Mortgage Mis-Selling And Excess Profits

EDM number 818 in 1998-99, proposed by Paul Flynn on 13/07/1999.

That this House applauds the Daily Mail's description of the action of banks and building societies in failing to reduce interest rates as 'greed, naked and unashamed'; notes that half of all mortgages were mis-sold in a recent survey in Suffolk; is concerned that a mortgage mis-selling scandal of epic proportions is occurring; believes that the mortgage industry should be placed under the control of the Financial Services Authority and that a windfall tax should be imposed on its unfair profits; and calls on the Government to establish a fee-based independent advice service to provide the public with advice on pensions, mortgages, investments and endowments that would be separate from the paid commission.

This motion has been signed by a total of 35 MPs, 1 of these signatures have been withdrawn.