Monday, May 16, 2011

We need self cert and 125% mortgages is the cry

Immature FSA ruining the market, warns MP

Labour MP George Mudie has dubbed the Financial Services Authority insecure and immature and claimed its Mortgage Market Review is damaging the housing market. The Treasury Select Committee member and Leeds East MP told delegates at last week’s Strategy Summit, held at Luton Hoo hotel in Bedfordshire, that the MMR is having a disgraceful impact on would-be first-time buyers struggling for a deposit and called on the FSA to be democratically accountable for its actions. Mudie says: “Regulators cannot work in a vacuum. They have to be aware of the wider social and economic consequences of their decisions. How can it make sense to stifle lending when you look at the state of the housing market?”

Posted by jack c @ 01:26 PM (2058 views)
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10 thoughts on “We need self cert and 125% mortgages is the cry

  • sibley's b'stard child says:

    Unsurprisingly, the mortgage brokers (presumably) in the comments are all for Mudie’s MMR-bashing. To be fair, he may be doing the noble thing and speaking-up on behalf of his beleagured priced-out constituents. Probably not, but I like to think the best of people. In any event, he shouldn’t waste his breath given that (last time I saw) the FSA were doing their level best to distance themselves from the MMR.

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  • If a Labour MP was true to his colours, he would be concerned that his lower paid constituents were being confronted with an unacceptably high cost of housing, and that the solution was to build more homes rather than make them take on excessive debt.

    ..not that the last Labour government was ever true to its colours mind…!

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  • mark wadsworth says:

    Can somebody explain to me the link between immunising children and house prices?

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  • The perfectly placed scapegoats are at it again.

    Who is playing the role of sheep dog with a get out of jail free card under their collar, that’s what I want to know.

    Call me inquisitive, but….

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  • Mark – the MMR jab should ensure that children avoid the 3 diseases covered (Measles, mumps and redundancy) and do not take time off work in later life thus being able to work a 70 hour week and keep up the respective mortgage payments – this in turn helps keep prices inflated.

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  • …meanwhile, in other news today, it was reported that a left winger wants more borrowing…

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  • mark wadsworth says:

    Jack C, thanks. I learn something new every day.

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  • 3. mark wadsworth said…Can somebody explain to me the link between immunising children and house prices?

    ~ Yes, as well as house prices, autism can only go up.

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  • sibley's b'stard child says:

    That sounds like classic psychological projection Smuggy; tell me, when did you first start experiencing these feelings?

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  • Happy Go Lucky says:

    Crunchy said “~ Yes, as well as house prices, autism can only go up.”

    Their is no credible research to support this position. The research carried out by DR Andrew Wakefield suggesting there was a link between MMR and Autism has since been discredited.
    http://www.dailymail.co.uk/health/article-512348/The-research-disproves-MMR-jab-link-autism.html

    What we are seeing now is that the most vulnerable children in society with the weakest immune systems are no longer benefiting from the “herd immunity” which would have existed if, the uncredible research carried out by Dr Andrew Wakefield had never been published.

    However, I think that this article highlights my suspicions about the labour party (as a whole) having learned nothing from their last term in government as well as refusing to take any responsibility for the mess the country is in today.

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