Thursday, May 10, 2012
Stored for another day
Mark Blackwell, managing director of xit2, the property and mortgage data specialist, said: "Mortgage lenders are being unsustainably tolerant of borrowers in arrears. "Unemployment is increasing, and personal finances are being squeezed by the rising cost of living, which suggests repossessions should be higher, but they are being kept artificially low by lenders generous forbearance packages. Their generosity is camouflaging serious problems in borrower finances."