A Couple of Things…
Just two quick links today, I’m afraid.
I like the look of this:
Borrowers face a mortgage affordability test from lenders amid plans by the Financial Services Authority (FSA) to step up the regulation of home loans.
Self-certification mortgages will be banned under the proposals with lenders required to verify borrowers’ incomes.
FSA chief executive Hector Sants said that some people who were able to get home loans in the boom would no longer be able to under the proposed rules.
The industry will have until 30 January 2010 to comment on the plans.
The FSA, in its mortgage market review, has outlined a series of proposals for increasing regulation in the mortgage market.
And I’m amazed that banks have to be told to do it.
Second, a question of ethics. I was reading the Sunday Times Money Section over a pub lunch yesterday and came across this long article on how to ‘beat the 50% rate’. This raises two questions, first how many Sunday Times readers actually earn £150,00 a year? More importantly why do we, as a society, consider it acceptable to publish this sort of advice? How would people react if a tabloid started publishing ‘ maximise your benefits’?