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LibDems call for repossession code of conduct

The LibDems have called on the Government and lenders to discuss an effective code of conduct to guard against repossession levels getting out of control.
LibDem Shadow Chancellor Vince Cable says the rapid rise in repossessions documented in the CML’s recent figures is worrying but still underestimates the severity of the problem.
The CML revealed repossessions were up 65 per cent from 10,310 in 2005 to 17,000 in 2006.
But Cable says around four times as many repossession orders are being started in the courts, reflecting the growing level of arrears.
Cable says: “It is inevitable that with the bubble in house prices, rising interest rates, and irresponsible lending, more and more families are getting into terminal difficulties with their mortgage.
Mortgage payment protection insurance has too often been shown to be a rip-off, meaning people are left without effective safety nets in the mortgage market. It is high time for the Chancellor to sit down with the mortgage lenders to discuss an effective code of conduct to prevent repossessions spiralling out of control as they did in the Tory governed early 1990s.”

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