banks have always been there just totake your money - what's changed?

... in a dalek voice ...

regulate, regulate, regulate

...oh and exterminate Howard, or at least bump him off the derailed gravy train.

Crikey! People who have signed an agreement want to welch on it. No not just welch on it, but sue the other party.

So for 10 years these people have been living in a house: interest free and risk free. Who took the risk about whether the asset would increase in value? The banks!

"the banks typically receive up to 75 per cent of the appreciation in value of the home over the last 10 years, as well as repayment of the original loan in full, in exchange for having lent only up to 25 per cent of the value of the home 10 years ago."

Who in their right minds would ever thimk of signing up for a sharp deal like this?

It's a wonder that banks found any takers.

These people knew the details but usual consumer association pressures trying to get them out of it.

They got greedy raising cash and not having to pay it back but because property values were increasing they werent happy that their benefit from that was diminished big time.

Worked with BoS at the time SAM mortgages had been withdrawn and they were still taking calls thick and fast asking for them