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Response to Eversheds "stalemate"/What's my next step?

from Eleanor Scott (eleanor.scott@btinternet.com)
Just to continue this thread (why not?!), I do think Charles' desire for an Act or a clear statute is reasonable, because it is obvious that the banks cannot properly regulate themselves. They abuse the Morgtage Code (by which they supposedly regulate themselves voluntarily) on an astoundingly frequent basis. You can even look at the recent minutes of Treasury committee meetings on the House of Commons web site and see senior members of the Financial services Authority admit that the Mortgage Code is flouted all the time. (Lenders are meant to act 'fairly' and with 'transparency', in case you're interested.) Here's Howard Davies, Chairman of the all-powerful FSA: ' The issue, of course, is whether it [the Mortgage Code] is properly policed, and the evidence that the Council of Mortgage Lenders have themselves produced, to their credit [!], where they have done their own assessment of this, has been that it is pretty patchy still. So I do not think that we would have a lot of quarrel really with the code itself, I think the issue is whether people are actually following it, around the country.' (Giving evidence to Treasury Committee, 14 March 2000.) What concerns me is how mortgages (and repossessions and shortfalls) continue to evade scrutiny by a statutory mechanism. The banks are not fit to regulate themselves voluntarily. Eleanor.
(posted 8644 days ago)

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