CML admits repossession prediction was pessimistic

The latest statistics from the trade body showed 12,800 repossessions by first-charge mortgage lenders in the first quarter of this year. This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008. Although repossessions are still rising, the levels are less than previously estimated by the CML. Michael Coogan, director general at the CML, said it was clear that mortgage arrears and repossessions continued to increase but not as much as its 75,000 forecast figure for the year would suggest. He explained: "So our forecast now looks pessimistic and ...