Sound familiar? Yes, they have it too.

What happens in America does not stay here….it usually crosses the pond eventually.  I am an avid CNBC watcher and I am slighted twisted about the London office bitching about how the collapse of the US mortgage market caused a global credit crunch.  People that live in glass houses should not throw stones…..

 

The UK has their own mortgage mess looming.  The per capital debt load is higher for the average British home and values are dropping. Houses are not selling and are staying on the market long enough too become upside down in mortgage debt. 

 

Foreclosures are escalating throughout the UK to the tune of a 16% jump over last year’s first quarter.  They estimate 180,000 repossessions in 2008.  That is nothing to be snide about. Their lenders are pulling out of the markets in droves and fraud is turning up on every corner just like Jack The Ripper.   Of course big business is looking to the government to help them out and cover bad debt.

 

 I further say that their problem is much more wide spread due to second home purchases through the EU.  If I lost my job in London, I would certainly forget about my vacation home in Spain.  Take my keys please!

 

I think this post was stirred out of me when I called Air France today was got some reservation office in London.  Some snotty bitch would not help me in the least and told me that she was right and I was wrong……in the accent that we love!  I hung up and got a very very nice person in New Delhi!  Hummmm…

Dale Siegel