Would anyone like to comment on this Labour Ministers statement?

John Healey, Labour Housing Minister said today that "having their homes seized by the Banks is the best thing for people who can't pay their mortgage." He feels they must feel better not having that millstone around their necks. Now, can someone please remind me what it was about the Banks and their behaviour in the last few years which led to a global recession where normal hard working people lost their jobs and couldn't afford to pay their mortgages? Can someone also tell me who it was set up the FSA to oversee the Banks?