Homebuyers with unrealistic expectations were encouraged by mortgage brokers and lenders to borrow with no expectation of repaying.
As a short-term stop-gap or for those with other resources, interest-only products might have a place. But this woman was sold a 10-year deal.
She said her repayments had dropped when she remortgaged at the end of that deal, yet she appeared not to feel any responsibility for her failure to use that money to tackle the problem. In fact the question was never asked.
So, we have a looming crisis created this century where lenders, brokers, regulators and consumers were all complicit. I wonder who will carry the can for this one?
Cyber-bullies are cowards
What would make a company director, trade association chairman and chairman of a local rugby club choose to bully someone half his age through social media?
Patrick Bunton has surrendered his roles at London & Country and the Association of Mortgage Intermediaries – and failed to comment on allegations made by England fly-half Freddie Burns.
Trolling was not born in the internet age. When I worked at the Daily Mail I had an area of my notice board dedicated to what we then termed the green ink brigade.
There was the one who likened my photo to an evil imp. Another told a colleague she was the “spawn of the devil”. We laughed these off.
But internet trolling can be in a different league. It is often personal, persistent and, through anonymity, indisputably cowardly.
There may be legitimate reasons why someone would wish to comment on industry issues without revealing their name, but to hide behind an alias in order to abuse others is beyond contempt.
Tony Hazell writes for the Daily Mail's Money Mail section
