Friday, Jul 13, 2007
Why explode the dynamite so quickly?
Firstrung: Law firm warns that sub prime mis-selling crisis could equal endowment scandals of the past
A leading City law firm is warning that The Financial Services Authority's damning report on the sub-prime mortgage industry last week could eventually lead to a flood of claims against lenders and advisers. Law firm Reynolds Porter Chamberlain is predicting cash-strapped borrowers struggling with payments could capitalise on the FSA's report and make claims against both lenders and advisers.
Posted by converted lurker @ 08:24 AM (185 views) Add Comment
3 Comments
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1. Orwell said...
Nothing new there then. The only difference is that they may not have the money to pay for such a mis-selling scandal. Bear in mind the real truth of this matter, which is that the public will be paying this scandalous behaviour. There is no real need for a massive housebuilding programme. There is just a need for coping with debt that most people have had to incur to pay for properties. But whether based on greed or otherwise, this should never have happened or been allowed to happen by the present incumbent at number 10.
2. Alan said...
Thanks CL.
Try this interesting website:
www.lenderimplode.com
It covers sub-prime in the US in detail.
3. Scott said...
No worries. If they do fall victim, they won't even have the money to take anybody to court, for anything.