The mortgage industry has claimed a Labour MP's attempt to regulate home repossessions as being an "overreaction".
The MP called for a range of changes in the House of Commons recently, including a single regulation regime for secured loan products.
The Council of Mortgage Lenders have said that they do not support a single regulatory scheme, but would encourage the Financial Services Authority and the Office of Fair Trade to work more closely together in a more effective way.
The Labour MP also stated that lenders repossessed peoples homes too quickly, but this claim was strongly rejected by the industry, saying that repossessions were historically low, even though arrears have gone up in the last 18 months, and that if people try to work with the lenders, they will go to almost any lengths to keep them in their home.
Our view
MP's should stick to government, which they normally 'cock-up', are only in it for the Corporate 'positions' later on (and peerages no doubt) and leave the Courts to implement the law on property.
We believe property law is solid, works well as needs know reform. Houses are reposessed due to government mis-management of the economy, redundancy and interest rate increases.