Financial Services Industry
Industry: Email Alert RSS Feed'Sub-prime mutuals' under fire.
Financial Adviser, January, 2007
Byline: Accountancy firm says societies which offer sub-prime lending without membership are betraying their principles
Mortgages
Building societies profiting from sub-prime customers without offering them membership could be undermining mutual principles, according to accountancy firm Deloitte.
The claim was made about building societies that have cashed in on sub-prime business by using subsidiary companies that do not offer membership to their customers. Steve Williams, head of the building societies group for Deloitte, said: "It is something building societies are struggling with.
"You could end up with societies that have a prime mortgage book with middle class members all sharing the protection and benefits of membership. And...
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