Monday, November 26, 2007

Shutting the stable door or chickens coming home….

FSA threatens mortgage brokers

"An unnaceptable number of firms are unwilling to change" and some are "willing to offer mortgages they know to be unaffordable and to accept self-cert business even where they had concerns that the financial information provided by the customer was implausible" Were the FSA aware or are they just innefective ? - You decide

Posted by yorkshireman @ 01:21 PM (724 views)
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3 thoughts on “Shutting the stable door or chickens coming home….

  • Easily solved, just return to the system in use 20 years ago which required sight of salary pay slips, and the latest P60 annual statement
    of salary/ income tax paid. If self employed then the last 3 years audited accounts needed to be produced.
    Lending standards have gone down the toilet, the same as almost everything else in this Country, and we will all be paying a high price
    for this in due course.

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  • the northerner living in oz says:

    There have always been dishonest mortgage applications

    But it the scale of the dishonest mortgage applications in the last few years that is now a serious problem

    I get the impression that the FSA have turned a blind eye to these mortgage applications for the last few years.

    If the FSA did what hey were paid to do there would be several mortgage brokers in prison by now.

    What will happen now they will prosecute a few small fry but the big offenders will not be prosecuted?

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  • Ihopeitgoeswithabang says:

    Have you seen the number of mortage brokers around now?
    Can you imagine telling them to make sure that people are honest and totally accurate in their applications.

    After about a month they would probably all be shutting shop and looking for other work.
    Brokers have not up until now really given a dam about whether people are honest or not.
    All they ‘care’ about is the sale and the commission.

    There should be spot checks done on all brokers and if any lending is found to be ‘wrong’ in any sense of the word they should be barred from selling financial products ever again.
    You would soon see a change of practice.

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