Bolton claims 80% of HBOS loans had no proof of income

Jones, Lee
June 2009
Money Marketing;6/18/2009, p1
The article focuses on the claims of Michael Bolton, former mortgage chief of HBOS PLC, that up to 80 per cent of mortgage loans accepted before the credit crunch had no proof of income in Great Britain. Bolton said that HBOS is offering products without proof of income including a lot of self-cert. According to the former HBOS chief, as much as 80 per cent of loans were going through without full proof of income before the credit crunch.


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