So, with the credit crunch putting people in stressful situations no suprise then that some firms are making a financial killing out of misery and desperation. There are an estimated ‘sell and rent back’ loan sharks out there doing good business. And it is set to soar with the impending recession (and repossessions are already sky rocketing).
“The Office of Fair Trading (OFT) is to demand a crackdown on sale-and-rent-back deals in which hard-up home owners sell their property to specialist firms at a discount in return for tenancy rights. It wants the Financial Services Authority to regulate the fast-growing practice.”
Regulation? From the Financial Services Authority? Same toothless lot who fiddled while the banks went into overdrive and did nothing? They have no history of corporate accountability, I mean why would they, they serve financial capitalism.
And it is ordinary people out in the real world who are suffering the consequences of the credit crunch.
