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CML says specialist lenders are working hard on arrears

The Council of Mortgage Lenders says it is surprised at the FSA’s observations on specialist lenders, who it says have been working “extremely hard” to manage arrears.

The FSA’s latest review findings, released today, claim that specialist lenders operate a “one-size-fits-all” approach, focusing too strongly on recovering arrears without reference to borrowers’ circumstances.

The CML is urging the regulator to work constructively with those lenders to ensure there is shared understanding and agreement about the FSA’s requirements.

The CML says it welcomes the FSA’s confirmation that mainstream lenders are largely complying with its arrears and repossessions requirements.
It says: “The mortgage lending industry is making strenuous efforts to ensure that repossession is only taken as a last resort, when other realistic alternatives cannot be found that balance the interests of the borrower and the lender.”

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