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Produce a critical analysis of an article on a current economic issue of your choice from the 'Financial Time' - Essay Example

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has come up with its new proposals for restructuring the mortgage lending policy. The Financial Services Authority of U.K. is a non-governmental authority that has been responsible for regulating the financial services…
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Produce a critical analysis of an article on a current economic issue of your choice from the Financial Time
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Produce a critical analysis of an article on a current economic issue of your choice from the 'Financial Time'

Download file to see previous pages... According to the news, published in the Financial Times on July 13, 2010, Lord Turner who is the chairman of the Financial Services Authority has announced the new proposals for the mortgage lending policy (Goff and Masters. 2010). The FSA has found that due to the shortcoming of the mortgage lending policies, the customer are facing problem with the repayment of the loan that may lead to credit crunch in financial service sector of U.K. The FSA has conducted a review and analysed the current scenario of mortgage market. According to the review, the FSA has found certain facts indicating the borrowers’ inability to repay the loan. These facts have been discusses below.
It has been found that the living cost of 46% consumers’ household has been reduced after the repayment of mortgage. The burden of the mortgage repayments are so high that borrowers are left with no or very little money after the repayment of mortgage.
The overall idea of FSA’s proposal for the mortgage loan policy is to ensure that every mortgage borrower will be able to repay the loan. Lesley Titcomb, who is a FSA director of the mortgage market has commented that “While it is clear the mortgage market has worked well for many, we need to build a strong new framework to protect mortgage customers and to ensure that the problems we have seen in the past do not happen again, particularly as the mortgage market recovers” (FSA-website. 2010). However, the current mortgage market is already in distress as there has been a decline in the house prices and the interest rates. “Estate agents had fewer inquiries from potential homebuyers last month while the supply of homes for sale showed signs of picking up, adding to fears that the housing market could be poised for further price falls” (Cohen. 2010). The supply of the real estate has gone up but the demand for houses remains weak in the first quarter of this month. The agents ...Download file to see next pagesRead More
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