Comments on: UK borrowers count cost of US crisis http://www.financemarkets.co.uk/2007/08/22/uk-borrowers-count-cost-of-us-crisis/ Finance News | UK Personal Financial News & Daily Finance Market News Mon, 14 May 2012 17:44:18 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Brian Turner http://www.financemarkets.co.uk/2007/08/22/uk-borrowers-count-cost-of-us-crisis/comment-page-1/#comment-949 Brian Turner Wed, 22 Aug 2007 09:11:07 +0000 http://www.financemarkets.co.uk/2007/08/22/uk-borrowers-count-cost-of-us-crisis/#comment-949 My mortgage was originall with GMAC. The main problem wasn't my income, but the dumb way in which high street lenders calculate income. For example, many will not take dividends into account on a normal application, but if a company director were a sole trader instead of a limited company you'd probably find the same lenders jumping over each other to lend to them. Anyway, GMAC resold the mortgage on to Advantage, which is an arm of Morgan Stanley. From reading the context from general sub prime lending news, it tells me the problem of defaulted sub prime mortgages is likely to be far more widespread than currently envisioned. My mortgage was originall with GMAC. The main problem wasn’t my income, but the dumb way in which high street lenders calculate income. For example, many will not take dividends into account on a normal application, but if a company director were a sole trader instead of a limited company you’d probably find the same lenders jumping over each other to lend to them.

Anyway, GMAC resold the mortgage on to Advantage, which is an arm of Morgan Stanley. From reading the context from general sub prime lending news, it tells me the problem of defaulted sub prime mortgages is likely to be far more widespread than currently envisioned.

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