CML calls for suspension of EU mortgage market plans

It says the rapidly changing conditions in the UK and European mortgage markets mean the paper no longer makes sense for the market. The white paper, published in December 2007, is now out of date according to the CML and the European Commission should instead focus on improving financial stability. Andrew Heywood, deputy head of policy at the CML, explains: "Many European mortgage markets have changed so dramatically in recent months that the only sensible step at this stage is to drop the proposals and start again from a basis of analysing likely future market conditions.” He says inte...