News Source: BBC
| about 1 month ago
The move is part of a review of how lenders behave by the Financial Services Authority watchdog. The government wants to make institutions liable for loans if it can be shown that they failed to check that would-be borrowers could afford them...The...
News Source: The Independent
| about 1 month ago
Self-certification mortgages were originally intended for the self-employed but were abused, leading to "bad loans" at major banks. They will be stopped under new regulations, which will be subject to consultation. In future, all lenders will be...
News Source: The Independent
| about 1 month ago
During the property boom earlier this decade, the British mortgage market was infected by fraud and poor lending practices. Brokers and borrowers were exaggerating earnings, while lenders often neglected to make sufficient checks as to whether the...
News Source: Androscoggin News
| about 1 month ago
In plans announced tomorrow, they will be forced to introduce checks to make sure homebuyers are telling the truth about how much they earn. That will mean buyers with debts or low incomes will not be offered high loan-to-value mortgages. Banks will...
News Source: Androscoggin News
| about 1 month ago
28pm Saturday 17th October 2009 Gordon Brown pledged to end "reckless" banking practices as the City watchdog prepared to set out its planned reforms for the mortgage market in the wake of the credit crunch. The Financial Services Authority is...