A look at the crackdown on the issuing of certain types of mortgages, especially the self-certification ones…. making it even harder for self-employed people to own their own home. Why not do it that the self-employed are still able to self certify, but those in jobs that clearly used it as away to con money, are barred from self certifying for a mortgage. Oh, sounds like a too simple ans sensible plan. Recorded from BBC’s Working Lunch, 13 July 2010.
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{ 3 comments… read them below or add one }
Why did the banks not verified the income of the borrowers? Must have been the crack the central bank was providing in the form of low interest rates.
Who in his right mind would think that this kind of free attitude would not be problematic in future? The same crack dealers and addicts of this cheap money.
@tociph The banks rip apart self-employed, but everyone else was allowed a free for all, whether they could afford it, or as is the mostly the case, they could not.
Now the interest rates are being kept deliberately low, raping savers to prop up the feckless borrowers - saving them from total collapse they deserve. The BORROWERS are the ones that created this recession, THEY should be made to pay.
It is an outrage that prudent people are bailing out the scum feckless.
Historically, the Dot.Com bubble burst so investors moved their savings into property. Speculators soon followed and vast amounts of capital flooded in creating the credit boom. This led to assets being overvalued. - The blame goes to; Governments for deregulating capital flows, and using low interest rates to encourage growth while hiding true inflation. Also, as LP points out “The live for today brigade” who took the money. The only winners, at our expense, are the super rich!