Europe Scrutinizes Lending Practices

Published / Last Updated on 02/12/2007

Council of Mortgage Lenders

The Council of Mortgage Lenders CML were part of a panel looking at European intervention of responsible lending practices at a recent European Mortgage Federation conference.  

The Council of Mortgage Lenders CML were not in favour of European intervention, claiming cross border mortgages are likely to impose costs on firms without any benefits.  

The Council of Mortgage Lenders CML also warned that UK sub-prime fixed rates that end in the next year could be facing a rise in repayments of around 26%.  

Our view

The move to cross border lending is a positive move for choice.  The message that sub-prime rate changes will bite this year is a stark reminder that the housing market is in decline.

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