As the housing market looks set to fall again, the soon to be emasculated Financial Service Authority (FSA) is using its last moments on earth to take a pot shot at "reckless" mortgages.
The FSA has put forward proposals for new rules wrt mortgages, and is "adamant" that the new rules will include a ban on lending without proof of income.
It wants to ban self-certification mortgages.
The FSA wants to "go back to basics" of responsible lending.
The FSA claims that it wants to prevent people falling into debt as a result of overburdening their finances when buying property.
All very well, maybe, but was it not during the "watch" of the FSA that self certification mortgages took off?
Why this sudden change of heart?
Have the banks not already significantly tightened up their lending rules, as buisinesses and propsective house buyers can attest to?
Is this not really a case of the FSA trying to make themselves look useful in their dying days?