Yep!

A letter in today's Independent that pretty much sums it up:

The FSA think it wise now that bankers should ask for proof of earnings before granting a mortgage (report, 19 December). Lord Turner says it's time to end reckless borrowing. Surely, it's been reckless lending that's caused all the problems? Who in their right mind would grant a mortgage without checking the borrower's ability to repay?

The bankers in charge are, probably, some of the most incompetent individuals that this country has produced, individuals who have been paid immoral amounts of money, left their employment (some of them) with gold-plated pensions and share issues yet still have the cheek to complain that they will be forced to seek employment abroad. I say, good riddance and I'll join the queue to replace them.

When applying for my first mortgage in 1972, I could borrow only twice my annual salary. My wife's earnings were not even considered. Very sensible, because a lot of women at the time soon left to have children. Their jobs were not left open for them to return to in those days.

British taxpayers have to sit and watch their money being squandered on inflated salaries and bonuses while the majority of us have to make do with either a 2 per cent pay rise at most, or nothing at all. On top of this, they are now asked to work longer, pay more into their pension and get less when they retire. If they are lucky to enjoy any retirement. Of course, I'm forgetting; we are all in this together.

Andrew Cooper

Kimberley, Nottinghamshire