The Government is to fast-track laws covering housing buy-back schemes and is setting up a toll-free phone line to get an idea of how widespread the schemes are...
Wednesday, June 25th 2003, 6:15PM
by The Landlord
The schemes, accused of being scams, targeted people with high equity in their homes and offered them cash in exchange for that equity which could be used to help the family buy a second home.
The people were then hit with high fees and interest rates. They also signed over ownership papers, so when they failed to meet a payment on the interest they had their homes sold from under them.
