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Guest The_Oldie

Subprime Lenders Could Face Legal Deluge

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Guest The_Oldie

http://www.thisismoney.co.uk/investing-and...mp;in_page_id=3

Subprime lenders could face legal deluge

Hugo Duncan, Evening Standard

11 July 2007, 9:37am

Britain's subprime mortgage industry - which lends to borrowers with patchy credit histories - could become a battleground for legal claims worth billions of pounds after the City watchdog uncovered reckless lending to vulnerable borrowers.

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A more damaging development for the housing market is difficult to imagine. It just seems remarkable that things have were allowed to get this bad.

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Agreed. Why oh why did alarm bells not ring earlier? It’s common sense!

The people selling these mortgages have been raking in big bonuses for years; why would they care that their company might get sued years later?

This isn't the 50s anymore... long-termism in business is long dead.

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Guest Popalot
Agreed. Why oh why did alarm bells not ring earlier? It’s common sense!

Until about a few weeks ago, it was widely held that property prices could only go up......so reckless lending was by definition not reckless, under this (crazy) premise......

The key is that everyone is starting to click.......80s revisited

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