Here is another case of bolting the door after the horse has done a bunk. The Financial Services Authority would like to tighen up on dodgy lenders offering mortgages to people with bad credit histories.
The City watchdog wants to review the highly exploitative UK "sub prime" mortgage market which lends to people who would normally find it hard to secure a standard mortgage.
The FSA will also look into another rip-off business - the lifetime mortgage market, where consumers borrow money against the value of their home and the loan is usually not repaid until the homeowner's death.
Unfortunately, the FSA should have started this investigation years ago, before industry abuses reached epidemic levels. It is welcome decision, but it is way too late.
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