June 13, 2008

Excellent in-depth BBC report on the UK housing ponzi scheme and crash

In America we say "get some popcorn"

In the UK, grab some bangers and mash and settle in. You ain't seen anything like this one mate...

7 comments:

Andrew from Russia said...

Right at the time when some Russian (i.e. FOREIGN) upper-middle-class buyers were considering 50-year inheritable mortgages to get into a once-per-lifetime investment opportunity. Russia could provide enough mortgagors to sustain the bubble for some more time... but oops, too late!

Mark said...

Same greed, same fraud, same bubble, same ending - with a British accent...

Paul E. Math said...

That story could have been done in so many places in the western hemisphere. Ireland, Spain, Germany, US.

I was glad to see that the reporter didn't try to angle towards some sort of government bailout to remedy the situation. Think of how ridiculous a bailout becomes in light of the widespread complicity in this disaster.

Barney Frank is an ignorant, misguided fool.

Anonymous said...

Keith,

please consider posting a cluster map so we can see your audience:

http://www3.clustrmaps.com/counter/maps.php?user=d5043b87

Anonymous said...

Interesting twist on the classic ponzi scheme Morris Properties had going. Inflating the price you actually paid for your home when reporting it to the land registry, so the comps for the area will be higher than they actually are, which in turn will allow them to charge a higher price for future homes they sell.

Big Cheese said...

Where is Mammoth's Andrew Hac-like comment on how the Briticano is toasted?

BC

JBRinSD said...

This story had everything. Flats that make my tiny 1 bedroom apartment look large, einstein borrowers with their sophisticated accents, and the British David Crisp.

Nice to see American does not have a monopoly on corruption and stupidity.