FSA report pans sub-prime lenders

A report issued by the Financial Services Authority (FSA) in the United Kingdom adopts a highly critical stance with respect to sub-prime mortgage lenders and advisers. The report says that these parties have failed in their responsibilities to vulnerable borrowers who are often already highly-indebted.

The report also warns consumers that they could face prosecution if they are untruthful about their earnings in order to get a bigger mortgage than they can properly afford.

The report covered

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