How odd the financial sectors demutualization of certain building societies have been at the forefront of those who have been affected the most in the present climate.
Nothing proves this more than the new found popularity of the old style building society run on traditional lines, with loans & investment allied to the saver & investor.
Those who promoted the demutualization have been left with egg all over their supposedly expert faces, whilst many of the financial services they backed have been shown to have little to no depth.
The building societies tried & proven policies, a combination of high liquidity to prudent lending has disproved many who criticised their practice, although it has to be said many of these people did make a fortune from the demutualization, probably the same who have made a fortune from the present financial difficulties.
It is also worth noting that Northern Rock & Bradford & Bingley have had to be nationalised whilst the traditional societies go from strength to strength.
Other advantages to the mortgagee is the building societies have always tried to assist its members/borrowers if they find difficulties, however such are the excellent standards of guidance to the borrower on application for a loan the building societies members are rarely found to have difficulties with servicing their debt/mortgage.
This may seem quite dull to the shiny & shallow, but regrettably the only ones laughing are the building societies & their members. |
