Sep 012008

Last updated on December 1st, 2010

Mortgage approvals hit fresh low

In a shocking admission, the banking community has said that for years, they’ve lent to really dodgy cases. This is what I understand by the sentence,

“The number of new mortgages approved for home buyers fell in July to just 33,000 – down by 71% on a year ago”.

Furthermore, they say that they “lend to only their most creditworthy borrowers“.

This means that only (100 – 71) = 29% of people are creditworthy (because, as we know, they’d lend to anyone in the past) – a statement of guilt of former actions by so-called financial professionals.

So have they resigned?  Have they bollocks.

In fact, BBA Chief Executive Angela Knight said in a recent TV interview that these professionals with their vast experience, should be trusted to pull us all from the mess of their creation!  The interviewer immediately spotted the idiocy in this but she continued, un-abashed.

(I’m still trying to find an exact reference for that last statement)

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