April 23, 2006

HousingPanic exposes UK's Firstrung.co.uk - another biased member of the real estate industrial complex

Ah, you have to love it when one of the members of the REIC gets all huffy when HP calls them what they are - biased charlatans who pretend to be on the side of the potential buyer, when they're just after that big fat commission of course.

Firstrung, of course, is on your side. Oh, except that

"Firstrung represents the leading mortgage packager and distributor in the UK"

Oopsie! They might, just might, be a bit motivated to make loans one would think, no? "Oh, no, Mr. Prospective Buyer, you don't want to buy that overpriced flat. No, no, no. We don't want to make a commission on a loan - don't do it!"

It must be tough though to defend a corrupt profession, one that is quickly going away as consumers get wise to the bursting bubble, the ponzi scheme, and the corrupt system that could care less about their welfare.

Check out the firstrung message board's HousingPanic thread (until they take it down), with the website administrator Iconoclast getting obviously huffy and defensive for HP calling a spade a spade. I could have called them worse of course - the words whore, leach and fake come to mind, but of course I'm too civil to suggest such a thing.


Anonymous said...

You're threatening the whole bloody pyramid scheme!!

Anonymous said...

underpaid, undersexed, and over here. And mad as hell, and not going to take it anymore.

That's what the limeys are saying about Keith.

Anonymous said...

FirstRung sounds like one of those classic things the mortgage industry cooks up as the pool of available buyers dwindles.

Indeed, FirstRung appears to be a packager for subprime loans targeting first-time buyers who otherwise have no business getting into those mortgages.

keith said...

and they'll be pissed, they'll want to blame the messenger, and they'll be coming after me

anyone offer up a safehouse?

an_dochasach said...

Of course there is somewhat of a bias in their blog, as I'm sure you'll admit there is in yours (you seem to be advertising more "wealth preservation" books than real estate). But what struck me about firstrung is that more and more of their recent articles agree that the property bubble is very near its peak.

Read a few more articles on that blog and then be a sport and apologise if you think it's appropriate.

keith said...

it's the company, not the blog, that is my beef

Anonymous said...

They are say they aren't biased.

There is a loan agent posting on the AOL real estate general boards telling people to buy before the interest rates go up. Say's he is not selling anything.

brokersleaveyoubroke said...

"I made over $900 last month having fun!"

Really? Spamming other peoples boards and being an obnoxious bore is having fun?

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Helen Adams said...

I've never understood Firstrung's posiiton of saying the bubble's about to burst (goes under the name of convrted lurker at houspricecrash.co.uk )so FTBs would be foolhardy to buy now and simultaneously on their web-site obviously promoting mortgages for first time buyers - Paul Holmes claims to have passed on 1000 applications from which he will undoubtedly earn a nice fee.

There is no connection between Firstrung and FirstRungNow.com.

At FirstRungNow we put across all the options for aspiring FTBs in a way that enables them to understand all the options and make their own decisions.

Helen Adams

Plaguerist said...
This comment has been removed by a blog administrator.
Plaguerist said...

Read the content on firstrung, it works well for me. Clearly making FTBs aware of all the perils, searching out the very best mortgage deals for those that can afford. Good script. My understanding is that the main guy there is an economist of some repute, and ther articles are well researched. Appears to be you're on here putting them down 'cos you've got a bit of 'green eye' given their success. Aren't you the guys who promote that co buying nonsense? And the name, dear oh dear - firstrungnow, now it becomes clearer...

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