Criminal Banking Scam Whitewashed By The Media
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?