Thursday, May 15, 2008
UK Sub-prime really does exist
Moneymarketing: FSA fines Thinc Group £900,000 for sub-prime failings
The FSA has fined Thinc Group £900,000 for sub-prime record keeping failings. Thinc and two of its group companies failed to have adequate risk management and compliance systems for its sub-prime mortgage business between January 1, 2006 and September 30, 2007..................
Posted by jack c @ 06:24 PM (317 views) Add Comment
4 Comments
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1. icarus said...
The FSA is closing the stable door. No more sub-prime lending then.
2. Henry Weston said...
Well, who would have thought it, sub-prime in the UK.
3. Bobby9983 said...
Our sub prime played out mainly in the form of second charge secured loans. The figures on repossessions triggered by these aren't published.
4. bilko said...
Sub-prime has been alive and kicking for several years. It's guise has been 'interest only mortgages'. Along with other rebranded terms such as 'equity release' (nobody extended their mortgage, they 'released equity'!!) the spinning machine of the banks went into overdrive and much of this fiasco will eventually come out in what I believe will be a bigger scandal than endowments.