Reckless lending 'caused 17,000 repossessions'

Its analysis of FSA data suggests that between 16,900 and 18,500 repossessions would not have occurred if the MMR proposals had been in force over the last five years, as borrowers would not have been able to access loans they could not afford. In addition, £20m in arrears fees could have been avoided. Shelter is calling on the government to support the FSA's responsible lending proposals, saying they will not prevent most people getting a mortgage, but ensure the loan is affordable. Campbell Robb, chief executive of Shelter, said: "This research shows just how much the mortgage m...