Wednesday, Nov 28, 2007
Smell the Horse Poo as the FSA tries to shut the Stable Door
Fairinvestment: FSA crackdown on mortgage lenders' advice which could cause thousands of repossessions
To little to late as the Financial Services Authority carries out a review and subsequent 'crackdown' in order to bring justice to mortgage providers which have misled customers and encouraged them to take out "unaffordable" loans.
Posted by enuii @ 03:26 PM (661 views) Add Comment
11 Comments
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1. sovietuk said...
"have misled customers and encouraged them to take out "unaffordable" loans."
Will there be a crackdown on the government as well then for encouraging the population to take out unaffordable loans by dropping interest rates to silly levels for last few years? The whole thing is rotten to the core.
2. eyeoftheweasel said...
And what about those borrowers who were knowingly complicit in the whole scam, but will no doubt be claiming that they were misled when their property/properties start getting repossessed? (Not that this applies to all borrowers taking out unaffordable loans of course, but I'm sure it applies to quite a few.)
3. Quiet Guy said...
@eyeoftheweasel
I know someone who tutored a relative about what to say for a "liar loan". This criminal act was described me without any embarrassment or shame. I suspect that this kind of crime has been rather common in the last few years.
4. planning4acrash said...
www.propertysnake.co.uk update: 136,089 !!!
Slowly but surely!!!!
5. daft boy said...
Perhaps we have another mis-selling scandal looming
6. Icarus said...
The FSA 'found' what everybody already knew - and it was their job to crack down on these practices years ago. Pathetic.
7. the northerner living in oz said...
It seem the FSA have been on holiday for the last 20 years
They seem to one of the most ineffectual regulatory bodies that I can recall
Always acting several years to late to do anything useful
Are they corrupt dishonest or just plain incompetent ?
8. Ihopeitgoeswithabang said...
What they are is another poor excuse for regulation. Regulation to give people confidence - ultimately in the government of this country.
Thats all they are - another tool ( excuse the pun ) of this government.
Everyone knows how bad the lending has been especially over the last 5 years. What do they do - nothing.
Authority I don't think so.
9. A Saver said...
You mean we have a body that regulates the financial industry in this country???
10. planning4acrash said...
No doubt they would have begun the investigation after the "election" and have been told by darling (lower case intended) to pull forward the crash, oh dear, no election till 2010 then!
11. Mr Plumbase said...
I seem to remember a programme on the BBC about eighteen months ago that focused on (and filmed) punters at various London EA's being told how to fraudulently get bigger loans.
Were the FSA on holiday that week?