Posts Tagged ‘Loans’

Mortgage lenders under fire from FSA

Wednesday, November 4th, 2009

The Financial Services Authority (FSA) has declared war on unacceptable practices in mortgage lending, with a £2.8m fine for GMAC-RFC over what it termed ‘unfair treatment of customers’.  GMAC’s failings included “excessive and unfair” arrears charges for missed mortgage payments on loans, repayment plans that did not always consider a customer’s circumstances, and moving to repossess [...]

Mortgage proposals will rein in lenders, end self-certified mortgages

Tuesday, October 27th, 2009

New proposals by the Financial Services Authority (FSA) to regulate mortgage lending will require lenders to refuse mortgage applications that are beyond what the homebuyer can reasonably afford. However, the current FSA proposals stop short of imposing limits on the loan-to-value ratios of mortgages, which relate to the size of the mortgage as a percentage of the value of the property, and would [...]

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