Tuesday, October 20, 2009

Lib Dems push for stakeholder mortgages | News | Money Marketing#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted

Lib Dems push for stakeholder mortgages | News | Money Marketing#commentsubmitted#commentsubmitted#commentsubmitted#commentsubmitted: "“It is critical that a simple and safe ‘stakeholder’ style mortgage as the Liberal Democrats have proposed is introduced.”"


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I used to hold Vince in high regard but more frequently of late I find comments such as this to be naive, as are the mortgage regulation policy proposals HM Treasury has handed down to the FSA for implementation, the problem is not the products but what the lenders used to do with the packaged loans. Bundling bad debt and selling it, or finding a mug to buy it, absolves the underwriter of the loan from any liability for future default when it should not, that is where we had one of those 'collective intellectual failures' Briault mentioned recently. There are many others to come including those created by recent policy announcements by the HMT/FSA team.

Oh, I forgot about the Conservative plans, unworkable in practice.

Regulations is in dire need to balance, when will we see some?

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