Press Room
Response To Fsa Mortgage Market Review
Steven Lees, Head of Marketing for email4property.co.uk, responds to the FSA Mortgage Market Review, released today:
“The FSA’s review is an indication of the major reforms required in the mortgage market to avoid the potential for a return to the turmoil of the past two years.
“However, while all the recommendations are extremely valid, I have to agree with today’s comments from the CML - that the review contrasts with current political pressure to increase the flow of lending. Eradicating irresponsible lending is clearly vital for the longterm, but the continued extreme lack of mortgages is still the main hindrance for recovery, with credit-worthy borrowers prevented from entering the market.
“As signs of tentative improvement start to emerge across the housing industry, the review is a timely reminder of the lessons that must be learned for us to reach a sustainable market that works for both consumers and financial institutions. However, it is important that the proposed restrictions do not hide the fact that the mortgage market remains effectively closed to the majority of would-be homebuyers.”
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Notes for Editors:
Article date: 10/20/2009 12:00:00 AM