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MPs Urge FCA To Help Rescue 140K ‘Mortgage Prisoners’

Law360, London (November 14, 2018, 12:56 PM GMT) -- Lawmakers urged the Financial Conduct Authority on Wednesday to “be bold and innovative” and help rescue 140,000 homeowners trapped in high-interest mortgages because their lender is either not authorized or no longer active.

Members of the Treasury Committee told the FCA that “time is of the essence” if the watchdog is to help so-called mortgage prisoners — customers who took out loans before the financial crisis but now cannot apply for better rates because they do not pass more stringent eligibility checks.

The FCA has already set out plans to help 10,000 homeowners who hold mortgages with “active” lenders, those authorized by...

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