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
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."