to the streets.

http://news.sky.com/story/1586850/13bn-sell-off-of-northern-rock-mortgages

My biggest fear is when the Tories try to sell the Student Debt. I just hope that everyone takes to streets over this one.
Always be yourself, unless you can be Aaron Rodgers....Then always be Aaron Rodgers.

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  • orraloonorraloon Posts: 7,569
    I'm sure Toryboy666 will be along soon to tell you why is all great and any concerns mean you are a leftie commie pinko. Never mind, X Factor will take your mind off it.
  • capt_slogcapt_slog Posts: 3,447
    Correct me if I'm wrong...

    The Government bailed out Northern Rock.

    I suppose the mortgages were then paid to the government?

    The government have now sold that debt to someone else. So the gov and the UK tax payer get the money back that they used for the bail-out.

    "The Government said there would be no changes to the terms and conditions of the mortgages sold and customers would not need to take any action."



    What's the problem here? What difference does it make who you owe the money to? And why does it put people on the street?


    The older I get, the better I was.

  • mamba80mamba80 Posts: 5,032
    from what i can see with the sell off, is its a transfer to a spanish bank ie tsb and no changes in t and c's now there could be v good reasons not sell at this moment in time or hold out for more money, however i cant see how people will be made homeless unless they cant kepp up payments, same as any provider.
  • As for student loans being next...would they actually be attractive to private companies? Unlike a mortgage not secured against any assets and no guarantee they'll actually ever be paid back in full or even partially in some cases?
  • Stevo_666Stevo_666 Posts: 44,054
    I'm sure Toryboy666 will be along soon to tell you why is all great and any concerns mean you are a leftie commie pinko. Never mind, X Factor will take your mind off it.
    No need for me to say anything, other people have already put you right on this one :wink:
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  • mr_goomr_goo Posts: 3,755
    As for student loans being next...would they actually be attractive to private companies? Unlike a mortgage not secured against any assets and no guarantee they'll actually ever be paid back in full or even partially in some cases?

    The Tories tried to sell them off during the coalition, but he Lib Dems vetoed it. One of the few good things they did in government.
    They would be attractive to a debt collection company, which is where the government would sell them off too.
    Always be yourself, unless you can be Aaron Rodgers....Then always be Aaron Rodgers.
  • orraloonorraloon Posts: 7,569
    I'm sure Toryboy666 will be along soon to tell you why is all great and any concerns mean you are a leftie commie pinko. Never mind, X Factor will take your mind off it.
    No need for me to say anything, other people have already put you right on this one :wink:

    Gone fishin'... 8)
  • Stevo_666Stevo_666 Posts: 44,054
    I'm sure Toryboy666 will be along soon to tell you why is all great and any concerns mean you are a leftie commie pinko. Never mind, X Factor will take your mind off it.
    No need for me to say anything, other people have already put you right on this one :wink:

    Gone fishin'... 8)
    Caught the wrong fish then :)
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  • rick_chaseyrick_chasey Posts: 52,734 Lives Here
    edited November 2015
    As for student loans being next...would they actually be attractive to private companies? Unlike a mortgage not secured against any assets and no guarantee they'll actually ever be paid back in full or even partially in some cases?

    Depend on how much you sell 'em for doesn't it?
  • rick_chaseyrick_chasey Posts: 52,734 Lives Here
    Those Struggling to pay their mortgages thrown at the mercy of mythical three headed beast Cerberus. Well done the Tory party you bunch of s***s. Another win win for the bankers whilst the working classes are cast out on to the streets.

    http://news.sky.com/story/1586850/13bn-sell-off-of-northern-rock-mortgages

    My biggest fear is when the Tories try to sell the Student Debt. I just hope that everyone takes to streets over this one.

    I'm a bit confused goo.

    What's the concern about the gov't selling off a load of debt to the private market?
  • crumbschiefcrumbschief Posts: 3,400
    Well three heads are better than one.
  • ProssPross Posts: 25,484
    I had a Northern Rock mortgage at the time of the bail out and considering the first thing that happened was interest rates were raised (can't remember the rate but something like 2 or 3% overnight) to encourage anyone who could to move their debt elsewhere I really don't see the problem.

    If anything the new owners of the debt would like to keep customers who will now find it easier switch as the increase in the housing market combined with 5 or 6 years of repayments will mean reduced LTVs and greater choice and so rates might even reduce. At the same time the Goverment get a chunk of money back in their coffers.
  • kingstoniankingstonian Posts: 2,372
    Just don't see what the issue is, or is this just another example of someone grabbing any opportunity however invalid to have a pop at a political party?
  • Stevo_666Stevo_666 Posts: 44,054
    Just don't see what the issue is, or is this just another example of someone grabbing any opportunity however invalid to have a pop at a political party?
    Looks like it. Or maybe the issue was not thought through properly by the OP?

    It's not as if the people saying that they cant see an issue here are all tory supporters either.
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  • mr_goomr_goo Posts: 3,755
    Merely stating my concern that the new owners of the mortgages are Americans. They tend to be somewhat more ruthless in foreclosing on those that struggle to pay. Unless I have completely got that wrong.
    Always be yourself, unless you can be Aaron Rodgers....Then always be Aaron Rodgers.
  • Stevo_666Stevo_666 Posts: 44,054
    Merely stating my concern that the new owners of the mortgages are Americans. They tend to be somewhat more ruthless in foreclosing on those that struggle to pay. Unless I have completely got that wrong.
    Given that its already been stated above that there will be no changes to the terms and conditions of the loans being bought and sold, I think you have got it wrong. Debt is routinely traded on markets daily around the world, this is fundamentally no different.

    Fair play to the government for getting some money into the coffers and divesting itself of a business it has no need to be in.
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