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claytonender · 04-03-2009, 14:48

I have no idea about the situation in the US - maybe both the land and buidling on the land is 'toxic' having been built on land that was unsuitable for house building.

But from what I have heard, about the massive losses posted by the former HBOS - they have put evrything that might be remotely classed as a bad debt into their latest figures. Possibly some of that debt might be repaid at some time - which would then make their profits look better when it is repaid, because if it has been written off once any money received would be a 'bonus' to the bank.

Here in the UK the land would have some value, as would the property on the land, but only if -
a) someone wanted to buy it and
b) there was money available to buy.

As regards where the people whose homes have been repossessed have gone too - I can't answer, they have possibly moved intot the private rented sectoe. But, I can tell you that currently in Hyndburn there are appox 2300 empty properites. And I have been trying to find out if this figure includes houses that are for sale by the mortage companies.

04-03-2009, 14:48	#12
claytonender Senior Member Join Date: Nov 2004 Location: Clayton-le-Moors Posts: 892 Liked: 0 times Rep Power: 272	Re: Where has the money gone? I have no idea about the situation in the US - maybe both the land and buidling on the land is 'toxic' having been built on land that was unsuitable for house building. But from what I have heard, about the massive losses posted by the former HBOS - they have put evrything that might be remotely classed as a bad debt into their latest figures. Possibly some of that debt might be repaid at some time - which would then make their profits look better when it is repaid, because if it has been written off once any money received would be a 'bonus' to the bank. Here in the UK the land would have some value, as would the property on the land, but only if - a) someone wanted to buy it and b) there was money available to buy. As regards where the people whose homes have been repossessed have gone too - I can't answer, they have possibly moved intot the private rented sectoe. But, I can tell you that currently in Hyndburn there are appox 2300 empty properites. And I have been trying to find out if this figure includes houses that are for sale by the mortage companies.