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Villager Senior
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Posts: 4,430
Join Date: Jan 2005
Location: London, , United Kingdom
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09-10-07, 10:13 PM
Quote:
Originally Posted by Dada
Did you see Panorama Last Night about the Sub Prime Mortgage Market? This sort of activity is going on whole sale.
As I said. Wages have not raisen at the same rate as the housing market, unless of course you measure wages based on mortgage application forms.
While the FSA bit it's teeth in to the Chap and so they should..............Northern Rock gets government support for mismanagement and irregularities.
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Yeah i saw it, but im not so sure programmes like this attack the right people. I think the financial services act weeded out the majority of individual cowboys. The bigger problem actually lies with legit brokerages and more so the sub prime Lenders themselves who legally rip people off.
In 2004 the regulation of mtgs meant that these companies were supposed to do thorough checks on issues such as affordability. Clearly the example of the brother in Abbey Wood who had £500k of borrowed mtg money on £25k of income, affordability is not high on some Lenders agendas.
Last edited by Le Moor; 09-10-07 at 10:49 PM.
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