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New FSA rules on mortgages

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  • New FSA rules on mortgages

    The FSA needs disbanding urgently - as the CML says on the front page of Home Move these regulations are madness in the middle of a housing recession. Thousands will be locked into mortgages that they cannot escape from and the self employed will find it incredibly difficult to buy their own home.
    Why should the majority of us who manage our finances well be penalised because a tiny minority take on commitments they cannot meet? The FSA's idea that people need 'protecting' is laughable. If we cannot get a mortgage what exactly are we supposed to do? Rents in the private sector are actually higher than the mortgage we would have to pay.
    The current crisis was not caused by UK mortgage holders - it was caused by the failure of financial regulators to understand the risks of colateralised debt. Here we go again..failure of financial regulators to understand another aspect of finance - the mortgage market.
    Last edited by Maureen; 05-11-2010, 10:20 AM.

  • #2
    Re: New FSA rules on mortgages

    I agree, it does seem like everyone is being made to pay for mistakes that were made by others.
    Best wishes

    Sean Hughes

    Independent Financial Adviser