You can take another look at the week’s news and we’ll round up the most thought-provoking or unmissable comments posted after stories or letters sent straight through to the editor.
Comment any time on the Mortgage Solutions website and you could feature in next week’s Mortgage Mutterings.
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Mortgage fraud rises 18%
Mortgage Solutions | 08 Mar 2011 | 09:33
Kay McLellan
It seems the increase in so-called mortgage fraud can be attributed in some part to clients having adverse credit. It was not long ago that lenders had products for all, from the default all the way down to day-one bankruptcy. Now that there are little or no products for those with poor credit – it is now deemed that the brokers are committing mortgage fraud. When clients fail to disclose poor credit, even when quizzed by brokers, is it right that we should be deemed culpable? As ever, the brokers seem to get blamed for everything.
James Lindon-Travers
08 Mar 2011 | 11:23
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Mortgage mis-selling service targets brokers
Mortgage Solutions | 08 Mar 2011 | 16:43
Kay McLellan
All the good guys have got their act together and look after their clients. I don’t mind regulators looking over my shoulder, they may learn something. These types of companies (I am told) are not averse to putting exaggerated ideas in to people’s minds. Let’s have some more regulations.
John Kaye
08 Mar 2011 | 18:39
Sally Bowyer, please do something constructive that supports our industry. What you are doing is not healthy or indeed helpful – to anyone, neither clients nor advisers. If you want something to moan about, how about the billions that was handed over in quantitative easing. Where did it all go? Perhaps, Sally, that would be a more worthwhile trail to follow.
Bryan C
09 Mar 2011 | 10:48
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Sants: FSA ‘not anti-small firm’
Mortgage Solutions | 09 Mar 2011 | 17:48
IFAonline
“We have made a large effort to reach out to small firms and help them improve the offering they make to investors.” This comment suggests that the offering is considered to be inferior to that of large IFAs. Surely this is not true? The small IFA gets to know his/her client better and can surely offer a better and more appropriate service and “offering” than the larger concerns. We desperately need someone with experience of small IFAs to advise the FSA on any matter affecting small concerns and the FSA to do something about it.
John Andrews
10 Mar 2011 | 09:35
The only way to achieve any satisfactory agreement will be to scrap the FSA Act 2000 & replace it with a new act. The intentions of the old act were fair enough but it was poorly drafted and we are living in a very different world. A new act would take as its starting point the current position, rather than tinkering with the existing act and still coming up with a highly unsatisfactory result. Actually, I will amend that, tinkering and keeping the old act is what the FSA want but not Mervyn King, the providers, advisers and I suspect (if they thought about it) the government.
Nick Pilkington
10 Mar 2011 | 09:40
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L&G: Base rate to hit 1% by summer
Mortgage Solutions | 09 Mar 2011 | 17:05
Kay McLellan
Interest rates are surely going to rise, but to stop widespread repossessions it will have to be measured and slow and perhaps coupled with annual cost of living pay rises. Remember, many are losing their jobs, many are on pay freezes and many are on reduced pay. How many borrowers can we afford to be repossessed and how many homeless people can society tolerate? Raise rates quickly at your peril.
Mike
09 Mar 2011 | 17:41
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Connells and NatWest offer 90% exclusive
Mortgage Solutions | 10 Mar 2011 | 10:29
Simret Samra
How can we as intermediaries help this end of the market when we cannot access such products? Only when the most professional sector of the industry (independent mortgage advisers) have access to all products and bat off an even playing field will the market move forward.
Peter Kelly
10 Mar 2011 | 17:25
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FSA forced to pay up for late night enforcement action
Mortgage Solutions | 10 Mar 2011 | 15:56
IFAonline
Fascinating the FSA actually recognises that IFAs are hard working individuals who put in exceptionally long days working for the betterment of their clients.
Hardworking IFA
11 Mar 2011 | 10:46
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Sants pressures King to go easy on the banks
Mortgage Solutions | 11 Mar 2011 | 11:59
IFAonline
King is 100% right – his analysis of the banks to the Treasury Select Committee last week was crystal clear and accurate and Sants is so far out of kilter with his views, it makes you wonder if he is fit for his role?
Chris Ridgeway
11 Mar 2011 | 12:47
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MS Poll: FSA – good, bad or ugly? Vote now
Mortgage Solutions | 11 Mar 2011 | 12:13
Mortgage Solutions
While many rank and file employees of the FSA are friendly and helpful, the hierarchy lead by Sants is a disgrace. The organisation is totally unaccountable, arrogant and expensive, and I do not believe adds anything worthwhile to protection for the ‘man on the Clapham omnibus’. I deal with consumers on a daily basis, I look after their interests, I treat them fairly, otherwise I would soon be out of business. Let’s face it, when was the last time any potential client asked if your were regulated by the FSA? In my case, it is never. In my experience, you cannot argue with the FSA, it is always right.
Bob Bull
11 Mar 2011 | 14:12
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Have a great weekend.
The Mortgage Solutions team
