206/1 CEEFAX1 Fri 3 Feb CEEFAX.TV
High-risk mortgage lending rapped
Some specialist mortgage lenders have
been so reckless that 30% to 60% of
their borrowers are now in arrears, the
main City regulator has said.
Jon Pain of the Financial Services
Authority (FSA) was speaking to the
annual conference of the Council of
Mortgage Lenders (CML) in London.
Mr Pain was justifying the FSA's
recently announced plan to bring in new
rules to restrict mortgage lending.
But the CML's chairman said the
regulator's plans were too restrictive.
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