I wrote this back in 2003 and posted on the BBC Moneybox website....
"Self-certification is all too easy of course. In a society where debt is the norm, does listing a unrealistic salary matter? Of course it matters. And it matters very much when the house is lost and sold on to one of the many folk out there just waiting for property to fall back on to the market at a silly price through mortgage default. So no, unchecked self-certification is not a good idea. Frank Sobey"
If you have listened to the news today you will gather that at last these poisonous mortgages, which in part have been responsible to the Credit Crunch by ripping off the less fiscally aware whilst boosting the bonus culture, will cease. Those caught in the trap had not a leg to stand on because THEY had signed to say that their income was much more than it actually was. Those responsible too often were hugely irresponsible!
Just needed to get that off my chest!
