The Intermediary Mortgage Lenders Association (IMLA) has hit out at Lib Dem shadow chancellor Vince Cable for calling the sub-prime mortgage industry unscrupulous over arrears and repossessions.
The Association says Cable fails to understand the sub-prime market. Responding to an announcement from the Council of Mortgage Lenders (CML), which outlined steps to reduce repossessions, Cable said any steps would be ineffective unless enshrined in law. “This CML statement is welcome, but we must wait to see if these declarations of intent are actually implemented. What will the penalty actually be for CML members who ignore the guidelines?” he says. “There are many sub-prime lenders and other creditors who do not have the scruples of the main mortgage lenders.” Peter Williams, execut...
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