Behind The Mortgage, UK Edition: Across the Pond with the BBC

by Alex Stenback on February 7, 2008


One of our very favorite non-finance & real estate related blogs on the planet is English Cut, a little gem by Bespoke Savile Row Tailor, Thomas Mahon.

So, this morning, while coveting bespoke shirts over a cup of coffee, the phone rings and of all things, there’s this dude chap with an english accent on the other end:

"Cheerio! Blankety-blank calling from BBC Radio in the UK.  Listen old boy, I’ve been reading your blog and wondering if you’d be willing to interview for us this afternoon?"

By far the most amusing coincidence we’ve ever had. Our first thought was: Is this Crank Yankers?

Anyway, at 3:30 this afternoon, Behind the Mortgage goes international as we discuss the topic of Jingle Mail in America with BBC Radio’s Rebecca Marsden. We’ll try to get hold of an audio clip, if we can, and post it here.

[*We took a little artistic license with the quote.  Couldn't resist.]

{ 5 comments… read them below or add one }

Nate February 7, 2008 at 11:58 am

Those are some fine looking shirts.

So, I wonder if they’re just curious about the peculiarities of the U.S. market, or considering the applicability of the practice in Europe. Differences in lending laws make it unlikely, but still interesting.

Alex Stenback February 7, 2008 at 12:15 pm

From our brief conversation, in the UK, lenders always can go after you for the full balance owed, rather than just the collateral/house, as it is here in most cases.

Makes the risks the lenders took over here even more peculiar, I suppose.

Nate February 7, 2008 at 1:06 pm

If there is growing interest from the BBC and other overseas media sources on the U.S. housing problems, it would seem capable of shrinking the pool of foreign buyers. This might not mean as much for our specific market, but certain areas (New York) have been depending on a steady stream of foreign buyers.

Alex Stenback February 7, 2008 at 1:50 pm

That, and also reduce foreign buying of U.S. mortgage backed securities.

Foreign investors purchase about 17% of Agency backed MBS’s, according to Credit Suisse.

Less demand for these MBS will put upward pressure on rates, impacting all of us.

Johnny North Side February 7, 2008 at 5:13 pm

Hope you can post the audio clip. I bet it was a “jolly good show, old chap.”

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