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Fsa - As Regards Mortgages Without Proof Of Income, Anything Goes...

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I emailed the FSA about a company offering mortgages "without confirmation of earnings".

Their reply seems to imply that even though we are three years into the financial crisis they are still not bothered about regulating the mortgage industry properly.

"Turning now to the issues raised in your email, the FSA has launched a Mortgage Market Review (MMR). This review is examining all of the products currently on the market and we are in discussions with firms, consumers and trade bodies. However, a decision regarding the outcome of the review has not yet been made. I enclose a link to a document which discusses this in more detail:

www.fsa.gov.uk/smallfirms/pdf/MMR_guide.pdf

Therefore as the review is still ongoing, firms can still offer various products until a decision made by the FSA has been implemented.

If you have any comments or suggestions in relation to the MMR you can submit them by using the email address below:

cp10_02@fsa.gov.uk

Finally, the Consumer Financial Education Body maintains a very useful website called Money Made Clear. This site contains a wealth of information regarding mortgages and I enclose a link below:

www.moneymadeclear.org.uk/hubs/home_mortgages.html

I hope that the information above has been of benefit and confirmed that we are conducting a Mortgage Market Review into the mortgage market however this consultation has not yet finalised. If you have any further queries please do not hesitate in contacting the Customer Contact Centre on 0845 606 1234."

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I emailed the FSA about a company offering mortgages "without confirmation of earnings".

Their reply seems to imply that even though we are three years into the financial crisis they are still not bothered about regulating the mortgage industry properly.

"Turning now to the issues raised in your email, the FSA has launched a Mortgage Market Review (MMR). This review is examining all of the products currently on the market and we are in discussions with firms, consumers and trade bodies. However, a decision regarding the outcome of the review has not yet been made. I enclose a link to a document which discusses this in more detail:

www.fsa.gov.uk/smallfirms/pdf/MMR_guide.pdf

Therefore as the review is still ongoing, firms can still offer various products until a decision made by the FSA has been implemented.

If you have any comments or suggestions in relation to the MMR you can submit them by using the email address below:

cp10_02@fsa.gov.uk

Finally, the Consumer Financial Education Body maintains a very useful website called Money Made Clear. This site contains a wealth of information regarding mortgages and I enclose a link below:

www.moneymadeclear.org.uk/hubs/home_mortgages.html

I hope that the information above has been of benefit and confirmed that we are conducting a Mortgage Market Review into the mortgage market however this consultation has not yet finalised. If you have any further queries please do not hesitate in contacting the Customer Contact Centre on 0845 606 1234."

they back down, its just a script that these regulators play, regulartors are there for big business not for teh consumer.

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they back down, its just a script that these regulators play, regulartors are there for big business not for teh consumer.

Yup - they are just firing up for the return of all the bad, bad old ways - and the return of

LIAR LOANS. :angry: :angry:

i.e. Prop up the Ponzi/Pyramid Scam DESPITE the MASSIVE scandal and financial armageddon.

Edited by eric pebble

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Turning now to the issues raised in your email, the FSA has launched a Mortgage Market Review (MMR). This review is examining all of the products currently on the market (couple of hours) and we are in discussions with firms, consumers and trade bodies (couple of days)

They've given it a three letter acronym what more do you want?

Should only take 'em a week or so from start to finsh then Lord Turner can make a decision. :lol:

How hard can it be?

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Sent those idiots a letter/email.

-----------------------

Dear Sir/Madam.

I write in connection with your Discussion Paper on the proposed changes to FSA regulation, in order to make the mortgage market work better for consumers and be sustainable for all participants.

May I just say that, over the last ten years [and more], I have watched with utter horror as it became ENDEMIC that people were applying for so-called "self-cert" mortgages, whereby they disclosed completely fictitious figures about their incomes. I can categorically tell you that, as far back as 2003/3 I was telling all my friends and acquaintances that we were heading for an absolute financial disaster. I was absolutely APPALLED as the FSA completely failed in its duties to quickly put an end to this extremely common practice by innumerable mortgage brokers and lenders. Idiotic lending has nearly brought our entire economy to its knees.

I now read that the Council of Mortgage Brokers, [the CML] are haranguing the FSA and others, including the government, to continue to allow "self-cert" mortgages and also "interest only" mortgages, [and other insane and unsustainable mortgages such as those with over 3 x salary multiples, because otherwise, people cannot afford to buy a roof over their head. I am absolutely AMAZED at this incredible attempt to lobby and keep an entirely DECEITFUL, DISHONEST, FRAUDULENT system up and running. House prices HAVE TO come down for this country to get back up and running properly. The system currently in place is utterly immoral and scandalous.

