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Sibley's Love Child

Fsa Bottle The Chance To Prevent The Next Bubble

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There's been much gnashing of teeth and wailing in the press (ostensibly from VI feckers a la CML) regarding the FSA's proposed Mortgage Market Review (MMR). Had this been implemented it would have ensured stricter (than now) mortgage lending practices. Innovative stuff like lenders ensuring borrowers could repay their mortgages. Unfortunately, Shapps & Cameron also got on the band-wagon; followed by Shapps' recent meeting (read: showdown) with Sants of the FSA.

Suffice it to say, it appears that the City have leaned-on the FSA sufficiently to all but kill the MMR:

http://www.mortgagestrategy.co.uk/regulation/sants-no-mmr-changes-before-2012/1027124.article

Had this gone through, it would have been a further nail in our Ponzi scheme's coffin.

Does anyone have a plan B?

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that's not really a story.

it wuold take forever to, in the required detail, plan & implement something like that.

2012 is probably the earliest it could possibly happen regardless of whether they wanted it to or not.

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that's not really a story.

it wuold take forever to, in the required detail, plan & implement something like that.

2012 is probably the earliest it could possibly happen regardless of whether they wanted it to or not.

+1

MMR implementation was never going to be quick, but the FSA have managed to lean on many of the banks, getting some of them to implement some of the changes already. The Sants quotes in the article show he has every intention of coming out fighting, he knows it will be very difficult to argue against tighter regulation and is going to make sure the FSA have done the numbers to disprove everything the VI have complained about.

I deal with another regulator in the non financial world, which is looking at the same timescales to implement EU directives and UK Government edicts on top, the consultation and further analysis, drafting and notice periods exactly match the FSA type timescales.

Edited by koala_bear

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  • 311 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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