CAB questions perhaps a mis-sold mortgage by NR

FraudBuster

Don't ever trust anyone in financial services - not for a minute, ever.

FSA fines and bans former Northern Rock deputy chief executive and credit director for misreporting mortgage arrears figures.


FSA/PN/066/2010
13 April 2010
The Financial Services Authority (FSA) has today fined David Baker, former deputy chief executive of Northern Rock Plc (NR), £504,000 and Richard Barclay, former managing credit director at NR, £140,000.


http://www.fsa.gov.uk/pages/Library/...2010/066.shtml

ViolaLass

FraudBuster wrote: »

FSA fines and bans former Northern Rock deputy chief executive and credit director for misreporting mortgage arrears figures.
....

http://www.fsa.gov.uk/pages/Library/...2010/066.shtml

Relevance to the OP?

2sides2everystory

Well for starters it shows that the whole NR "mortgage" business was deliberately misrepresented i.e. not what it seemed. So one might reasonably assume that the individual residential mortgages that were sold within the business were not what a reasonable person would expect either.

Some officers of the crashed Washington Mutual in the US (WAMU) have attracted much the same kind of allegations I think - not sure if any of those were prosecuted yet.

ViolaLass

No, it shows that the mortgage arrears were misrepresented, not 'the whole thing'. Besides, we have yet to see any evidence or hear a good reason as to why the OP's mortgage may have been mis-sold. Saying "It must have been because Northern Rock were dodgy" is hardly helpful.

2sides2everystory

Is there anything more important in the measurement of the viability of a mortgage business than the level of arrears? I am trying hard to think of something that even comes close