Town planning - why long, narrow residential plots make sense. The terraced house we lived in in London Zone 3 was on a plot about 6 yards wide x 30 yards deep. The semi in which I grew up fairly nice commuter suburb of Leeds was somewhere in between.
Mortgage Market Review - Another Little Gem from the Financial Catastrophe Authority Following on from a comment on another MW post, I thought you might like a little bit of enlightenment on how the FCA decided to intervene in the mortgage market post the banking crisis. The FCA sets out why, what and how, here.
Northern Rock for example. Again used responsibly these products were very useful and successful. When I first started lenders did not pay commissions procuration fees, in the jargonThe way you got paid was by selling an associated life product - an endowment or mortgage protection life insurance - for the commission.
Or you could charge a direct arrangement fee, which we did mostly. I never liked relying on indemnity commissions because they could be clawed back if the policy was cancelled in the first two to four years.
It is important to note that this was the way most real mortgage advisers worked. That does not include most of those working out of estate agents, or the more questionable mortgage intermediaries. The gradual introduction of procuration fees made this line viable and we built up a good business.
UCB Homeloans was by that time a part of the Nationwide group. It had a lower impairment rate than the Halifax. It had excellent underwriting criteria and relatively low maximum LTV ratios; certainly lower than its competitors. It relied on good pre-underwriting by its producers, like us.
It charged a mortgage rate that was competitive but higher than the main market, because it was taking on higher risk lending.
Many new self cert lenders had been set up, mostly relying entirely on securitisation from the easy money in the bond market. From that straw in the wind we worked ourselves out of the mortgage business as fast as possible. Please note that all the forgoing relates solely to finding mortgage finance for owner occupiers, not buy to let.
Turing to buy to let, yes we have done a few, or rather we have small number of reasonably sensible BtL clients for whom we have found mortgage finance.
I do not need to tell you that all of these, all of them, have used the increasing equity in their existing portfolios to obtain funds for further purchases. Whilst I was going through all this, you will all have observed in your own lives the massive expansion of mortgage lending from about towith particularly turbocharged expansion between andwith a whole slew of new lenders.
I snapped up as many of those as I could for our clients - serves the lenders right. All the mortgage market did was respond to the unwarranted expansion of money and credit by those three weird sisters. A classic example of the Austrian Business Cycle Theory boom phase.
But, of course, that analysis would lead to the swift exit stage left of those same three sisters. Then - bang. And note that this only dealt with lending to owner occupiers. The MMR is right up there amongst the biggest load of self serving old tut that I have ever read.
Furthermore the affordability assessments that lenders are required to use are system driven and distorted.
In all my self cert business pre-underwritten by me I cannot think of any cases that exceeded about 3.
The lenders also require squeaky clean credit history. There is much more to the whole farrago e.
The MMR is another failed regulatory intervention based on a deliberately self serving and flawed analysis of the situation prewhich has also further distorted the housing market towards buy to let.This study probes recent and contemporary writing that touches on Muslim subjects.
Authors discussed include V S Naipaul, Hanif Kureishi, Don Delillo, Monica Ali and Naguib Mahfouz If a tiny minority of militants are to be believed their religion. Accessing our Underwriting resources requires a login. If you have an iGO login already use this to sign in.
If you don't have an iGO account already, click the NEW Sign up for account on the login screen. If you need assistance call . Muhammad Akram Khan. Download with Google Download with Facebook or download with email.
Islamic Economics: Annotated Sources in English and Urdu, Vol. 3. “If you have any query about this document, you may consult issuer, issue manager and underwriter” Opening date for subscription: January 08, Closing date for subscripti. Feb 14, · Mortgage Market Review - Another Little Gem from the Financial Catastrophe Authority.
It had a lower impairment rate than the Halifax.
It had excellent underwriting criteria and relatively low maximum LTV ratios; certainly lower than its competitors. Norton Folgate. Charlotte Gore. Great Simpleton. Nameless Libertarian Author: Mark Wadsworth. Underwriting. Nabil invest provides underwriting services to its corporate clients as SEBON has made it mandatory for all institutions going public to underwrite at least (fifty) 50% percent of the securities on offer prior the public issue while company whose networth are below par value or companies offering shares at premium need to ensure .