13 May 2011

UPDATE: Due to this BS thing where I can do everything with this blog except publish a post, I have moved home to Wordpress: http://ncnblogger.wordpress.com/ (this will remain as an archive and be damn sure I will still read all your wonderful blogs as ever). Those who have linked me please update the link. Thanks all. Looking forward to continued blogging in the future.

2 May

Today's news is that Osama is dead. Well it's sort of 10 year old news, but there you go. Supposedly one of the very mind controlled special forces shot him in the head, although given the notorious nature of the invading forces' willingness to kill someone then play dress up afterwards, who knows it may have been a woman who they drew a beard on with marker pen. Photo looks 'shopped but what do I know. Then again corpses just like your TV dinner keep very well in the freezer...lol...


Anyway I'm off to get kidney dialysis using only sand and donkey piss while being hunted by all the satellites and spy planes that a trillion dollar military budget can buy, for ten years. Ciao

PS does this mean the war on terror is over now and 'we' can come home and dismantle the police state and not have RFID passports and iris scans and creepy wiretaps anymore? (Comptroller says no)

Monday, 19 October 2009

Well, you wanted more regulation...

And you've got it.

Homebuyers face questions on alcohol and smoking under new mortgage rules

(I guess those who advocate more pre-emptive regulation forget that government always finds it easier to 'crack down' on ordinary people than on their cronies in big business...)

Homebuyers could be forced to provide detailed information about the amount of money they spend on alcohol each month to qualify for a new mortgage under a new clampdown on reckless lending.

In a sweeping review of the mortgage market published today, the Financial Services Authority (FSA) said lenders needed to be far more rigorous about their financial checks of potential borrowers.

It said lenders should delve deeper into homebuyers' personal spending including the amount they spend on alcohol and tobacco.

Spending on shoes, clothes and childcare could also be assessed under a new, industry-wide "affordability test".

At present, the FSA does not prescribe rules about assessing a consumers' ability to repay a mortgage and practices vary from one lender to the next.

In its document, the City regulator said: "There is clearly a responsibility on all lenders to extend credit only where a consumer can afford it and, in our view, a robust assessment of both income and expenditure is key to ensuring affordable mortgages.

"We propose to require all lenders to assess the level of a consumer's expenditure in determining the affordability of a mortgage product, to ensure that lending decisions are based on a consumer's free disposable income."

It conceded though that there were some flaws with its plan with consumers potentially underestimating their spend or "failing to incorporate past experiences into their budgeting".

The new measures, which aim to stamp out risky lending that has been criticised for compounding the financial crisis and tipping hundreds of thousands of homebuyers into negative equity, also include a plan to ban self-certified mortgages, dubbed "liar's loans”, and to stop lenders from exploiting consumers who have fallen behind on their mortgage payments.

It also proposed that the FSA should regulate mortgages for landlords for the first time.
Self-certification mortgages were aimed at self-employed people with irregular incomes. The mortgages, which did not require proof of income, accounted for one third of new loans in 2007. Their proposed banning was first revealed in The Times last week.

But the FSA stopped short of ruling out "supersized mortgages" by introducing caps on loan-to-value, loan-to-income or debt-to-income multiples.

Such mortgages were typified by Northern Rock which, at the height of the housing boom, offered 125 per cent home loan deals.

Gordon Brown wrote in a newspaper article at the weekend that it was "critical we end reckless banking practices that have left so many people worried about their finances".

Jon Pain, managing director of supervision at the FSA, said: "The mortgage market has seen extraordinary upheaval over the past 18 months and while it has worked well for the vast majority of borrowers, some have suffered great financial distress. We recognise that we need to bring about a step change in regulation."

He said there had been a "mutual assumption by too many borrowers and lenders that the good times could not end."

The new reforms, he said, would ensure firms "only lend to people who can afford to pay back the money".

Isn't it odd how every solution to the problems these bastards created, is more use of bureaucracy against the ordinary people? What a coincidence.

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