I can understand strict lending rules, but it is getting to the point now where getting a load from anywhere is nearing impossibility. And if credit is a factor, then forget about it. Almost everyone has terrible credit now, and many times whether you get loans or grants depends on credit.
The new lending rules the FSA proposes are too strict. This is typical from government organizations that want to take power away from companies and people and give that power to the government. The rules will slow down lending for many people and business and this will hurt the economy very much.
I think that the new lending rules by the FSA are not too strict. I think that ever since the economical meltdown in 2008, it was important that we as a country tried to do everything we can to prevent it from happening again. Since lending was a major reason for it, it is only logical we take special precaution in regards to it.
The housing bubble that led to the recession was brought on by deregulation that allowed banks to throw money around like it was candy. Prior to this problem these banks were regulated and controlled and only people that truly showed financial responsibility were able to obtain a loan. Not to mention the fact that they had to have decent down payment in hand as well. The proposed lending rules set forth by the FSA are not too strict.
The one thing most people do not need is more debt. This is the main problem with society today is that we have been suckered into believing this is the cure to our nations financial difficulties. But the real problem is too much debt. When people cannot pay this debt we increase the risk of further damaging our currently sensitive economic structure. What I believe we need is debt relief.