UK Money News
6th June 2008
IMLA defends subprime lenders from criticism
Claims that subprime lenders are unscrupulous are unjustified, according to the Intermediary Mortgage Lenders Association (IMLA).
The IMLA was moved to defend the companies after the Liberal Democrat shadow chancellor Vince Cable said that guidelines from the Council of Mortgage Lenders concerning arrears procedure are unlikely to be followed, unless more punitive measures are also introduced.
However, IMLA's executive director, Peter Williams, dubbed Mr Cable's comments misleading.
Mr Williams said: "Vince Cable fails to understand that subprime lending has essentially been mainstream mortgage lending. There are a significant number of 'ordinary' borrowers and lenders in the sector.
"Subprime lenders are fully committed to working with borrowers in difficulty to help them avoid possession - and already engaged in all the agendas the CML are talking about."
He added: "It is of course in lenders' interests that borrowers remain in their homes - and, accordingly, that they exercise forbearance and flexibility towards individual borrowers' circumstances - not least because it is not an easy market in which to sell a property."
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