Banking Minister slams ‘foolish’ mortgages

Lord Myners, the Banking Minister, has called lenders offering 100% mortgages ‘foolish’.

This comes after Prime Minister Gordon Brown called for ‘prudent and careful’ mortgage deals in the wake of the credit crunch.

The Financial Services Authority is to investigate controls over 100%+ mortgages, whilst the Conservatives claim that Mr Brown’s regulatory system whilst Chancellor allowed 125% mortgages to happen.

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