Sir Nigel Rudd BBC Working Lunch - Talks about irresponsible lending

http://www.propertyauctioninformation.co.uk

Sir Nigel Rudd Barclays non executive director talks on BBC Working Lunch about irresponsible and reckless lending by UK banks.

Banks that acquired building societies including Northern Rock, Halifax, Abbey National, Bradford and Bingley used the large deposit base that they had to leverage offering up to 125% mortgages against property.

Now the housing market is crashing, and people are saddled with years of debt due to the action of lenders and mortgage advisors. This is the biggest scam in history and affects millions of people, and is the reason why the UK government are bailing out the reckless banks with tax payers money.

Category:

News & Politics

Tags:

• credit crunch
• irresonsible lending
• scam
• 125% mortgages

[TheJamiscool]

I've met him =)

[Viejoviajero]

Amen. And in BBC no less.