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Saturday, October 24, 2009

FSA Talking Nonsense

Hector Sants, CEO of the FSA, seems to have been talking nonsense when it comes to self certification mortgages.

Ray Boulger of mortgage broker Charcols noted that Sants said on the BBC Today programme that, in the boom times, self cert mortgages were around half of those offered.

"This claim is complete nonsense and it is very worrying that the FSA is trying to set policy on the basis of such a serious misunderstanding.

It is true that about 50% of mortgages were 'income non-verified' - but only about 10% were self cert
."

It seems that Sants is so concerned about trying to save the FSA from being shut down under a forthcoming Tory administration, that he is prepared to ignore the facts in order to garner a media soundbite.

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