I never saw any MORTAGE regulators...... did you?
In reality, imagine the OUTCRY if, when things improve, the public were PREVENTED from taking out mortgages to whatever level they CHOOSE.....
Sadly, I am old enough to remember when there WAS (effectively) a Govt. Controlled 'Cap' on the amount of mortgage money available (1970s) and BOY.... was THAT unpopular! Getting mortgages was HYSTERICAL!
During the last 'mortage madness' (late 1980s), I arranged for a... errrr...... lady of the night.... to get a self certificated mortgage on her UN-declared income which was ALL from her 'profession' for which she had no 'books' and paid zero taxes.... even after her 'husband' defaulted on their mortage having pocketed all the money she THOUGHT was being going to the B/S and running away with another member of her 'profession'. We knew the crash was coming and was VERY close when we placed THAT one!
Ohhh,... and she paid the residue (around £60,000) in C*A*S*H to me which I had to take to the vendor's solicitor! Tee hee.... those were the days!
Ian
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