Is debt stress putting a damper on mortgage lending?
The UK housing market saw a dramatic decline in mortgage lending in January, according to the Council of Mortgage Lenders. Whilst debt solutions expert EuroDebt believes the worry of debts could be putting a dampner on the housing market, lenders have described the drop in home-buying as a hangover from the rush to complete deals before the stamp duty holiday ended at the end of last year. The Council of Mortgage Lenders have reported that gross lending for home loans fell by 32 per cent in January compared with December to £9.1bn. But as EuroDebt highlighted there could be more to the drop than the rush to buy homes before the end of 2009 the figure was 21 per cent lower than January 2009. And in fact, is the lowest monthly total since February 2000. Council of Mortgage Lenders (CML) economist Paul Samter says “the Bank of England is likely to keep rates low”, which should go some way to dealing with mortgage payment problems and “help cushion borrowers from the worst of the recession.”
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The collapse of government backed mortgage giants Fannie Mae and Freddie Mac caused the financial crisis now gripping the American economy. Who is to Blame? How did it happen? Follow the money. Senator Chris Dodd (D-CT), Chairman of the Senate Committee overseeing Fannie and Freddie received 5400 in contributions from individuals and PACS for both mortgage giants since 1989. That’s over 00 per year. But Obamas cash card is much better: Since taking office in January 2005 hes amassed over 6000. Thats roughly 000 PER YEAR! Also along for the ride: Kerry, John 1000 Reid, Harry 000 Clinton, Hillary 050 Pelosi, Nancy 250 Frank, Barney 350 Durbin, Dick 750 Schumer, Charles D 250 Is it any wonder that the 2005 reforms Senator McCain championed never passed? If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. John McCain, May 26, 2005 Follow the money!
