I saw this story of a 71 year old on breakfast TV this morning. I nearly drowned in my own cereal when I heard that someone gave her a loan of one million quid. I would love to hear the loan officer's side of the story. What were they thinking when they handed this woman a loan?
Aged 71 and the daughter of a millionaire property tycoon, she's not your average squatter. But Rosalie Reeves-Fisher says she has no choice. The spinster inherited her £2.2million home from her mother, who bought it in 1973 after the death of her husband, a millionaire property developer.
But a mortgage company evicted her when she was unable to maintain payments on a £1.2million loan. Miss Reeves-Fisher, however, was not prepared to accept the judgment - and broke back in.
(From the Mail)
>What were they thinking when they
ReplyDelete>handed this woman a loan?
Quite possibly this
>the daughter of a ***millionaire
>property tycoon***,
Has she not heard of selling and renting somewhere she can afford?
ReplyDeleteAt the moment she is preventing someone (or a group/family of people) who can afford that house from living there!
We're not making any more land. Property is a zero sum game, with large externalities.
The loan officer probably was thinking 54% LTV. What the hell did she spend 1.2 million that she couldn't keep enough back to make the payments?
ReplyDeleteHo Ho, greed springs eternal.
ReplyDeleteShe had an income of £30.000 with few outgoings, yet wanted alot more.
What a sucker.
Houses were going up in price. Win win as far as the lender could see.
ReplyDelete