The mortgage industry must consult internally on what lessons can be learned from the summer credit crunch, according to Jon Pain, chairman of the Council of Mortgage Lenders.
During a speech at the Council of Mortgage Lenders’ (CML) annual conference, Pain reflected on his two years as chairman, saying the industry had seen growth in lenders and products, along with the bedding down of regulation. However, he says recent problems will have a profound effect on the market. Pain outlined three areas requiring urgent action to help the UK mortgage market. Firstly, he called on a swift resolution of the Northern Rock issue to restore consumer and market confidence. Plain also called for the Bank of England to look at how it can help re-open the mortgage backed se...
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