Mortgage comments under fire

Saturday 13th September 2008, 10:00AM BST.

CALLS by the Economic Development Minister for new regulations to outlaw 100% and 110% mortgages were ignorant and ill-considered, according the man behind the Mortgage Shop.

Peter Seymour (pictured), yesterday criticised Senator Philip Ozouf following his comments in the States this week. Mr Seymour said that 110% mortgages had never been available in Jersey and stressed that it was stupid to make comments based on the UK experience of the credit crunch, as Jersey’s market was very different.

The minister revealed in the house that he was preparing the ground for the introduction of regulations to govern the way in which lenders operated.He said that he would want the regulations to outlaw 100% and 110% mortgages and ensure that consumers were given clear and accurate information.

Mr Seymour said that if the minister had done any research, he would have known that a voluntary code of practice had just been launched to deal with such issues.

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1
pcc

September 14, 2008 at 5:03 pm

a voluntary code of practice by an unregulated industry that has a vested interest in high prices and high transaction turnover – no thanks. it strikes me that philip ozouf is trying to learn from the mistakes of others which appears a sensible approach.

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2
Harve

September 15, 2008 at 11:46 am

Sorry, but Ozouf is only trying to make it seem as if he is doing something productive. After all, there is the small matter of an election looming.

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3
Ben Durbano

September 15, 2008 at 2:26 pm

This would be like outlawing people from flying under their own power.

110% mortgages have never been available in Jersey and 100% are so rare that they would only happen in exceptional circumstances where risk is heavily levied.

Therefore this is yet another States of jersey waste of time, perhaps someone with some financial sense within the states might be a start?

Shutting the gate once the horse has bolted springs to mind.

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