Thursday, June 5, 2008
Sub-prime lenders may not be as willing to sign up to the Council of Mortgage Lenders’ (CML) guidance on repossessions
Sub-prime lenders unlikely to follow repossessions guidance
In a letter to Chancellor AD outlining lenders' commitment to help those who could be experiencing problems paying their mortgage as a result of the credit crunch, the CML have proposed a uniformed approach to dealing with arrears. However, Vince Cable, shadow chancellor for the Liberal Democrats, said lenders were not obliged to follow the proposed practices so they could not be enforced."Unless these guidelines are enshrined in law, it is difficult to see what impact they will have on the spiralling number of repossessions."
One thought on “Sub-prime lenders may not be as willing to sign up to the Council of Mortgage Lenders’ (CML) guidance on repossessions”
Add a comment
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
renting2 says:
Please, Please, Please don’t enshrine into law the ultimate use of public funds to bail out all feckless lending!