Banks ignored credit crisis says National Homebuyers
Banks have been blamed for causing many people to experience financial difficulties.
[UKPRwire, Wed Mar 12 2008] A report by the Treasury Select Committee has highlighted the role banks played in causing the financial difficulties that millions of Britons face.
It highlighted that a number of lenders ignored the risks in the run up to the global credit crunch and behaved irresponsibly.
The report said that the banks hoped that the good times would "go on and on".
"We must ensure that in the future such warnings are heeded and acted upon by those at the top of financial institutions," said chairman John McFall.
The Treasury Select Committee report highlighted that warnings came from the Bank of England and the Financial Services Authority, but none were heeded.
The global credit crunch has led to many lenders tightening their criteria, meaning fewer buyers are entering the property market and prices are falling as a result.
Fast property sale expert Julian King of National Homebuyers adds, "People in financial difficulty should consider a quick property sale.
"Options exist to assist even the most desperate of debtor. We advise homeowners to seek options that suit their needs. Sell and Rent Back solutions are often the most beneficial to those who are facing repossession".
National Homebuyers are the UK leaders in Sell and Rent Back solutions where the homeowner can sell their property for up to market value and rent back their home on a secure Assured Short-hold Tenancy agreement.