Let lenders get on with driving the economy forward
Share
I’d like to know how many FSA employees hold or have ever held a self-cert or fast-track mortgage.
I guess the answer is at least half - in fact, I’d happily stake my own mortgage on the fact that the answer is not zero.
So assuming half is correct, how many are in arrears? The answer is probably not many, as they have not been subject to the horrific effects of the recession as thousands of others in this country have.
The whole thing stinks of lack of understanding of the market and, more importantly, hypocrisy.
Regulation should be just that - regulation, not dictatorship. Lenders should be allowed to lend however they want and to whoever they want, on whatever basis they want.
The regulator should oversee the process to ensure correct procedures are followed, not intervene and ban lending to certain areas.
Yes, mistakes were made in the boom time but why not learn from them and have an industry where people can borrow and drive the economy forward, rather than stifle the market?
NAME AND ADDRESS SUPPLIED
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
