With apologies to The Blow Monkeys for lifting the title of their debut album, (I love a music link), for some reason this phrase popped into my head when the latest quarterly GDP figures were released showing that we have just about limped out of recession.
The political soothsayers have been having a field day showing how we were the first into recession and the last out, and that the road ahead is going to be a frankly tortuous affair. Even Alistair Darling could not rule out the possibility of a dip back into the negative almost on the eve of the election.
So the silly season seems to have crept up on us and all of a sudden another year has almost flown by. It’s been a funny old year really, tough for most, with a lot of anger and frustration directed at our “leaders”. The Iraq War enquiry is in full swing, strike news abounds, war has been declared on everyone from MP’s and bankers to company directors, (see BA and Consignia for further details), and especially dear old Simon Cowell.
Forgive me people for I have sinned! It has been far too long since my last confession, sorry, I mean blog post! In the meantime I have been through quite a bit, what with turning 40 yesterday (I know I don’t look it), and experiencing the general ups and downs of life and the mortgage industry, (more in a separate posting).
I have been paying alot of attention to the mortgage and financial press as you would expect, reading with both amusement, hearty agreement and utter despair some of the comments with regards to FSA regulation, self-certification, the behaviour of lenders and brokers, the proposed breakup up of some of our much maligned banking institutions, whilst also watching the pleasing plethora of new rates flooding the market.
I have just spent this morning looking at the much anticipated new FSA proposals for the mortgage industry, which weighing in at 118 pages is a healthy size, (actually my scan reading powers were put to the test to be honest!)
Whilst the majority of the proposals in themselves are not unexpected, the key will be in their implementation to ensure they benefit not only the industry, but ultimately the consumer.
We all know that there has been a need for a while now to drive out the darker elements and re-professionalise the mortgage industry, especially at a time when more and more people need advice.
It seems to me that we are entering a crucial phase in our personal and economical development after the seemingly cataclysmic events of the past couple of years. It is time for us all to mature and move on, to accept the harsh lessons learnt, to let bygones be bygones if you like.
The blame game that has been going on for a while has now seen everyone from the government, the bankers, credit agencies, regulators, mortgage brokers, estate agents, the press, the general public, the Americans, the French!, or just men in general bearing the brunt for the credit crunch and ensuing recession.
Andrew Montlake, Communications Director at Coreco and ‘Mortgage Personality of the Year 2008’, gives his views — honest and no holds barred — on the latest developments within the mortgage and property markets.
