England Housing Market Freezing: Wave Of Delayed Mortgage Payments Looms
This may come to the united States, as well due to the continued shutdown and even a stimulus check isn’t going to fix what is coming. Yet, in the UK, it appears the common man is more and more becoming the target, not the pedophile rings, Deep State and elitest, as promised by the anonymous Q. And what will happen when people can’t not only obtain food, but can’t pay their mortgages? Will those just be forgiven, or will the banksters come in like the vultures they are and kick people out of their homes to shove them into United Nations approved sustainable cities?
Tyler Durden has the story:
One of the more unorthodox measures implemented by No. 10 Downing Street when it placed the entire UK on lockdown earlier this week was a virtual freeze of the country’s housing market. For nearly a week now, the housing market across the country has ground to a halt as agents have been prohibited from marketing new homes.
And on Thursday, the government took things a step further, and banned visitors from viewing properties while the “stay-at-home” measures are still in force.
The edict affects all transactions, blocking all transfers of title until further notice, while also banning evictions, it’s basically forcing the entire county to stay put in whatever housing situation they have been living in. For those who don’t have permanent housing arrangements, it’s presumably been a struggle. But that’s a relatively small slice of the population.
This is about all prospective homebuyers in the UK can do right now:
“You can speak to estate agents over the phone and they will be able to give you general advice about the local property market and handle certain matters remotely but they will not be able to start actively marketing your home in the usual manner,” the government said on Thursday night.
A number of banks and specialist lenders have already withdrawn new mortgages to “focus on existing customers”, even as demand for loans is expected to soar. The decision was meant to reduce stress on call centers as most places are expected to be low on staff in the coming weeks.
Lloyds and Barclays have already withdrew most of their mortgage offers, and are expected to cut off all loans currently in the process of being made unless the borrower can put down 40%.
Barclays told brokers it would no longer offer mortgages for customers who did not have a deposit of at least 40%, but it would continue with some remortgaging deals.
With so much uncertainty and such extreme fluctuations in interest rates and credit markets, banks are hoping to put things on pause until things have calmed down a bit.
Bankers told the FT that the withdrawal of mortgage products wasn’t a signal that they were running short of financing, as happened in 2008 when funding markets froze.
But with so many borrowers warning lenders to expect delays on their mortgage payments until the federal stimulus checks have been issued, issuing new mortgages right now would almost be stupid. To continue lending money at a time when reliable borrowers are already having trouble doesn’t seem to make sense, which is one problem that the government is going to need to solve with this bailout.
Of course, bankers aren’t running out of financing. They can print money out of thin air, loan it to the people at exorbitant interest rates and make a bundle!
This isn’t rocket science. These banksters are the money changers of the day, and if you are a Christian, understand this is the reason Jesus made a whip of cords and drove them from the Temple. It wasn’t because they were selling animals for sacrifice. It was because they were cheating the people through unjust weights and measurements.
“You shall have just balances, a just ephah and a just bath.
Differing weights and differing measures, Both of them are abominable to the LORD.
A false balance is an abomination to the LORD, But a just weight is His delight.
A just balance and scales belong to the LORD; All the weights of the bag are His concern.
Differing weights are an abomination to the LORD, And a false scale is not good.
Therefore, return to your God, Observe kindness and justice, And wait for your God continually. A merchant, in whose hands are false balances, He loves to oppress.
Hear this, you who trample the needy, to do away with the humble of the land, saying, “When will the new moon be over, So that we may sell grain, And the sabbath, that we may open the wheat market, To make the bushel smaller and the shekel bigger, And to cheat with dishonest scales, So as to buy the helpless for money And the needy for a pair of sandals, And that we may sell the refuse of the wheat?”
“Is there yet a man in the wicked house, Along with treasures of wickedness And a short measure that is cursed? “Can I justify wicked scales And a bag of deceptive weights? “For the rich men of the city are full of violence, Her residents speak lies, And their tongue is deceitful in their mouth.
Article posted with permission from Sons of Liberty Media