Tuesday, Dec 11, 2007
the Citizens Advice Bureau said that irresponsible lending decisions and “aggressive arrears management” by sub-prime lenders was causing increasing numbers of homeowners with credit problems to miss mortgage payments or to have their homes repossessed.
The Times: Lenders come under attack for ‘irresponsible’ mortgage policies
One in five people who sought advice on mortgage or loan arrears from Citizens Advice relied on means-tested benefits, while a third had household incomes below the UK poverty line. A childless couple with a weekly income of £217 would be on the poverty line. Tenants encouraged to buy their council flat under the right-to-buy scheme were particularly vulnerable to rogue brokers and bad lending decisions.
Posted by eagle @ 11:41 PM (101 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.