Housing Minister Grant Shapps has continued his pressure on the FSA to relax its Mortgage Market Review (MMR) proposals, arguing the rules must be proportionate and not put "unnecessary prescription" on the industry.
In a written response to MPs' questions on the effect of the MMR proposals, Shapp said the government supported the MMR's underlying objective, but wanted regulation that supported access to homeownership. Shapps said: "The new government is committed to supporting aspiration to homeownership and shares the underlying objective of the MMR to create a stable, sustainable market for all participants. We must avoid the boom and bust that the property market has experienced in the last decade. "We want to see a regulatory framework that supports access to homeownership and new housing sup...
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