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CML urges Government housing intervention

The Council of Mortgage Lenders has urged the Government to use today’s pre-Budget report as a means of curbing rising mortgage arrears and repossessions.

Last week the CML revealed that arrears rose by 8 per cent over the third quarter of 2008, while repossessions rose even faster, by 12 per cent. CML director general Michael Coogan says if the Government do not help to curb these numbers, a full-blown recession is more likely.

Coogan says: “We need a full picture of the interventions the Government is going to make: the pre-Budget report is absolutely vital in finding out whether the economic problems will be addressed pro-actively by the Government and the regulator as they seem to be over recent weeks.”

Coogan says intervention must include further work with those facing mortgage arrears, more investment into the Income Support for Mortgage Interest repayments scheme, and an extension to the shared equity/sale and rent back schemes that were launched by the Prime Minister Gordon Brown in September.

“If we don’t have the interventions we need, we may have the full-blown recession that many people fear,” says Coogan.


Morgan critical of L&G reserves for defaults

JP Morgan claims that Legal & General is the UK insurer most likely to issue a profit warning and suggests it could be breaching FSA guidance by not increasing capital reserves despite poor market conditions.

Aim of the claim

Many advisers I have spoken to over the last few weeks have one question on their mind – are clients’ investments safe?

The Day of (B)reckoning

A period of exceptional uncertainty started last Friday for the UK, including a fierce leadership battle in a deeply divided Conservative party, the timing of the trigger of the EU’s Article 50, as well as a potential referendum in Scotland, and Northern Ireland. Click here to read the full article


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