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Charities’ support for MMR cannot be taken seriously

I was interested to read on Mortgage Strategy Online that Shelter and the Citizens Advice Bureau are supporting the MMR.

I doubt the charities’ spokespeople have the insight to see the true implications of these proposals.

Of course the charities want to see an end to irresponsible lending, which has already happened, but they will find more people knocking on their door when interest rates rise and borrowers are locked into expensive deals and no hope of moving – hardly inspirational governance.

These proposals do not offer any long-term flexibility that could benefit the public. More interest should be paid to all types of loans given that credit cards and personal loans are the root cause of most peoples’ need to seek charitable advice.

No offence to these charities but what hope do they have of understanding wider implications when the FSA has so little understanding itself and just chooses to assist bankers feeding at the trough?

The same charities champion consumer choice and financial freedom – their comments lack insight and are too contradictory to be taken seriously.

Steven Balmer

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