Will mortgage reforms kill off the recovery? - Mortgages, Money - The Independent: "Among the expected reforms, the FSA could put the final nail in the coffin of self-certificated mortgages by establishing a rule that will compel lenders to insist that their customers provide clear proof of income."
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Did the FSA have to provide proof of income prior to borrowing all those £millions? many bsuinesses (the self-employed included) rely upon loans attached to an asset, a building for example, quite often the loan is for expansion when income is only a projection forward. a hope rather than reality.
Regulation is in dire need of balance.
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