Football, Banks And Payday Loans: The Mortgage Solutions News Quiz 21 June 2013

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Football, Banks And Payday Loans: The Mortgage Solutions News Quiz 21 June 2013 - Quiz


Test your knowledge of the week's events with this quick quiz


Questions and Answers
  • 1. 

    Gross mortgage lending in May rose how much on the previous month?

    • A.

      12%

    • B.

      67%

    • C.

      21%

    Correct Answer
    C. 21%
    Explanation
    In May, gross mortgage lending increased by 21% compared to the previous month. This indicates that there was a significant rise in the amount of money borrowed for mortgages during that period.

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  • 2. 

    Outgoing Bank of England governor Mervyn King has compared his time there to a football game. How did he extend the metaphor?

    • A.

      He was always scoring own goals

    • B.

      There were red cards and an angry crowd

    • C.

      The managers were always getting sacked

    Correct Answer
    B. There were red cards and an angry crowd
    Explanation
    In comparing his time at the Bank of England to a football game, Mervyn King extended the metaphor by mentioning "red cards and an angry crowd." This suggests that during his tenure, there were instances of disciplinary actions (red cards) and public dissatisfaction or criticism (angry crowd), similar to what can happen in a football match. This metaphor implies that King faced challenges and controversies during his time as governor, which affected the overall atmosphere and perception of his leadership.

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  • 3. 

    Which lender pulled its entire buy-to-let range this week?

    • A.

      Melton Mowbray

    • B.

      Saffron

    • C.

      Lloyds

    Correct Answer
    B. Saffron
    Explanation
    Saffron is the correct answer because it is the lender that pulled its entire buy-to-let range this week. This implies that Saffron has made the decision to no longer offer buy-to-let loans, potentially due to changes in their business strategy or market conditions. Melton Mowbray and Lloyds are not mentioned in relation to pulling their buy-to-let range, so they are not the correct answer.

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  • 4. 

    How many years do potential home buyers tend to save for a deposit before giving up?

    • A.

      One

    • B.

      Three

    • C.

      Six

    Correct Answer
    B. Three
    Explanation
    Potential home buyers tend to save for a deposit for three years before giving up. This suggests that it takes a significant amount of time and effort for individuals to accumulate enough funds for a down payment on a house. Saving for three years demonstrates the commitment and determination of these buyers in their pursuit of homeownership.

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  • 5. 

    MPs are hoping to tighten rules on payday lending. What, according to one opponent, could their bill end up resembling?

    • A.

      The Human Rights Act

    • B.

      The Fox Hunting Act

    • C.

      The Dangerous Dogs Act

    Correct Answer
    C. The Dangerous Dogs Act
    Explanation
    According to one opponent, the bill on payday lending could end up resembling the Dangerous Dogs Act. This suggests that the opponent believes the bill could be strict and restrictive, potentially leading to negative consequences or unintended outcomes, similar to the controversial and heavily criticized Dangerous Dogs Act.

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  • 6. 

    Which Irish lender announced this week it is writing off debts of its mortgage customers?

    • A.

      Allied Irish Banks

    • B.

      Bank of Ireland

    • C.

      Anglo Irish Bank

    Correct Answer
    A. Allied Irish Banks
    Explanation
    Allied Irish Banks announced this week that it is writing off debts of its mortgage customers. This means that the bank will forgive or cancel the outstanding mortgage debts of its customers. This could be due to various reasons such as financial hardship faced by the customers or as a goodwill gesture by the bank. By doing so, the bank aims to provide relief to its customers and potentially improve their financial situation.

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  • 7. 

    This week’s Association of Mortgage Intermediaries dinner included a speech by former soldier Rory Mackenzie. Where else did he speak?

    • A.

      Wimbledon

    • B.

      Paralympic Games

    • C.

      Eurovision Song Contest

    Correct Answer
    B. Paralympic Games
    Explanation
    Rory Mackenzie, a former soldier, spoke at the Association of Mortgage Intermediaries dinner this week. In addition to this event, he also spoke at the Paralympic Games.

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  • 8. 

    Which lender released its lowest ever buy-to-let product this week?

    • A.

      BM Solutions

    • B.

      Godiva

    • C.

      The Mortgage Works

    Correct Answer
    C. The Mortgage Works
    Explanation
    The correct answer is The Mortgage Works. The question is asking which lender released its lowest ever buy-to-let product this week. Out of the three options provided, The Mortgage Works is the correct answer.

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  • 9. 

    Which of the following may have made a comeback?

    • A.

      Mortgage-backed securities

    • B.

      Self-certified mortgages

    • C.

      110% loan-to-value products

    Correct Answer
    A. Mortgage-backed securities
    Explanation
    Mortgage-backed securities may have made a comeback because they are a type of investment that pools together mortgages and sells them as a single security to investors. After the 2008 financial crisis, the market for mortgage-backed securities suffered a significant decline. However, in recent years, there has been a resurgence in the demand for these securities as investors regain confidence in the housing market and seek higher returns. This renewed interest in mortgage-backed securities suggests that they may have made a comeback.

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  • 10. 

    How do MPs think reckless bankers should be punished?

    • A.

      £1m cap on bonuses

    • B.

      Stocks (the wooden kind)

    • C.

      Jail

    Correct Answer
    C. Jail
    Explanation
    The correct answer is "Jail" because it suggests that Members of Parliament (MPs) believe that reckless bankers should be punished by being imprisoned. This implies that they view the actions of these bankers as serious enough to warrant criminal punishment rather than just financial penalties or other forms of retribution. Imposing jail time would serve as a stronger deterrent and potentially hold individuals accountable for their actions in a more substantial way.

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