CML members 'already taking action'
www.moneynews.co.uk > Mortgages > CML members 'already taking action'
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CML members 'already taking action'
Fri 28th Nov 2008
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According to the CML, the reviews of arrears and repossessions policies, management strategies and case studies advised by the FSA in order to reduce the number of repossession during the recession are already being undertaken.
Director general of the CML Michael Coogan commented: "Lenders understand that in the current difficult economic environment there is bound to be a high level of scrutiny of their handling of mortgage arrears.
"That is why we and our members have been working on a voluntary basis to the same goals as the FSA in this important area."
The CML represents banks, building societies and other mortgage lenders, and its members account for approximately 98 per cent of all mortgages taken out in the UK.
British Bankers' Association chief executive Angela Knight has also criticised the new letter, claiming that repossession is always a "last resort" for banks.
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