Tuesday, 23 October 2007

Are lenders to be punished for greed?

There has been some speculation in the media recently that solicitor Michael Lynn or companies controlled by him borrowed €26 million this year alone and there have been suggestions that some of these transactions may not have had full security for the respective lenders.

How is it that small borrowers can be made jump through hoops by lenders when they want to borrow relatively modest sums in the hundreds of thousands to buy homes, while this man apparently got access to €26 million?

It wouldn't possibly be that the size of Michael Lynn's borrowing and the resulting profits to me made could have dazzled the normally cautious bankers? Time will tell.

Here's one of the many articles on this topic.

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