Law360, London (January 10, 2019, 12:38 PM GMT) -- The Financial Conduct Authority said Thursday it is considering whether to relax rules on responsible lending to aid tens of thousands of “mortgage prisoners” who are trapped in deals and paying sky-high rates.
The City regulator estimates that up to 150,000 homeowners are trapped in deals with unregulated or inactive lenders and are unable to switch because they do not meet strict eligibility requirements. (AP) Andrew Bailey, the FCA’s chief executive, said the regulator plans to publish a consultation in the spring that will examine whether strict responsible lending criteria brought in after the financial crash — which was tied to...
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