Cable criticises sub-prime mortgage lenders |
06 2008 |
| Liberal Democrats Treasury spokesman Vince Cable has criticised sub-prime mortgage lenders, saying they lack the necessary "scruples" to follow guidelines. The Council of Mortgage Lenders (CML) announced four guiding principles earlier this week to deal with the effects of the credit crunch in a letter to the chancellor. However, Mr Cable has responded by saying that may not be enough to regulate sub-prime providers, who he claims are quick to look for repossessions rather than compromise arrangements. He said: "There are many sub-prime lenders and other creditors who do not have the scruples of the main mortgage lenders. "Unless these guidelines are enshrined in law, it is difficult to see what impact they will have on the spiralling number of repossessions." Recent figures from the Ministry of Justice show that there were 27,500 repossessions during the first three months of 2008 in England and Wales, nearly a fifth more than at the equivalent time last year. That total compares with 75,500 repossessions during the whole of 1991 amidst the previous housing crash, and 27,100 during the whole of 2007.  |
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