By Mikhaila Crowie
12 August 2008
The Federation of Unions of South Africa have strongly criticised the First National Bank for credit withdrawals on approved mortgage offers.
The bank shocked many when they confirmed they would withdraw home loan approvals on a “large scale”.
FEDUSA secretary general, Dennis George, said this decision would have a negative impact on buyers and sellers.
“FEDUSA condemns the actions of the Fist National Bank (FNB) because we believe it is totally unacceptable that the bank can go and offer their client a mortgage bond offer in order to place the person in a position to go and look for a particular property on the market and then unliterary come and withdraw the offer.”
FEDUSA has called on the Reserve Bank to investigate, whether or not this could be harmful to the economy. FEDUSA said this practice might create anxiety and says it is unacceptable that FNB would create such anxiety.
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