Tuesday, Oct 13, 2009

Far too late

The Times: Truth will out as City regulator prepares to kill off ‘liar’s loans’

"The multibillion-pound self-certification mortgage industry, in which customers are not required to provide proof of income, is set to be banned by the financial regulator. Dubbed “liar’s loans” by critics, self-cert loans were blamed for playing a large part in the housing bubble and ensuing financial crisis. The Financial Services Authority (FSA) is effectively planning to kill off self-cert home loans by introducing a rule compelling lenders to insist that customers provide evidence of their income." Credit checks on big loans! Revolutionary or what?

Posted by quiet guy @ 02:58 AM (853 views)
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4 Comments

1. jackas said...

Anyone got a link to the self-cert documentary done in Ealing in 2003? It's worth re-viewing this every now and then as a reminder of how crazy things got.

Look at the debt addicted pigs squeal in the comments section...

Gary Sharp wrote:
"More government interference, no wonder they are all leaving, without this facility I could not have created a reasonable property portfolio, regenerated a few desperate bits, and fund my own retirement."

Well Gary, well are you moaning about mate? Sounds to me like you're sitting pretty, and can retire and provide for yourself from your soon to be illegal use of leverage. I would keep quiet if I were you.

Tuesday, October 13, 2009 07:22AM Report Comment
 

2. phdinbubbles said...

Monty Python

Tuesday, October 13, 2009 07:55AM Report Comment
 

3. phdinbubbles said...

@jackas
BBC's press release for the programme.

Couldn't find a vid, so here's Monty Python's Money Programme instead:

Tuesday, October 13, 2009 07:56AM Report Comment
 

4. tenyearstogetmymoneyback said...

Also on the BBC web site

http://news.bbc.co.uk/1/hi/business/3478635.stm

I sold my Halifax shares the day after seeing this.
Maybe a bit premature but definitely the right decision in the long term.

Tuesday, October 13, 2009 08:24PM Report Comment
 

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