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We need to end this casino culture

Prior to the publication of Lord Turner’s report on lending, rumours were rife that he would cap lending and abolish 100% loans.

It’s good to see he showed some restraint – though who knows what the future will hold.

At the moment we seem to be attempting to resolve our mortgage lending woes with all the strategic ambition and financial acumen of a headless chicken.

But was it not such lack of foresight that got us into this mess in the first place? And have we learned nothing from it?

It’s not the product mix that has been our downfall. It’s always been the way it was administered, with common sense becoming subservient to greed and the pursuit of even more profit.

Any application of an arbitrary lending cap and the abolition of 100% LTV loans just penalises sensible people and denies them the opportunity to enter the property market.

And frankly there’s not much point securing the stable door now that the horse has bolted. We don’t need knee-jerk reactions to get us back on track, just a reversion to old-fashioned values and a modicum of common sense.

And perhaps the most constructive move that could be made would be incorporating sales incentives into basic salaries and doing away forever with the corrupting influences endemic in a bonus culture.


Market needs a Kauto-style comeback

What the mortgage market needs right now is its own Kauto Star. Kauto Star won this month’s 2009 Cheltenham Gold Cup, seeing off stablemate Denman by 13 lengths to become the first horse to regain National Hunt’s blue-riband race after coming first past the post in 2007.

Retail Prices Index hits zero

Annual inflation measured by the Retail Prices Index, which includes housing costs such as mortgage interest payments and council tax – slowed to 0% in February, down from 0.1% in January.Rising prices for food and drink, recreation and transport pushed Consumer Prices Index annual inflation – the government’s target measure – to 3.2% in February, […]

Coreco Group joins Mortgage Advice Bureau

Coreco Group, the breakout venture initiated by some of the former senior management team and key consultants at Cobalt Capital is to become an appointed representative of the Mortgage Advice Bureau.

Can UK companies satisfy global appetites?

By Mark Martin, Manager of Neptune UK Mid Cap Fund

Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.


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