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Uk To Act On Sub-prime Mortgages

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http://news.bbc.co.uk/1/hi/business/6268754.stm

UK to act on sub-prime mortgages

The FSA found examples of people being offered mortgage deals they might not be able to afford.

The regulator said it was very concerned about its findings.

"Consumers in the sub-prime market are vulnerable people who may have high debts or a bad credit history," said Clive Briault of the FSA.

"It is therefore important that they are properly assessed and advised.

"We will not hesitate to take action where we find bad practice," he warned.

heheheheeh you seriously have to laugh. :)

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I remember a BBC program on false self-cert mortgages in the autumn of either 2003 or 2004. This has been brewing for years, and they've done FA about it. Jokers.

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Here we go....

"It's not my fault I'm in over my head - I was mis-sold, mis-sold I tell you! It's the gubberments duty to bale me out at the tax-payer's expense. I'm the victim here."

Edited by Smash It Up

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What you lot have to understand is, if the mess wasn't allowed to be made in the first place, then the FSA would not be able to enjoy a prominent role in dealing with it. If the FSA had a very low profile because it was incredibly effective in stopping problems before they started, some (i.e. the industry which funds it) might start to ask what it was for. To justify itself to the firms that fund it, things have to be going demonstrably awry. This is the unfortunate compact we deal with.

Besides, rather like the MPC, don't forget this is an organisation that is - to an extent - hamstrung by the narrow remit given to it by the current government.

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You mean like the rumour that viruses are made by anti-virus software companies?

:lol: not exactly, but its an interesting idea. Rather like Ray Mallon (robocop) who introduced zero tolerance policing to the UK (Boro) with tremendous results. Of course, whose noses were most put out of joint by this sudden reduction in crime? That's right - other coppers... so they tried to stitch him up.

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The situation is very different in the UK, where the sub-prime market is much smaller, because lenders here are much more careful about to whom they lend

Are they serious?

Aren't mortgages in the UK far bigger in relation to their income compared to the US?

So, where's the evidence Beeb? Or another comment you just felt you had to get in?

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The situation is very different in the UK, where the sub-prime market is much smaller, because lenders here are much more careful about to whom they lend

Are they serious?

Aren't mortgages in the UK far bigger in relation to their income compared to the US?

So, where's the evidence Beeb? Or another comment you just felt you had to get in?

....obviously it's small.....brokers earn approximately double commission for sub prime compared to prime.....why would they push it.....? :unsure: ........

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The situation is very different in the UK, where the sub-prime market is much smaller, because lenders here are much more careful about to whom they lend

Are they serious?

Aren't mortgages in the UK far bigger in relation to their income compared to the US?

So, where's the evidence Beeb? Or another comment you just felt you had to get in?

This is received wisdom in the UK, as most people think "it couldn't happen here". There is nothing specifically labelled sub-prime here so people think it is fine.

In reality it seems at least 50% of UK mortgages are sub-prime (somebody quoted stats this morning suggesting that at least 50% of new mortgages are self-cert in the UK?).

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If there is any meaningful cracking down, it'll be another contributory factor to any HPC (i.e. number of potential buyers reduced as fewer will be able to get mortgages if their ability to pay really is investigated thoroughly). So I imagine this is just rhetoric...

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In reality it seems at least 50% of UK mortgages are sub-prime (somebody quoted stats this morning suggesting that at least 50% of new mortgages are self-cert in the UK?).

50% of the subprime mortgages being investigated by the FSA were questionable (or something like that).

Not 50% of mortgages are subprime.

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QUOTE(Smell the Fear @ Jul 4 2007, 04:48 PM) *

In reality it seems at least 50% of UK mortgages are sub-prime (somebody quoted stats this morning suggesting that at least 50% of new mortgages are self-cert in the UK?).

50% of the subprime mortgages being investigated by the FSA were questionable (or something like that).

Not 50% of mortgages are subprime.

.......self certified does not necessarily mean sub prime.......what concerns me is the source of self certified income....has tax been paid on it etc etc......without proper checks the lenders could find, themselves, Money Laundering........!..has the FSA considered this aspect before it might implode in front of them.......both from prime and sub prime.....!

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Guest Bart of Darkness
"I'm shocked, shocked to find that gambling is going on in here!" -- Captain Renaud, Casablanca

Croupier: Your winnings sir.

Renaud: Oh thank you, thank you very much.

One of the best bits in a movie filled with brilliant bits. Claude Rains just shines in that film.

because lenders here are much more careful about to whom they lend

If "here" refers to la-la land (where the writer is quite obviously biased based, then that statement may indeed be 100% true.

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Croupier: Your winnings sir.

Renaud: Oh thank you, thank you very much.

One of the best bits in a movie filled with brilliant bits. Claude Rains just shines in that film.

If "here" refers to la-la land (where the writer is quite obviously biased based, then that statement may indeed be 100% true.

QUOTE

because lenders here are much more careful about to whom they lend

"Because lenders here are much more careful about to whom they lend" ...did the RBS not send a credit card invitation to a family dog...? being more careful ...should be relatively easy......!

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Guest Bart of Darkness
"Because lenders here are much more careful about to whom they lend" ...did the RBS not send a credit card invitation to a family dog...? being more careful ...should be relatively easy......!

I'm sure RBS did all the necessary credit checks and that the dog in question was owned by a wealthy family. It probably had a couple of BTL investments as well.

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I'm sure RBS did all the necessary credit checks and that the dog in question was owned by a wealthy family. It probably had a couple of BTL investments as well.

....the problem was the dog had not signed the application form.....there was only a paw print........

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