Sunday, February 15, 2009
Ha ha ha ha ha ha
Banks have warned Gordon Brown that his flagship £1bn scheme to underwrite a mortgage holiday for struggling homeowners could trigger a wave of lawsuits for misselling if house prices fall further. They have told the prime minister that they need to ensure they will not be sued by homeowners who could lose money if they are encouraged to stay in their properties. There are concerns that homeowners rescued from repossession could end up with significant negative equity instead - and that some could sue lenders.