The Intermediary Mortgage Lenders Association (IMLA) has formed a cross industry Mortgage Funding group aimed at restoring mortgage market liquidity.
The Mortgage Funding group, which will be open to an industry-wide membership, will launch in early 2010 under the chairmanship of Tony Ward, chief executive of Home Funding, Ward said: ‘There are signs of some recovery in the wholesale funding markets, but a very evident and significant shortfall in mortgage funding remains, and that is impacting on all parts of the mortgage market, but in particular non-bank lenders and building societies. It is our aim to identify barriers and weaknesses, propose solutions and lobby key constituencies to address them." IMLA has also announced a new...
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