People should be lent money VERY CAUTIOUSLY, and PROPER CHECKS should be made at ALL times on their incomes. You should include ALL sectors, including so-called "Buy to Let Investors". People should not be able to borrow over 3 times their salary; to do so otherwise is entirely UNSUSTAINABLE, and will lead to serious fraudulent speculation and boom and bust of property prices. This is entirely what the CML and others want – and it is EXTREMELY damaging to our nation’s economy and well-being.

Just rest assured, UNLESS and UNTIL the FSA CLAMP DOWN HARD on all forms of Mortgage Fraud, the UK economy [and further afield] will NEVER recover to anything resembling a straightforward, sustainable and HONEST system, and the very happiness of the nation is threatened.

I sincerely hope you do NOT give way to the vested interests of the CML and others, and institute a very strict and sustainable set of rules, whereby any transgressions of strict and verified income checks and lending rules lead to lengthy prison sentences. I can tell you now, that if you fail to do this, the very validity of the FSA will be open to ridicule.

Yours Sincerely,

EP

--------------------------

Edited by eric pebble

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Sent those idiots a letter/email.

-----------------------

Dear Sir/Madam.

I write in connection with your Discussion Paper on the proposed changes to FSA regulation, in order to make the mortgage market work better for consumers and be sustainable for all participants.

May I just say that, over the last ten years [and more], I have watched with utter horror as it became ENDEMIC that people were applying for so-called "self-cert" mortgages, whereby they disclosed completely fictitious figures about their incomes. I can categorically tell you that, as far back as 2003/3 I was telling all my friends and acquaintances that we were heading for an absolute financial disaster. I was absolutely APPALLED as the FSA completely failed in its duties to quickly put an end to this extremely common practice by innumerable mortgage brokers and lenders. Idiotic lending has nearly brought our entire economy to its knees.

I now read that the Council of Mortgage Brokers, [the CML] are haranguing the FSA and others, including the government, to continue to allow "self-cert" mortgages and also "interest only" mortgages, [and other insane and unsustainable mortgages such as those with over 3 x salary multiples, because otherwise, people cannot afford to buy a roof over their head. I am absolutely AMAZED at this incredible attempt to lobby and keep an entirely DECEITFUL, DISHONEST, FRAUDULENT system up and running. House prices HAVE TO come down for this country to get back up and running properly. The system currently in place is utterly immoral and scandalous.

People should be lent money VERY CAUTIOUSLY, and PROPER CHECKS should be made at ALL times on their incomes. You should include ALL sectors, including so-called "Buy to Let Investors". People should not be able to borrow over 3 times their salary; to do so otherwise is entirely UNSUSTAINABLE, and will lead to serious fraudulent speculation and boom and bust of property prices. This is entirely what the CML and others want – and it is EXTREMELY damaging to our nation's economy and well-being.

Just rest assured, UNLESS and UNTIL the FSA CLAMP DOWN HARD on all forms of Mortgage Fraud, the UK economy [and further afield] will NEVER recover to anything resembling a straightforward, sustainable and HONEST system, and the very happiness of the nation is threatened.

I sincerely hope you do NOT give way to the vested interests of the CML and others, and institute a very strict and sustainable set of rules, whereby any transgressions of strict and verified income checks and lending rules lead to lengthy prison sentences. I can tell you now, that if you fail to do this, the very validity of the FSA will be open to ridicule.

Yours Sincerely,

EP

--------------------------

Nice one Eric! "People should be lent money VERY CAUTIOUSLY, and PROPER CHECKS should be made at ALL times on their incomes.

Shows you the double standards of the Elite run Govt and their banks regarding "money laundering" regulations - checks don't apply if the elites banks are going to put someone into 'slave to the bank status'!

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Nice one Eric! "People should be lent money VERY CAUTIOUSLY, and PROPER CHECKS should be made at ALL times on their incomes.

Shows you the double standards of the Elite run Govt and their banks regarding "money laundering" regulations - checks don't apply if the elites banks are going to put someone into 'slave to the bank status'!

I smell a rat with the FSA v CML thing...... The Vested Interests are FIGHTING hard - and dirty - and they are somehow going to get their own way....... Get ready --

BUT - let's bombard the FSA with letters emails.....

So - ALL PEOPLE OUT THERE -- EMAIL THE FSA as per above!!!

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Sent those idiots a letter/email.

-----------------------

Dear Sir/Madam.

I write in connection with your Discussion Paper on the proposed changes to FSA regulation, in order to make the mortgage market work better for consumers and be sustainable for all participants.

May I just say that, over the last ten years [and more], I have watched with utter horror as it became ENDEMIC that people were applying for so-called "self-cert" mortgages, whereby they disclosed completely fictitious figures about their incomes. I can categorically tell you that, as far back as 2003/3 I was telling all my friends and acquaintances that we were heading for an absolute financial disaster. I was absolutely APPALLED as the FSA completely failed in its duties to quickly put an end to this extremely common practice by innumerable mortgage brokers and lenders. Idiotic lending has nearly brought our entire economy to its knees.

