Criminal Banking Scam Whitewashed By The Media

Friday, May 3, 2013
By Paul Martin

Mick Meaney
Friday, May 3, 2013

Thousands of British homeowners could be at risk of losing their homes as a result of potential widespread mis-selling of ‘interest-only’ mortgages, it has emerged today.

A report from the Financial Conduct Authority (FCA) has found that around 2.6 million ‘interest-only’ mortgage’s are due for repayment over the next 30 years, with one in 10 people having no plan to repay the loan.

It’s thought that banks failed to inform approximately 13% of borrowers that they would need to repay an average debt of £50,000 once their mortgage has ended.

Now the FCA, together with the mainstream media, are attempting to shift blame onto homeowners, citing the need for a ‘wake up call’.

FCA chief executive Martin Wheatley said:

By acting now we are aiming to nip this problem in the bud.

Mortgage lenders have volunteered to contact their most at-risk customers with a ‘wake-up call’ to highlight the report’s findings and what they need to do without delay.

Yes of course Marty, we can always trust the banks to do the right thing – recent history has shown us that, right?

The Rest…HERE

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