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More banking/credit crunch **** hits the fan


SteveR

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It's all very fascinating. Hasn't worked too well for RBS so far.

 

So if the bank you have your mortgage with goes bump...who do you pay? I wonder what the terms are within the mortgage contract.

 

 

Your mortgage is transfered to that banks creditors.

 

Personaly I am more concerned about RedM's point about current accounts.

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Im with them as well, but not sounding good for a lot of other banks!

 

So whats happens if it is a complete financial meltdown? When do we get our houses for free?

Pretty much when you wrestle it from the weaker guy/bash him with a bigger club.

 

Complete financial meltdown, we certainly don't want.

e.g. Last time round.

 

http://images.businessweek.com/ss/07/04/0426_dow/image/2_great_depression.jpg

 

http://z.about.com/d/canadaonline/1/5/3/C/gdcitizensnottransients.jpg

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If you have a large amount of savings with the same bank as your mortage, there is a risk a 'rescued'/nationalised/etc bank would take one to cancel out as much of the other as possible. e.g. £100k mortgage and £15k savings = £85k mortgage. By doing so, there is less risk to them if you then default.

 

Consider moving savings and debts away from each other.

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If you have a large amount of savings with the same bank as your mortage, there is a risk a 'rescued'/nationalised/etc bank would take one to cancel out as much of the other as possible. e.g. £100k mortgage and £15k savings = £85k mortgage. By doing so, there is less risk to them if you then default.

 

Consider moving savings and debts away from each other.

 

It be surprised if they could do that. All sort of no-no alarm bells ring in my head. I'm guessing that if the government are guaranteeing the money then the banks won't be able to set off unsecured money against their secure lending. Feel free to prove me wrong but I would have thought such an action would be a preference payment.

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I do like that website :D

 

Well if we did away with banks, then the government could just give us the money that they were going to give to the banks, and we can buy our own houses... with cash!

 

Great deals to be made there I'd imagine, etc, like a nice new 58" tv that doesn't seem to exist :)

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