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Realistbear

V Is Ramping Coming Back To Bite Them?

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http://business.timesonline.co.uk/tol/busi...icle2102685.ece

Times Online July 19, 2007
Mortgage lenders call for interest rate freeze
The CML urges the Bank of England to wait before acting again on rates despite record £34.2bn June lending figure
Steve Hawkes
One of Britain’s biggest financial trade bodies warned the Bank of England today not to raise interest rates to 6 per cent despite revealing that mortgage lending soared to a record £34.2 billion in June.
The Council for Mortgage Lenders (CML) urged the Bank’s rate-setting Monetary Policy Committee to “carefully assess” the impact of the five rate hikes made over the past year before taking any further action.
The body, which represents banks and building societies across the UK, added that June’s record gross lending figure may have been distorted by the sheer number of homebuyers rushing to complete before rates went up, as widely predicted beforehand, in July.
Michael Coogan, the CML director-general, said: “Despite the record level of mortgage lending, there are signs that the market is feeling the cumulative effects of the five interest rate rises we have seen over the past year.

So which is it: is the housing market cooling contrary to VI claims in which case no further IR are required. Or is it heating up as the VIs all claim and further IR are required? They are in a bit of a fix as any admissions as to the declining state of the market may cause panic and any claims that it is rising will tell Merv to hike. Perhaps its time for the VIs to stop sexing up their reports and to begin telling the truth of what is really hapenning in the marketplace?*

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* http://news.bbc.co.uk/1/shared/spl/hi/in_d...html/houses.stm

Edited by Realistbear

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