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Nottingham Building Society Mortgages

 
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Nottingham Building Society Mortgages

THE government will launch the biggest rescue of Britain’s high-street banks tomorrow when the UK’s four biggest institutions ask for a £35 billion financial lifeline. The ...  Read More

State to save HBOS and RBS - Times Online

In the past 50 years, there haven't been many - if any - meetings of the world's seven richest developed nations as important as today's . Markets are in meltdown. Investors are ...  Read More

A global solution needed - bbc

Taxpayers will be committed today to providing more than £50 billion to bail out high street banks in an attempt to avert a cataclysmic failure of confidence. Alistair Darling was ...  Read More

British taxpayer to be tied into £50bn bank bailout - Times Online

House prices tumbled for the eight month in a row in September, wiping more than £2,000 from the value of an average home, new figures from the Halifax show. The average property ...  Read More

House price fall is smallest in seven months - Times Online

Chancellor Alistair Darling today launched a drastic rescue of Britain's high street banks in move designed to head off a cataclysmic failure of confidence by announcing a part ...  Read More


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Nottingham Building Society Mortgages
 

 
Andy Watson, head of the FSA's mortgages and credit union department, said: "Where we find examples of possible inflation of incomes, we will make further inquiries which may lead to referrals to enforcement."
 
The City watchdog said it had identified the three sub-prime firms - who lend to customers on elevated credit risk - as having helped customers overstate their income to obtain a larger mortgage. This could be an indication that brokers are acting aggressively in their efforts to get business from people who do not qualify for mortgages. The FSA refused to name the firms.
 
Ben Stafford, director of policy at the AMI, said: "This is a regulated market now and any firms that inflate income or don't put the proper procedures in place could face exposure and action from the FSA. It's fraud at the end of the day."
 
A further review of small firms in the sub-prime market, the FSA found that in 60 per cent of cases, the FSA said there was little evidence of how the brokers' recommended sub-prime product met the customer's needs and circumstances.
 
Companies that grant loans to people with poor credit histories have been warned they could face enforcement action after the Financial Services Authority discovered three small mortgage brokers were failing to comply with rules designed to stamp out mis-selling.
 
The investigation underscores a warning delivered by the FSA in May, when it told chief executives
 

 

 

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