I now read that the Council of Mortgage Brokers, [the CML] are haranguing the FSA and others, including the government, to continue to allow "self-cert" mortgages and also "interest only" mortgages, [and other insane and unsustainable mortgages such as those with over 3 x salary multiples, because otherwise, people cannot afford to buy a roof over their head. I am absolutely AMAZED at this incredible attempt to lobby and keep an entirely DECEITFUL, DISHONEST, FRAUDULENT system up and running. House prices HAVE TO come down for this country to get back up and running properly. The system currently in place is utterly immoral and scandalous.

People should be lent money VERY CAUTIOUSLY, and PROPER CHECKS should be made at ALL times on their incomes. You should include ALL sectors, including so-called "Buy to Let Investors". People should not be able to borrow over 3 times their salary; to do so otherwise is entirely UNSUSTAINABLE, and will lead to serious fraudulent speculation and boom and bust of property prices. This is entirely what the CML and others want – and it is EXTREMELY damaging to our nation’s economy and well-being.

Just rest assured, UNLESS and UNTIL the FSA CLAMP DOWN HARD on all forms of Mortgage Fraud, the UK economy [and further afield] will NEVER recover to anything resembling a straightforward, sustainable and HONEST system, and the very happiness of the nation is threatened.

I sincerely hope you do NOT give way to the vested interests of the CML and others, and institute a very strict and sustainable set of rules, whereby any transgressions of strict and verified income checks and lending rules lead to lengthy prison sentences. I can tell you now, that if you fail to do this, the very validity of the FSA will be open to ridicule.

Yours Sincerely,

EP

--------------------------

Love the RANT Eric.

Let's hope it'll raise a few grey eyebrows.

Do you happen to know when the FSA are due to make their Liar Loan decision?

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I've just given a Nat West bank manager a major ear-bashing about liar loans/interest rates/savers being robbed to pay casino banking losses/moral hazard/asset protection scheme/QE/House prices etc. etc. I got the lot in. Probably a total waste of time but it made me feel better and seemed to shock him a bit. If he didn't before he must now realise how despised the banks are.

It annoys me when on their "helpful" banks TV adverts they say "you asked us to open Saturdays so we did". My local branch is closed Saturday AND one day midweek so I emailed Nat West to ask where I could provide feedback for their "independent survey" mentioned in the TV ad as the ad was misleading. He phoned me out of the blue to discuss the comments in my email.

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I've just given a Nat West bank manager a major ear-bashing about liar loans/interest rates/savers being robbed to pay casino banking losses/moral hazard/asset protection scheme/QE/House prices etc. etc. I got the lot in. Probably a total waste of time but it made me feel better and seemed to shock him a bit. If he didn't before he must now realise how despised the banks are.

It annoys me when on their "helpful" banks TV adverts they say "you asked us to open Saturdays so we did". My local branch is closed Saturday AND one day midweek so I emailed Nat West to ask where I could provide feedback for their "independent survey" mentioned in the TV ad as the ad was misleading. He phoned me out of the blue to discuss the comments in my email.

These guys couldn't care less. They sit around a desk every day - and dream up a new scam each time. "Customers" are mere pawns from whom to pick off morsels. The idea of an actual proper "service" couldn't concern them less.

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I've just given a Nat West bank manager a major ear-bashing about liar loans/interest rates/savers being robbed to pay casino banking losses/moral hazard/asset protection scheme/QE/House prices etc. etc. I got the lot in. Probably a total waste of time but it made me feel better and seemed to shock him a bit. If he didn't before he must now realise how despised the banks are.

It annoys me when on their "helpful" banks TV adverts they say "you asked us to open Saturdays so we did". My local branch is closed Saturday AND one day midweek so I emailed Nat West to ask where I could provide feedback for their "independent survey" mentioned in the TV ad as the ad was misleading. He phoned me out of the blue to discuss the comments in my email.

Interesting. About 10 years ago I had a blow up with nat west. Several reasons, but final straw was a letter I recieved, I phoned them up demanding to speak to the name at the bottom of the letter, it was a top director in a meeting, but got him dragged out, I them told him what I thought of his bank and told him why I was going to leave. That felt good! We wrote a letter explaining it all and switched to nationwide, who couldn't have been more different. Hus funny that within a couple of years everything we had complained about had been changed! Won't ever go back though.

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Interesting. About 10 years ago I had a blow up with nat west. Several reasons, but final straw was a letter I recieved, I phoned them up demanding to speak to the name at the bottom of the letter, it was a top director in a meeting, but got him dragged out, I them told him what I thought of his bank and told him why I was going to leave. That felt good! We wrote a letter explaining it all and switched to nationwide, who couldn't have been more different. Hus funny that within a couple of years everything we had complained about had been changed! Won't ever go back though.

They were still lying to you..... B)

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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