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MSE news: MPs slam treatment of mortgage strugglers

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This is the discussion thread for the following MSE news story:

"Mortgage lenders, the regulator and Government have all come under fire from MPs due to the shoddy way those struggling to pay their homeloans are treated.

In particular, lenders come under attack in a Treasury Committee report for the high fees charged to those behind on payments and the lack of leniency showed to many homeowners ..."

Comments

  • MiserlyMartin
    MiserlyMartin Posts: 2,241 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    edited 11 August 2009 at 1:40AM
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    I have little sympathy for people in this situation. Many of them borrowed too much without thinking about paying it back and made no provision for tough times ahead or unemployment. Lenders are just re-couping their losses. "Your home is at risk....."

    MP's ramped up property prices gleeful as their 2nd and 3rd homes rose in value, now they pretend to be concerned for ordinary folk what a joke.
  • johnjames1
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    Profiting more like! People who bought their house for the right price now even find themselves in a negative situation what do you say to them? You should not have bought your house? Also many people borrowed to improve their homes with extra rooms etc only to find the value now wiped out, why did the not sell and move? Because the prices were too high so they built on to their houses.
    THATS the real problem.
  • beecher
    beecher Posts: 2,497 Forumite
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    johnjames1 wrote: »
    Profiting more like! People who bought their house for the right price now even find themselves in a negative situation what do you say to them? You should not have bought your house? Also many people borrowed to improve their homes with extra rooms etc only to find the value now wiped out, why did the not sell and move? Because the prices were too high so they built on to their houses.
    THATS the real problem.

    You contradict yourself as you say people bought their house for the 'right' price, but then say that prices were too high. Can't have it both ways. Many people have overstretched themselves on the assumption that 'things can only get better'. Now the bubble's burst and the government's trying to find someone else to blame.
  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
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    johnjames1 wrote: »
    many people borrowed to improve their homes with extra rooms etc only to find the value now wiped out, why did the not sell and move? Because the prices were too high so they built on to their houses.
    THATS the real problem.

    I think there are a lot more issues than people who wanted to improve their homes...the first one that springs to mind is that there was a credit crunch which wiped out a load of lenders which in turn left a few remaining lenders who resultingly tightened their belts and then became a lot more strict with their lending criteria.

    And I think there are other factors too.
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