Obtaing Finance In The Current Market
I have noticed since my last posting that a lot of the press still does not know exactly what is happening in the Financial Markets.
I am trying to make this easy to understand as possible.
Banks in the USA were lending money to people with bad credit history of 125% of the property values. When it became difficult to make their mortgage payments they handed back their keys. This resulted in a global debt crisis as most debts were sold on to other banks and financial institutions. It is not clear which banks are owed what money at the moment and I dont think the major banks want it public knowledge that they have to take a big hit at this time.
As a result of the above banks could not borrow money at cheap rate which resulted in them charging higher rates to lend to their clients. The adverse market of here was the main victim. I dont think lenders were being irresponsible in their lending here at all. It is global and political issue. Do we keep inflation down and keep interest rates high, resulting in people losing their properties and 1st time buyer being kept out the market. Occasionally all would crash.
The sensible thing which may be done here as in America is bank base rates being reduced. The UK has already followed the US exaple by pumping money into the market. It may a bit late, but as the saying goes, better late than never. Its a complex issue, but when America sneezes we all catch a cold. When something happens in America its a good indication of what will happen here at some point. Someone needs to look at this from all sides and come up with a solid plan of action.
The main thing is not to panic. Those in NR bank who did not panic have all their savings guaranteed by the government which is a big commitment from them to sort this out and put confidence back into the market.
To reduce irresponsible lending, it looks like the FSA will be regulating the banks for and focusing less on the broker which makes sence. After all its the bank who decides if they want to lend money to a client. The broker just gathers the info on their behalf and the case is underwritten by the bank.
The public need an official clear explanation on the current situation which would help in big way.
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