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28 | International mortgages
obscene bankers’ bonuses. Fred Goodwin
might well re-emerge from under his stone to In our crazy world we have an
claim another raft of directorships – his chum
Andy Hornby has already found a nice new
sinecure at the odd £800K per annum. I won- unelected, unelectable lying
der which ‘old pal’ engineered that one?
Regrettably Barack Obama’s initial public ini-
tiative to limit bankers’ salaries and bonuses paranoid calling the shots, with
where they were employed by failed or rescued
US banks, has already been substantially dilut-
ed. It’s a shame as it was hoped he was going a gun loaded by the slimy Peter
to make a difference in this sphere.
Building societies who should be taking
advantage of the bankers discomfort and a Mandelson
public mood against profiteering and in tune
with mutuality, are busy shooting themselves International Mortgage Plans has Dunfermline had the most altruistic of
in the foot and exposing rotten and incompe- always supported building societies and motives! So far as expatriates are concerned
tent practice which should not feature in the is still able via limited sources and resources Nationwide can be forgotten, as whilst they
building society world. Why can’t they just do to achieve 75% loans for expatriates at welcome expatriates’ investment funds, they
what they were set up to do – take money in rates under 4.5% with modest arrangement treat them as if they had just arrived from
from their members, add a margin and lend it fees. Hopefully our sources will not have Mars when it comes to offering mortgages. At
out. If they haven’t got the money then don’t to be rescued by the mighty Nationwide, least that saves many from their institutional
lend it – concentrate on first rate service and the mutual that thinks and acts just like a incompetence previously matched only by
investors will respect the original building bank. No doubt their rescue of the C&G.
society ethos. Portman, Derbyshire, Cheshire and Things can only improve.
June 2009 Investment International www.investmentinternational.com
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